Footwear maker Bata India's Q3 profit rises on festive season bump
14/02/2023 12:35
BENGALURU, Feb 14 (Reuters) - Footwear manufacturer Bata
India Ltd BATA.NS reported a 15% increase in quarterly profit
on Tuesday, as more shoppers flocked to its stores during the
festive season.
The Gurugram-based company's consolidated profit rose to
831.9 million rupees ($10 million) in the third quarter ended
Dec. 31, from 723.2 million rupees in the year-ago quarter.
Most retailers and manufacturers make a bulk of their sales
in the October to December quarter, which is marked by festivals
and weddings, when Indians splurge on apparel, accessories, and
electronics.
"We saw growth and expansion in the share of our premium
category brands like Hush Puppies, Marie Claire, Red Label,
among others," Chief Executive Officer Gunjan Shah said in a
statement.
Bata India, the flagship of Netherlands-based Bata BN, also
said that its diversification into categories like comfort and
casual wear, with ranges such as Bata Comfit and Floatz, helped
boost sales.
The footwear and accessories company's consolidated revenue
from operations rose 7% to 9 billion rupees.
It opened 39 new franchise stores across the country in the
quarter, bringing the total to more than 390 stores.
Last month, rival Metro Brands Ltd METB.NS reported an 11%
increase in profit after opening 48 new stores across the
country on a net basis.
Bata India's shares closed about 0.6% higher at 1508.9
rupees on Tuesday. The stock is down nearly 9% so far this year.
($1 = 82.7770 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Shweta
Agarwal)
((Manvi.Pant@thomsonreuters.com;))