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Footwear company Bata India announced Q3FY24 results:
- Revenue from operations for the quarter stood at Rs 9,035 million vs. Rs 9,002 million (Q3FY23), growth driven by premium categories, despite muted demand.
- Gross Profit expanded by 119 bps for the quarter ended December 31, 2023
- Network expansion – 54 net new stores, Franchise & COCO expansion.
- 36 stores were renovated during the quarter to provide an elevated brand experience.
- Successful execution of portfolio casualization strategy – Sneaker Studio implemented in 655 Stores.
- Floatz business continues to do exceptionally well with growth of 65%, enhanced by the Floatz banner in 7 new stores.
- Robust Ecom performance driving the growth.
- Launched “Every Walk is a Ramp Walk” campaign enhancing Brand metrics significantly.
- HPM - Merchandising project and ERP continue to progress.
- 3PL implemented in Hosur.
- Nine West is on track for launch in stores Q4FY24 onwards.
Speaking on the Q3FY24 performance, Gunjan Shah, MD and CEO - Bata India stated: “Despite persistent market headwinds accentuated in discretionary spending, we continued to invest in new product launches, enhancing customer experience and expanding our reach across channels & markets.
We saw handsome growth in Red Label, Floatz, Comfit, and Hush Puppies. Our strategy for premiumization continues progressively.
Prudent expansion of our Retail Network and marketing investments continue to be our key strategy. We launched our latest campaign “Every Walk is a Ramp Walk” which has met encouraging response and impact on the Brand.
We would continue to focus on efficiency and productivity backed by digital transformation for future readiness with cautious optimism.”
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