Shoppers Stop Ltd., a leading department store with premier fashion and beauty brands, has declared its results for the quarter ended 31st December 2023.
The brand announced that it added 13 stores during the quarter which includes four department, four beauty, four intune and one airport store.
Commenting on the Q3FY ’24 results, Kavindra Mishra, Executive Director and CEO, Shoppers Stop Ltd., said, “With considerable slowdown on the discretionary spending, we have demonstrated notable resilience in these tough conditions.”
He added by saying the company has delivered admirable financial results with a Sales growth of 7 per cent despite muted consumer demand. And during the festive period, the sales grew by 9 per cent (LTL +5 per cent). Average Transaction value grew by 6 per cent driven by premiumisation and Items per Ticket grew by +5 per cent.
Some of the outliers for Q3 are, externa, brands both apparel and non-apparel have grown above average, with better yields on our KPI’s. Our Home Stop has turned around and had an impressive growth of 10 per cent, with a sale of Rs. 42 crore. A GAAP EBITDA of Rs. 219 crore was reported vs Rs. 240 crore in FY ’23, he continued.
EBITDA has been lower due to a one-time Income of Rs. 17 crore as other Income in FY ’23 and provisions have been made for obsolescence of circa Rs. 9 crore during the quarter. It has been observed that despite the overall muted market conditions, customers have upped their spends on the differentiated mix of premium brands and experiences across various categories wherein SSL is a destination.
