India's Metro Brands third-quarter profit surges as tax cuts boost demand
Jan 27 (Reuters) - India's Metro Brands METB.NS on Tuesday posted a nearly 36% rise in third-quarter profit as consumption tax cuts and festive demand helped boost sales at the footwear retailer.
The company, which sells Crocs and Fila footwear in addition to its own brands, posted a consolidated quarterly profit of 1.28 billion rupees ($13.97 million) for the quarter ended December 31, up from 945.8 million rupees a year ago.
Tax cuts on footwear priced below 2,500 rupees have made products more affordable, driving a recovery in sales. Rivals Bata BATA.NS and Campus Activewear CAMU.NS are yet to report results for the quarter.
Metro's quarterly revenue rose about 15% to 8.11 billion rupees, with e-commerce sales jumping 24% during the quarter.
The company also re-appointed Chief Executive Nissan Joseph for a five-year term.
($1 = 91.6150 Indian rupees)
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