Metro Brands shares fell 2% on mixed Q1 results

Metro Brands' share price fell by around 2% in early trade on August 2, a day after the company reported its June quarter FY2024 results.

The footwear retailer announced a consolidated profit of Rs 93.5 crore for the June quarter, down 11.6% from Rs 105.78 crore in the same period the previous year, due to a low operating margin.

The total revenue of the company was Rs 582.52 crore, up 14.6% from Rs 507.95 crore in the previous quarter.

The E-commerce segment, which contributes to 8% of total revenue, increased by 63% YoY.

In October 2022, Metro Brands acquired Cravatex Brands Limited (CBL), a retail, brand licensing, distribution, and sourcing company. CBL, which represents several foreign brands, has a long-term exclusive license for the Italian sportswear brand FILA and also owns the sportswear brand Proline.

The company opened 27 new stores and closed two Fila stores (none of which were Metro standalone stores) during the quarter. They are currently located in 182 cities, with the addition of 8 additional locations, and have a total shop count of 789 (including 23 Fila stores).

Source: Media Reports