Metro Brands Faces 5% Stock Dip as Q3 Net Profit Slides 12.6% to Rs 98.8 Crore

19 Jan 2024 , 03:12 PM

Metro Brands shares decline 5% to Rs 1,140 on BSE following a 12.6% decrease in Q3 consolidated net profit to Rs 98.8 crore.

The company’s net profit was Rs 113 crore in the October-December period a year ago, as per regulatory filings.

Despite the profit decline, revenue from operations increased by 6.14% to Rs 635.5 crore in the quarter compared to Rs 598.7 crore in the previous year.

MBL’s board declares an interim dividend of Rs 2.75 per equity share for FY 2023-24. Metro Brands recently signed a long-term partnership agreement with Foot Locker, Inc., granting exclusive rights to operate Foot Locker stores in India.

The company is in the process of liquidating FILA inventory and closing most Exclusive Brand Outlets (EBOs) by the end of FY 2023-2024.

Plans for FY 2024-2025 include strategically repositioning the FILA brand, with a focus on boosting growth and prominence in the athleisure industry by FY 2025-2026.

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