Footwear business Bata India reported that its gross profit expanded by 119 basis points (BPS) in the third quarter of the 2024 financial year. The business’ revenue was also up year-on-year during the quarter despite numerous challenges to total Rs 9.035 billion compared to Rs 9.002 billion in the third quarter of the 2023 financial year.
“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 and markets,” said Bata India Limited’s managing director and CEO Gunjan Shah about the business’ third quarter performance in a press release on February 2. “We saw handsome growth in Red Label, Floatz, Comfit and Hush Puppies. Our strategy for premiumization continues progressively.”
Bata India significantly expanded its brick-and-mortar footprint in India during the quarter with 54 new stores through company owned company operated and franchise channels. The business also renovated 36 of its stores during the December quarter.
The business’ ‘Floatz’ brand reported 65% growth during the third quarter and Bata India noted that it launched banners in seven new stores to reach more shoppers. Bata India also implemented its ‘sneaker studio’ concept across 655 of its stores. The business plans to continue to focus on efficiency and productivity backed by its digital transformation.
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