Shoppers Stop–India’s leading department store chain that’s owned by the K Raheja Corp.,saw its net profit stand at Rs. 22.83 crore, while the sales touched Rs. 948.44 crore in the first quarter of the current fiscal.
The company had posted a net loss of Rs. 104.89 crore in the first quarter of the last fiscal.
Shoppers Stop operates 90 department stores in 47 cities.
In a regulatory filing, the company said that during the first quarter that ended on 30 June 2022, its revenue from operations was at Rs. 948.44 crore, up over four-fold compared to a lower base of the pandemic-impacted corresponding quarter.It was Rs. 205.23 crore in Q1, FY’22.
Its e-commerce sales grew by 29 per cent on a year-on-year(Y-o-Y) basis. During the quarter “average selling price (ASP) has improved by 15 per cent Y-o-Y and the average transaction value (ATV) by 7 per cent Y-o-Y .
Venu Nair, MD & CEO of the company, commented on the results “The strong growth momentum, seen on March 22, persisted through the first quarter of FY ’23 and is continuing in July. We recorded a strong quarterly performance, and believe that the growth will continue in the coming quarters due to the easing of Covid-related restrictions. This, coupled with the upcoming festive season, is likely to release a significant pent-up demand and further aid the company’s revenue growth.”
Over the outlook, he said: “We expect good demand in Tier-2 cities and beyond, with the rise in smartphone penetration, and the growing adoption of digital payment systems. We plan to launch new stores primarily in Tier-2 and Tier-3 cities, while sustaining our investments in store renovations, during the year.”
Shoppers Stop continues to remain debt free and opened six new stores during the quarter.
