The country’s largest listed footwear brand by market capitalisation, Metro Brands, posted better than expected December quarter results for the 2022-23 financial year (FY23), riding on store expansion and strong same store sales (SSS) growth. Profitability too remained robust, even as net profit growth was marginally lower.
The company, which retails across the Metro, Mochi, Walkway, Crocs and Fitflop formats, posted a 24 per cent growth in revenues over Q3FY22. This was on the back of a 14 per cent growth in store additions. The company added 48 new stores, its highest for a quarter, taking the total store count to 720. For the nine months of FY23, the firm added 96 new stores. The company is planning to add 260 new stores by the end of FY25.
Led by higher prices, the SSS growth was in the mid to high single digit range. Demand, according to the company, was healthy due to the wedding and festival season, market share gains for the orga
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