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Bata India Q3 results: Floatz business up by 65%, 54 new stores in Q3FY24

Bata India Limited, a leading footwear brand, has disclosed its financial results for the quarter ending December 31, 2023, showcasing a commendable performance amid challenging market conditions. The company reported a revenue from operations of Rs. 9,035 million, demonstrating a growth trajectory despite subdued demand in the market compared to Rs. 9,002 million in Q3FY23.

The revenue growth was primarily fueled by the success of premium categories, emphasizing the brand’s ability to navigate challenging market dynamics. Notably, gross profit expanded by 119 basis points during the quarter, underscoring the company’s commitment to operational efficiency and its strategic priorities for sustainable and profitable growth.

Key highlights of the quarter include the addition of 54 net new stores, a combination of franchise and company-owned outlets, contributing to the brand’s network expansion. Furthermore, 36 stores underwent renovation, enhancing the overall brand experience for customers. The implementation of the Sneaker Studio concept in 655 stores as part of the portfolio casualization strategy also marked a successful execution.

Bata India’s Floatz business exhibited exceptional growth, recording a 65% increase, with Floatz banners introduced in seven new stores. The company’s performance in the e-commerce sector played a pivotal role in driving overall growth.

Other notable achievements during the quarter include the initiation of the “Every Walk is a Ramp Walk” campaign, which significantly enhanced brand metrics. Additionally, progress was made in the HPM-Merchandising project and ERP implementation, further strengthening the company’s operational framework.

“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.”, Gunjan Shah, MD, and CEO of Bata India Limited.

Significant growth was observed in Red Label, Floatz, Comfit, and Hush Puppies, aligning with the company’s strategy for premiumization. Gunjan highlighted the importance of prudent retail network expansion and marketing investments as key strategies.

“We would continue to focus on efficiency and productivity backed by digital transformation for future readiness with cautious optimism,” Gunjan concluded.

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