Shoppers Stop posts quarterly net loss of Rs 22.72 crores

Leading Indian department store chain Shoppers Stop reported first quarter a consolidated net loss of Rs 22.72 crores. Consolidated revenues from operations reached Rs 1,069.31 crores against Rs 993.61 crores in the year-ago period.

​​Commenting on the first quarter results, Kavindra Mishra, managing director and CEO, Shoppers Stop Ltd, said: “The industry witnessed subdued consumption due to prolonged heat wave, elections, fewer weddings and inflation. This has impacted our profits, however, we have a strong recovery plan. We are also planning to close a few unviable stores and rationalise costs during the year.”

The company’s First Citizen members contributed 80 percent to overall sales, with 67 percent repeat and 13 percent new members and premium black card members contributed 14 percent to the overall sales, an increase of 5 percent.

The company said in a release that private brands sales were at Rs 151 crores with an overall contribution of 12 percent to the sales and 18 percent to apparel sales. The company added nine Intune stores during the quarter with 31 as on date, with a presence in 14 cities. The company plans to intensify store openings from 60 to 80 in FY25.

Beauty sales at Rs 212 crores grew by 5 percent, outperforming other segments with 17 percent contribution to overall sales. During the quarter, the company launched four Mac shop-in-shops in Tier II cities. Beauty distribution business reported Rs 39 crores sales with the distribution network expanded to over 444 doors. With addition of eight fragrance brands including Armani and Ajmal during the quarter, total brand portfolio expanded to 27 brands.

The company opened 11 stores during the quarter.