Shoppers Stop reported a 62 percent increase in sales to Rs. 1,270 crore, while EBITDA jumped by 6762 percent to Rs. 75 crore. The PBT was recorded at Rs. 32 crore against a loss of Rs. 44 crore, in the same quarter last year, and PAT was recorded at Rs.25 crore against a loss of 43 crore.
Commenting on the second quarter update, Venu Nair, MD & CEO at Shoppers Stop said: “The momentum from last year and the first quarter of this year continued. Customer sentiments remain upbeat, which is reflected in footfalls, average selling price, average transaction value and other KPIs. Our store expansion plan is on track and we should open 12-15 stores during the year, with 6 stores to be opened in October and November.”
According to the retailer, first-citizen customers contributed 77 per cent of the brand’s offline sales and accounted for 65 per cent of recurring business.
The private labels, which fall under the brand, increased by 76 per cent, contributing 21 per cent to their apparel sales and 15 percent to the total business sales.
Of the overall sales, beauty category contributed 15 percent, up by 45 percent year-on-year. Shoppers Stop launched 24 new brands during the second quarter of FY ’23.
The e-commerce platform contributed Rs.64 crore revenue, up by 8 percent. The company further said that over 25 percent of online sales were from customers buying from cities which do not have Shoppers Stop stores.
Shoppers Stop has also forayed into the distribution of international beauty brands with exclusive rights for India.
“We are extremely happy to inform you that we have forayed distributing international beauty brands with exclusive rights in India. This will enable us to bring newer brands into the country, further enhancing our strong presence in beauty,” Nair added.
