Metro Brands (METROBRAND) Q4 23/24 earnings summary

Executive summary

• FY24 delivered record performance: consolidated revenue from operations ₹2,356.7 crore, up 10.8% YoY, and PAT ₹415.47 crore, up 13.7%.

• Store network reached 836 across 193 cities after 97 net additions; growth came despite post-pandemic demand normalisation and a strong prior-year comparison.

Financial highlights

• Standalone revenue from operations rose 11.3% to ₹2,305 crore; EBITDA increased 5.4% to ₹703 crore and PAT grew 18.0% to ₹417.81 crore.

• Consolidated gross turnover increased 11.15% to ₹2,773.59 crore; PBT declined 5.46% to ₹462.38 crore while PAT rose 13.71% to ₹415.47 crore.

• E-commerce and omni-channel sales reached ₹215 crore, up 33% YoY, contributing 9.5% of standalone revenue versus 7.9% in FY23.

Outlook and guidance

• Targeting 225 store openings across brands, excluding FILA, over FY25–FY26, with a goal of 1,000 stores by FY26; Tier II and III cities are priorities.

• Foot Locker plans two to three stores in key cities from H2 FY25; initial focus is metro and Tier I markets, with cluster-led expansion over the next three to five years.

• BIS-related inventory is expected to return to optimal levels by end-FY25; management expects footwear demand to pick up after a potentially soft Q1.