Metro Brands said it is on track to add 200 stores over the next two years. The company, known for its brands such as Metro, Mochi and Walkway, recently opened its 800 th store. The leading speciality footwear retailer expects to see positive momentum going forward, on the back of the ongoing festival season and the upcoming wedding season.

Nissan Joseph, CEO, Metro Brands Ltd, said: “We are firmly on track to add 100 stores this fiscal and have already added 56 stores in the first half of the fiscal. We touched the 800th store milestone last week. We are also committed to adding additional 100 stores next year. So, in two years’ time, we would expect to be atleast at 950 stores.”

Asked whether there are concerns about inflationary pressures, he said: “I think the concerns that we had roughly a year ago have vastly diminished. There has been much more stability and predictability in terms of raw material prices. The conflict in Middle East has created some volatility. But our supply chain and raw material reserves remain long-term focussed. This helps us to mitigate any temporary spikes in raw material costs.”

The company said with the start of Durga Puja and Navratri period, there has been a rise in footfalls at the stores, even as the festival season this year has been delayed. “We are not seeing any headwinds in terms of demand. The contribution of products priced at over ₹3,000 has grown to 48 per cent of our business from 44 per cent. So the premiumisation strategy that we put in place is resonating with the customers,” he added. The company is also bullish on the upcoming wedding season which also leads to uptick in consumption.

Asked about growth projections, he said, “We are comfortable with our guidance of being in the 15-18 per cent CAGR range as we move our business forward.”

Metro Brands posted a standalone net profit of ₹79.45 crore in the second quarter ended September 30, up 7.7 per cent compared to year-ago period.Revenue from operations stood at ₹532 crore for the quarter up 14.8 per cent.

Besides selling its own brands, the company also sells third-party brands such as Crocs, Fitflop and Fila among others.

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