Shoppers Stop Q3 net profit up 171 per cent

Shoppers Stop’s net profit has jumped 171 per cent for the third quarter. Net revenue increased by 3.7 per cent. The department store chain witnessed a phenomenal 8.9 per cent like to like growth in the third quarter, backed by an uptick across all zones and categories including apparels, personal accessories and beauty, which saw a double digit growth.

Indian wear dominated apparels category with a 21 per cent growth followed by denim which grew by 15 per cent in the quarter. Private brands grew by 29 per cent. The personal shopper service contributed 14 per cent to sales and continues to grow with the customers’ average spend increasing through relevant selection and assistance.

Shoppers Stop has a footprint of 83 large stores spread across 38 cities in the country along with an e-commerce website, m-site and mobile application. Shoppers Stop also operates 12 HomeStop and 113 specialty beauty stores along with 87 Crossword book stores.

In order to ease shopping and make the fashion and beauty collections available to the maximum number of customers through its online platforms, the company is offering a click and collect service in over 50 stores and serves over 25,000 pin codes in India through its omni-channel presence. Meanwhile, the retail chain is seeking more clarity on whether the government’s latest FDI guidelines could affect its stake sale to Amazon. Nearly two years ago, ecommerce giant Amazon acquired a 5 per cent stake in Shoppers Stop through foreign portfolio investor (FPI) route along with a deal to use each other’s network.