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Metro Brands reports YOY growth of 12% for Q1 FY 2023-2024

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Compared to the pre-covid era, Metro Brands has witnessed a substantial growth of ~82%

Mumbai: Metro Brands Limited, an Indian footwear speciality retailer, achieved standalone revenue of Rs 556 crores, representing a growth of 11.7% over the previous year with a strong 19.1% PAT margin, and a stable 35% EBITDA (Earnings before interest, taxes, depreciation, and amortization) margin in Q1 FY 2023- 2024. The company announced the same in its Standalone and Consolidated Financial Results for the quarter ended 30th June 2023.

Commenting on the performance of the company, Nissan Joseph, chief executive officer, Metro Brands Limited, said, “I am pleased with our results as we finally entered a normalized quarter for the retail business. We experienced remarkable growth, surpassing pre-pandemic performance by 82%.”

The e-commerce segment registered its highest-ever quarterly sales with 63% growth over last year and a CAGR of 71% over the last 4 years.

The company achieved an increase in standalone EBITDA, reaching Rs 194 crores. In the context of demand experienced last year, the current quarter witnessed going against pent-up demand post-Covid and a higher number of wedding days in the same period last year. The company has opened 27 new stores, expanding its presence to 182 cities (8 new cities covered in Q1 FY 2023 -24).

Metro Brands opened its first store under the Metro brand in Mumbai in 1955 and have since evolved into a one-stop shop for all footwear needs, by retailing a wide range of branded products for the entire family including men, women, unisex and kids, and for every occasion including casual and formal events. In addition to men’s, women’s, and kid’s footwear, it also has a wide range of handbags, belts, wallets, etc.

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