Shoppers Stop Clocks Highest Q2 Sales, Up By 62%

Retail firm, Shoppers Stop  declared its second quarter results for the quarter ended 30 September, 2022, for the fiscal year 2022-23 which stated that the firm’s sales surged by 62 per cent to reach Rs 1270 crore. It clocked a 6762 per cent surge in its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) at Rs 75 crore. The profit before tax (PBT) was recorded at Rs 32 crore against a loss of Rs 44 crore, in the quarter under review. The profit after tax (PAT) was recorded at Rs. 25 crore against a loss of Rs. 43 crore. 

Venu Nair, MD & CEO, Shoppers Stop, stated in a public statement, "The momentum from last year and first quarter of this year continued. Our strong second quarterly numbers reflect the adopted strategy delivering our results. Customer sentiments remain upbeat, which is reflecting in Footfalls, Average Selling Price, Average Transaction Value and other KPI’s. Our continued improvement in Customer Experience, engagement and improved data analytic capabilities are providing us the competitive edge to remain ahead of the curve. Our Store expansion plan is on track and we should open 12-15 stores during the year, with six stores to be opened in October and November.”

The brand has also forayed into distributing international beauty brands with exclusive rights in India. Additionally, the brand stated that the private label “Kashish” under the firm had been endorsed by Bollywood actress Sanya Malhotra in the quarter under review.

The retailer stated that its first citizen members made a contribution of 77 per cent of the brand’s offline sales and recorded a 65 per cent repeat sales. The private labels, under the brand, grew by 76 per cent, making a contribution of 21 per cent to their apparel sales and 15 per cent in the overall company sales. The beauty category made a contribution of 15 per cent to the overall sales, which was up by 45 per cent year-on-year. The e-commerce platform contributed Rs. 64 crore revenue, up by 8 per cent YoY. According to the earnings statement of the firm, 24 new brands have also been launched in Q2 of FY23.