The company's muted performance in the first half of FY24 continued in the December quarter. Given the sluggish performance in the previous three quarters, the brokerages have trimmed their earnings estimates for FY24 and FY25 by 14 to 21 per cent.
The footwear major's revenues were flat in the October-December quarter (Q3 FY24) as compared to the year-ago period on the back of the single digit volume fall.
This was on the back of a slowdown in the mass product category and headwinds for discretionary spending.
What offset the volume growth was the increase in average selling prices which was driven by premiumisation as the company has stopped taking price hikes for six quarters now.
Same-store sales also remained flat year-on-year (Y-o-Y).
The premiumisation efforts seem to be working with the share of the same in the overall portfolio improving to 34 per cent as compared to 30 per cent a couple of years earlier.
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