Bata to open 150 new stores, stock surges 4.22%

In a massive expansion plan, Bata Emerging Market South Asia-President Rajeev Gopalakrishnan announced the company's plan to launch 150 stores across the nation. Out of these 150, 50 stores will be franchises and 100 stores will be owned by the company. With the focus being on tier 2 and tier 3 cities, the spokesperson stated that the company is looking to open more and more stores across the nation. 

The company's brands have been making significant profit, with Hush Puppies topping the list. The footwear brand Hush Puppies has recorded sales of over one million pairs, along with the opening of 20 stores on a year-on-year basis.  

The company's gross profit margin stood at 52.6 per cent in Q3FY17. The company is also planning to double its advertisement expenditure to 2-2.5 per cent of the total sales as compared to one per cent for the same period previous year.  

The company's stock today closed at Rs 530.30, an increase of 4.22 per cent on the BSE over the previous close.