Shoppers Stop posts 45 percent revenue growth in FY22

Shoppers Stop Limited, posted full year revenue increase of 45 percent to Rs 3,111 crores, while gross margin was up 70bps. Private brands revenue also rose by 45 percent, beauty segment revenue by 55 percent and ecommerce sales growth was 59 percent. The company’s losses were significantly reduced by 65 percent to negative Rs 88 crores on GAAP basis.

For the fourth quarter ended March 31, 2022, the company reported revenue improvement of 8 percent to Rs 890 crores. The company’s private brands revenue was up by 9 percent, beauty segment revenue rose 9 percent and ecommerce sales growth was 5 percent. Pre-tax profit was negative Rs 26 crores and after one-offs was Rs 47 crores.

Commenting on the company’s performance, Venu Nair, MD & CEO at Shoppers Stop, said: "The company ended the quarter on a satisfactory note despite Q4FY22 getting disrupted due to the partial lockdowns caused by the Omicron wave in January. The underlying demand continued to be strong across all businesses with most segments posting a Y-o-Y growth over a very strong Q4 FY21 base.”

Post the Omicron wave in January, the company has seen a sharp recovery in footfalls. March revenue was up by 40 percent over FY21 with positive momentum continuing in April with a double-digit growth over the pre-covid period.

The company opened 19 stores including five departmental and 14 beauty/airport during the fourth quarter, while 24 stores opened during the year including eight departmental and 16 beauty/airport. Shoppers Stop plans to add another 27 stores in FY23 including 12 departmental and 15 beauty/airport. Six stores, currently under fit-out, are expected to open in the first quarter of FY23.