Metro Brands Ltd witnessed a 12 percent decline in net profit to Rs 94 crore ($11.7 million) for the quarter ended June 30, as against Rs 106 crore reported in the year-ago period.
The company’s revenue for the quarter rose by 15 percent to Rs 582 crore, as against Rs 508 crore reported in the corresponding period of the previous fiscal year.
Commenting on the Q1 results, Nissan Joseph, CEO at Metro Brands Limited in a statement said, “I am pleased with our results as we finally entered a normalized quarter for the retail business. We experienced remarkable growth, surpassing pre-pandemic performance by 82 percent.”
“Embracing the digital landscape allowed us to expand our reach and explore new markets with new brick and mortar stores and e-commerce channels. We remain confident in our strategic positioning of focusing on the premium consumer to drive growth,” he added.
The company opened 27 new stores during the quarter to take its count to 766 stores across 182 cities in India.
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