Shoppers Stop reports Q1FY24 results

27 July 2023, Mumbai

Shoppers Stop Ltd. unveiled its Q1FY24 financial results on July 24, 2022, showcasing a Profit Before Tax (PBT) of Rs. 19 Crores and a Profit After Tax (PAT) of Rs. 13 Crores. The company's success was bolstered by an 8% ATV growth, achieved by emphasizing premiumization in various categories.

CAPEX

Investing Rs. 43 crores in capital expenditure, Shoppers Stop added 1 HomeStop and 6 Beauty stores, along with renovating 3 Department and 1 HomeStop store.

The newly launched "Fashion For All" brand, "Intune," featuring 100% private brand products, further expanded with 3 new stores opened in Hyderabad and Dombivali (Mumbai).

Growth in ‘Beauty & Non-Apparel Categories’

The Beauty segment surged with a 13% YoY increase in sales, reaching Rs. 216 crores. Non-Apparel also witnessed a strong 13% growth, driven by the travel and luggage segment (+50%) and the watches segment (+9%).

Loyalty program

The First Citizen loyalty program played a significant role, contributing 80% to the total mix, with 67% of members being repeat customers. This, combined with premiumization strategies, resulted in an 8% increase in ATV and a 5% rise in Average Selling Price (ASP), marking 13 consecutive quarters of growth.

Resilience

Shoppers Stop, highlighted the company's resilient and competitive performance amid challenging market conditions.

With a strategic focus on personalization, premiumization, and private label offerings, Shoppers Stop continues to drive sustainable growth and cater to diverse customer segments.

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