Profit before tax fell 2.68% to Rs 149.12 crore in Q3 FY24 from Rs 153.23 crore posted in Q3 FY23.

EBITDA stood at Rs 209 crore in Q3 FY24, registering the growth of 2.6% as compared with Rs 204 crore in Q3 FY23. EBITDA margin was at 33.9% in Q3 FY24 as compared with 35.3% in Q3 FY23.

The footwear retailer said that it reported a robust expansion in its brick-and-mortar footprint, having successfully opened 31 new stores in Q3 FY 2023- 2024, bringing the total new store count to 87 stores this fiscal year. With this expansion, it is firmly advancing on its trajectory to meet the target of 100 stores for the FY 2023-2024.

The company is currently in the process of liquidating the FILA inventory and closing most of the Exclusive Brand Outlets (EBOs), as previously indicated. It is on course to achieve these goals by the end of FY 2023-2024. Looking ahead to FY 2024-2025, the company plans to strategically reposition the FILA brand, and in FY 2025-2026, the primary focus will be on boosting growth and enhancing prominence in the athleisure industry.

Meanwhile, the company’s board has declared the interim dividend of Rs 2.75 per equity share on the face value of Rs 5 each for the financial year 2023-2024. Record date for the same will be 31 January 2024. The date of payment of the aforesaid interim dividend shall be within 30 days from the date of declaration.

Nissan Joseph, CEO, Metro Brands, said, “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.”

Metro Brands operate metro, mochi and walkway branded MBOs and Crocs branded EBOs. Company and our its Metmill also operate shop in shops (SIS) in major departmental stores across India. Firm also distribute products of third party brands through MetMill and retail products through franchisees. As of 31st December, 2023, the company operated 826 stores across 192 cities spread across 31 states and union territories in India.