Footwear major Metro Brands Ltd reported a 3 percent decline in net profit to Rs 92 crore ($11 million) for the April-June quarter, as against Rs 95 crore in the year-ago quarter.
The company’s revenue for the quarter declined marginally to Rs 563 crore, as against Rs 564 crore in the corresponding quarter of the previous fiscal year.
Commenting on the results, Nissan Joseph, CEO of Metro Brands in a statement said, “Considering the double-digit year-on-year growth in Q1 over the past two years, along with the industry seasonal headwinds, the recent quarter was indeed challenging. 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,” he added.
During the quarter, the company added 15 new stores and plans to open 100 stores this year including its first Foot Locker store in the third quarter.
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