For Shoppers Stop Ltd., the second quarter of the current fiscal year remained almost flat in terms of revenue as its sales were Rs. 1,025 crore in Q2, FY ’24 compared to Rs. 1,008 crore in Q2, FY ’23.
But in terms of profit, the company, one of the leading retailers of fashion and beauty brands, witnessed a huge fall as profits remained Rs. 2 crore in Q2 FY ’24 compared to Rs. 18 crore in Q2 FY ’23.
The retailer said that net profits for the quarter were affected due to muted demand in apparel, partially offset by growth in non-apparels.
The retailer’s private brands sales were at Rs. 184 crore with contribution sustaining at last year’s levels of 14 per cent to the total sales and 21 per cent on apparel sales.
Kavindra Mishra, ED and CEO of the company commented on the results, “Shoppers Stop reported impressive financial results, despite challenging market conditions and shifting of Pujo from Q2 to Q3 this fiscal. The premiumisation has been sustained across categories resulting into 5 per cent growth in Average Selling Price (ASP) and 1 per cent growth in Items per Ticket (IPT) compared to the corresponding quarter of FY ’23.”
He further added, “As we enter the Festive Season, we anticipate a rebound in discretionary spend, propelling the company’s growth trajectory further in the second half. We remain committed in enhancing the value proposition, strongly believe in ensuring an elevated shopping experience to our customers besides improving our operational efficiency.”
