Shoppers Stop reports Q4 net loss amid revenue growth

Indian retail company Shoppers Stop reported a net loss of 163.5 million rupees (1.72 million dollars) for the fourth quarter ended March 31, 2026, compared with a profit 19.9 million rupees a year earlier.

The Mumbai-based retailer delivered a 9 percent year-over-year (YoY) increase in standalone revenue for the final quarter, reaching 1,117 crore rupees. Annual revenue for the group rose by 6 percent to 4,708 crore rupees, supported by what the company described as the highest like-for-like (LFL) sales growth in a decade at 4.7 percent.

The company reduced its debt by 109 crore rupees during the year and remains on track to be debt-free by fiscal year 2027. Shoppers Stop added 27 stores across its portfolio, including department stores, the Intune value format, and beauty outlets.

Performance by segment

The beauty division continues to be a significant growth lever for the retailer. Beauty sales reached 309 crore rupees in the fourth quarter, representing a 17 percent increase YoY, driven largely by the fragrance category which grew by 37 percent. The distribution arm, Global SS Beauty Brands, recorded an 81 percent increase in annual gross revenue to 426 crore rupees.

Premiumisation remains a central pillar of the corporate strategy. Premium brands contributed 71 percent to total sales during the quarter, with the segment growing 13 percent YoY. The First Citizen loyalty program reached a member base of 13.5 million, with the premium Black Card tier seeing a 50 percent increase in annual enrolments.

Executive outlook on market momentum

Shoppers Stop managing director and chief executive officer, Kavindra Mishra, noted that the performance was achieved despite a challenging global environment and supply chain disruptions.

“The Indian fashion market is gaining momentum, led by fast fashion and premium or bridge-to-luxury segments,” Mishra stated. “While supply chain disruptions may create some inflationary pressures, we believe the demand scenario will remain healthy.”

The Intune value fashion format also showed progress, reporting quarterly sales of 67 crore rupees, up 24 percent YoY. The company introduced a new price point of 1,299 rupees across several categories within the format, noting a positive turnaround in less-than-truckload trajectory starting in February 2026.

Looking ahead, the management team confirmed that priorities include scaling non-apparel categories, improving gross margin return on footage (GMROF), and maintaining a lean cost structure to ensure long-term value for stakeholders.