Bata India on Thursday reported a 30.3 per cent decline in its consolidated net profit at Rs 57.9 crore for the December quarter of FY24 compared to Rs 83.1 crore a year back.
The company’s revenue stood at Rs 903.4 crore, increasing 0.35 per cent from Rs 900.2 crore in the year-ago quarter, Bata India said in a regulatory filing.
Bata India expanded its network significantly by opening 54 additional stores, which combined franchise and COCO expansion.
Additionally, 36 locations were renovated to enhance the brand experience. The successful deployment of the Sneaker Studio in 655 locations exemplifies the portfolio casualization approach.
The Floatz company grew by 65 per cent, thanks to the Floatz banner in seven additional outlets. Strong performance in ecommerce has been a significant driver of total development. The debut of the “Every Walk is a Ramp Walk” campaign has greatly improved brand KPIs. The HPM – Merchandising project and ERP are on track, and the 3PL installation in Hosur was a success. Nine West is expected to launch in shops in Q4 FY24.
“Despite persistent market headwinds accentuated in discretionary spending, we continued to invest in new product launches, enhancing customer experience and expanding our reach across channels & markets. We saw handsome growth in Red Label, Floatz, Comfit and Hush Puppies. Our strategy for premiumization continues progressively.
Prudent expansion of our Retail Network and marketing investments continue to be our key strategy,” said Gunjan Shah, MD and CEO.
