India's Metro Brands slides nearly 5% after Q3 profit misses estimates

Metro Brands

19/01/2024 04:06

** Shares of Metro Brands Ltd  METB.NS  down 4.8% at ~1,155
rupees
    ** Footwear retailer misses third-quarter profit estimates
on slowing rev growth, rising inventory costs
    ** METB's rev up 6.1%, it's slowest in at least a year -
LSEG data
    ** Stock falls most since early Oct; slid 4% or lower only
twice in 2023
    ** Management says liquidation of excess inventory to be
completed by March - Motilal
    ** Over 112,000 shares traded, 1.3x the 30-day avg volume
    ** Fifteen analysts covering METB rate it "hold" on avg;
median PT is 1,255 rupees - LSEG data


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))