Metro Brands, one of the largest Indian footwear specialty retailers, is planning to open 160 stores in 2022-23.
In the third quarter of the last fiscal, it had opened stores in 33 locations. This was disclosed by Metro CEO Nissan Jospeh during an interaction with TOI. According to him, Metro Brands is positioning itself as a blend of both physical retailer and e-commerce player. The e-commerce business of the footwear retailer achieved 11.4 per cent growth last year and from just 2.5 per cent of revenue now, it constitutes 9.2 per cent of the company’s revenue.
Elaborating about its third-quarter result, he added that Q3 has become the best-ever quarter in the company’s history. The net profit stood at Rs 102 crore for 13FY22, compared to Rs 66 crore in the year-ago period. PAT margin stood at 21 per cent in Q3FY22 compared to 21.8 per cent in Q3FY21. The total revenue from operations for the quarter ended 31 December 2021, stood at Rs 484 crore, compared to Rs 304 crore in the same period last year.
“We are pleased to see traction in all our concepts of Metro, Mochi, Walkway and Crocs. 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 omni-channel business,” the CEO said.
