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Sustained same-store sales decline
View Risks →Bata India Limited — Q1 FY25
Bata India reported a muted Q1 FY25 with revenue declining -1.4% YoY, impacted by heatwaves, elections, and a sluggish wedding season.
bearish
high
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Bata India reported a muted Q1 FY25 with revenue declining -1.4% YoY, impacted by heatwaves, elections, and a sluggish wedding season. Gross margins remained flat, while EBITDA was pressured by ~300 bps of one-time costs from ERP implementation and higher marketing spend. Premium brands like Float (now ~4.5% of retail) and Power (double-digit growth) continued to outperform, but the value segment and mass distribution remained weak. Management guided for 120-150 new stores annually (80% franchise), expansion of Power EBOs to 100+ stores by year-end, and Float kiosks doubling to ~30. BIS compliance is largely in place from August 1. Risk: sustained weakness in same-store sales and value segment could delay margin recovery.
बाटा इंडिया ने पहली तिमाही (अप्रैल-जून 2024) में कमजोर प्रदर्शन दिखाया। पिछले साल की तुलना में बिक्री 1.4% घट गई। इसकी वजह भीषण गर्मी, चुनाव और शादियों का कम सीजन था। कंपनी का मुनाफा लगभग पहले जैसा रहा, लेकिन नए सॉफ्टवेयर लगाने और विज्ञापन पर ज्यादा खर्च के कारण कमाई पर दबाव पड़ा। प्रीमियम ब्रांड जैसे 'फ्लोट' (अब 4.5% बिक्री) और 'पावर' (दो अंकों में बढ़ोतरी) अच्छा कर रहे हैं, लेकिन सस्ते जूतों की बिक्री कमजोर है। कंपनी हर साल 120-150 नए स्टोर खोलने की योजना बना रही है, जिनमें से 80% फ्रेंचाइजी होंगे। 'पावर' के 100 से ज्यादा स्टोर और 'फ्लोट' के 30 कियोस्क साल के अंत तक होंगे। अगर पुराने स्टोरों की बिक्री और सस्ते जूतों की मांग नहीं सुधरी, तो मुनाफा वापस पटरी पर आने में देर हो सकती है।
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Read Transcript →Quarter Snapshot
Float contribution to retail
4.5%
+42% YoY
Float brand continues strong momentum, logging highest quarterly sales.
Power EBO store count
70
+40% QoQ
Power stores expanded from ~50 to 70; target 100+ by year-end.
Franchise store additions per quarter
35
flat QoQ
Franchise expansion continues at ~35 stores per quarter, 50% from existing partners.
Premium segment (>₹2000) contribution
25%
+2pp YoY
Premium segment continues to outpace growth, though gap is narrowing.
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Guidance and risk preview
Management targets 120-150 new EVO stores per year, with ~80% being franchise and ~20% company-owned.
Same-store sales were negative low single digits; if this persists, margin recovery will be delayed.
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