Shoppers Stop posts Q1 sales growth of 4 percent

Shoppers Stop Ltd. delivered revenue for growth of 4 percent in the first quarter of FY24 to Rs 1,241 crores.

The company’s profit after tax declined to Rs 13 crores and profit before tax to Rs 19 crores compared to Rs 23 crores and Rs 32 crores, respectively.

Commenting on the first quarter results, Venu Nair, MD & CEO at Shoppers Stop said: “Retail Sector is moving towards normalcy, with beauty & non‐apparel categories seeing strong growth. However, the apparel segment is witnessing moderation, and the operating environment remains challenging. In this context we have delivered a resilient and competitive performance.”

During the quarter under review, the company’s First Citizen base expanded to 9.2 million customers and contributed to 80 percent of offline sales and 42 percent of online sales.

Private brands sales gave a contribution of 14 percent to the sales and 21 percent on apparel. The Indian wear category outperformed with “Haute Curry” growing by 42 percent and “Kashish” by 14 percent. Smart casual wear for men under the brand “Fratini” grew by 39 percent. Shoppers Stop launched a “fashion for all” format under the private brand “Intune”.

Beauty segment at Rs 216 crores, grew by 13 percent contributing 16.4 percent to the overall sales. The company launched 23 new brands under the beauty category such as Kilian Paris, Lancôme, Olaplex, and Farmacy and introduced “virtual try on and skin analyzer” at SS Beauty store for virtual try on make‐up experience.

Shoppers Stop launched one HomeStop and six beauty stores during the quarter and five department stores are under fit‐out and scheduled to open this quarter.

“On the overall store expansion strategy, Shoppers Stop will open 12 new department stores in seven new cities by the end of FY24, apart from 15 beauty stores. We launched three stores, including two at Hyderabad and one at Dombivli, Mumbai and another three stores are under fit out,” added Nair.