Metro Brands third quarter net profit jumps 54.6% to Rs 100.85 cr

Footwear retail chain Metro Brands has reported a 54.63 per cent jump in consolidated net profit to Rs 100.85 crore for the third quarter ended December 2021.

The company had posted a net profit of Rs 65.22 crore during the October-December quarter of the previous fiscal, Metro Brands Ltd (MBL), earlier known as Metro Shoes, said in a regulatory filing.

Its total revenue from operations was up 59.02 per cent at Rs 483.77 crore during the quarter under review against Rs 304.21 crore in the corresponding period of the previous fiscal.

MBL's total expenses rose 47.26 per cent to Rs 362.59 crore in Q3 FY 2021-22, compared to Rs 246.21 crore in the year-ago period.

MBL CEO Nissan Joseph said it was the best quarterly revenue, EBITDA and PAT in the history of the company.

"We also are encouraged by the growth we have witnessed across the multiple Tiers of cities that we operate in and the continued growth of our e-commerce and omnichannel business," he added.

As of December 31, 2021, MBL operated 629 stores across 140 cities in India.

On the current situation, Joseph said: "We closely monitor the potential disruptions of the current COVID situation and are ready to respond to local regulations, which may impact our locations, while keeping the safety of our customers and associates as a priority".

MBL had raised Rs 295 crore through the initial public offer in December last year.

Meanwhile, MBL, in a separate filing, had on Friday informed to enter into a strategic partnership with wellbeing footwear brand FitFlop for the Indian market.

FitFlop was launched in 2007 by Canadian entrepreneur Marcia Kilgore, and its footwear is currently being marketed and sold in over 60 countries globally.

"Metro Brands has been selling FitFlop in India for the last four years and with this agreement, Metro Brands has secured exclusive rights for the sale of FitFlop for Indian markets across formats, including exclusive brand stores, multi-brand stores, airport stores, distribution, online marketplaces and webstore in India," MBL had said in a statement.

FitFlop's footwear is biomechanically engineered, designed to complement body structure, joint alignment and natural movement.

MBL is also the national retail partner for Crocs in India and operates 159 stores.