Metro To Open 160 Stores In Fy23, Retail News, ET Retail

Metro Brands to open 160 stores in FY23Kolkata: 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 Joseph during an interaction with TOI.

According to him, Metro Brands is positioning itself as a blend of both physical retailer and ecommerce player. The e-commerce business of the footwear retailer achieved 114% growth last year and from just 2.5% of revenue now it constitutes almost 9.2% 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 Q3FY22, compared to Rs 66 crore in the year-ago period. PAT margin stood at 21.0% in Q3FY22 compared to 21.8% in Q3FY21. The total revenue from operations for the quarter ended December 31, 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.

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