Conference Call with Metro Brands Management and Analysts on Q1FY25 Performance and Outlook. Listen to the full earnings transcript.
Footwear company Metro Brands announced Q1FY25 results: During Q1FY25, Metro Brands Limited achieved a standalone revenue of Rs 563 crore and maintained a stable gross profit margin of 60% and PAT margin of 16% demonstrating resilience and efficient operational control. This was despite significantly lower wedding dates this quarter compared to Q1 of last year, loss of business days to support the elections and subdued footfall due to intense heatwave which resulted in muted YoY growth. With 15 net store additions during this quarter, the company is on track to open 100 stores this year and expects to open the first Foot Locker store in the third quarter of fiscal year 2025. Commenting on the quarter's performance, Nissan Joseph, CEO of Metro Brands, stated, "Considering the double-digit Y-o-Y growth in Q1 over the past two years, along with the industry seasonal headwinds, the recent quarter was indeed challenging. Nonetheless, I am proud of the team's operational controls and strategic execution. Our ability to maintain stable profitability and drive operational efficiency during such a period is commendable. Equally, we are excited about adding talent in our team and the upcoming opportunities including the launch of Foot Locker and the signing up of New Era, establishing our increasing foothold in the sports and athleisure category." Result PDF
Footwear company Metro Brands announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Quarterly Revenue Growth: In Q4FY24, Metro Brands Limited achieved a YoY revenue growth of 10%, contributing to the overall growth trajectory of the fiscal year. Ecommerce Sales: For Q4FY24, ecommerce sales (including omni-channel) amounted to Rs 41 crore, marking a YoY growth of 25%. Retail Agreement Extension: During Q4FY24, Metro Brands Ltd. extended its retail agreement with Crocs India, securing exclusive rights to operate and own Crocs stores across the western and southern states of India. Additionally, the company retained rights to continue, renew, and operate all existing stores operational in the northern and eastern states of India. FY24 Financial Highlights: Standalone Revenue: Metro Brands Limited recorded a Standalone revenue of Rs 2,305 crore in FY24, reflecting a YoY revenue growth of 11%. This growth was primarily driven by sustained consumer demand and strategic efforts. Ecommerce Sales: Ecommerce sales (including omni-channel) for the full year FY24 amounted to Rs 215 crore, representing a YoY growth of 33%. Gross and PAT Margin: In FY24, the company achieved a gross margin of 58% and a Profit After Tax (PAT) margin of 18%. Total Net Stores Opening: Throughout the fiscal year, Metro Brands Limited opened a total of 97 net new stores, indicating expansion efforts and market presence enhancement. Commenting on the performance of the company Nissan Joseph, CEO, Metro Brands Limited, said, “Despite the high base effect in FY23 due to post Covid19 easing, I am pleased to see our sales grow by 11% YoY. Additionally, our sales per square foot have increased from Rs 17,500 per sq. ft. in FY19 to Rs 18,700 per sq. ft. in FY24, reflecting our successful adaptation to the new market conditions and the ongoing normalization post-Covid. Our strategic initiatives and robust operational frameworks have enabled us to maintain our performance, ensuring that we continue to meet the needs of our customers and stakeholders effectively. We are confident that our agility and customer focused approach will continue to drive growth." Result PDF
Conference Call with Metro Brands Management and Analysts on Q3FY24 Performance and Outlook. Listen to the full earnings transcript.
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.” Result PDF