Bata India first quarter profit rises 23% on strong premium demand
Bata India first quarter profit rises 23% on strong premium demand Aug 11 (Reuters) - Footwear maker Bata India BATA.NS on Tuesday reported a 23% rise in first-quarter profit, helped by strong demand for its premium shoes and sneakers. Here are some details from the quarter ended June 30:
Profit stood at 639.8 million rupees ($6.70 million) compared to 520 million rupees a year earlier
Revenue from operations rose about 4% to 9.79 billion rupees.
Growth was led by the company's push into pricier footwear and strong performance in its "Sneaker Studio" format, which caters to rising demand for casual shoes.
Bata saw continued momentum in its retail store expansion in smaller Indian towns and cities, helping it reach more customers.
The retailer of brands such as Hush Puppies and NorthStar in India has been facing stiff competition from peers such as Reliance Retail as well as a wide array of online-first footwear brands.
($1 = 95.4350 Indian rupees)
(Reporting by Urvi Dugar in Bengaluru; Editing by Ronojoy Mazumdar)
((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))