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Footwear company Metro Brands announced Q3FY24 results:

Financial Performance
- Metro Brands announced a standalone revenue of Rs 616 crores for Q3FY24.
- This represents a 7% increase in revenue in Q3FY24 when compared with Q3FY23.
- The company maintained a strong gross margin of 59% for 9MFY24.

Store Expansion
- The company expanded its physical presence by opening 31 new stores in Q3FY24.
- The total number of new stores opened this fiscal year reached 87, nearing the target of 100 stores for FY24.

Strategic Partnerships
- Metro Brands signed a long-term partnership agreement with Foot Locker, Inc. to operate Foot Locker stores in India.

Brand Strategy
- The company is in the process of liquidating the FILA inventory and closing most Exclusive Brand Outlets (EBOs).
- Strategy for repositioning the FILA brand has been planned for FY25, with growth and prominence in athleisure targeted for FY26.

Commenting on the performance of the company, Nissan Joseph, CEO, Metro Brands, said, “I am pleased with our performance in this quarter, especially considering high base effect due to surge in festive consumer demand following the liftoff of Covid-19 restrictions in FY 2022 -2023. We achieved a sales revenue of Rs 616 crores, marking the highest-ever quarterly sales figures.

Despite encountering inflated inventories in the market and facing deeper markdowns by competitors, we have successfully maintained our margins, showcasing resilience and adaptability. Our strategic approach has empowered us to navigate through challenging market conditions, resulting in a successful quarter. A key highlight during this quarter was our collaboration with Foot Locker, aimed at elevating sneaker culture in India and catering to the diverse preferences of our customers.

Looking forward, we are confident in our ability to sustain this positive momentum and anticipate a robust performance in the upcoming months.”

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