Shoppers Stop posts profit, Q2 sales jump 62 percent
For the second quarter, Shoppers Stop reported 62 percent increase in sales to 1,270 crore, while EBITDA jumped by 6762 percent to 75 crore.
The company said that PBT was 32 crore against a loss of 44 crore in the same quarter last year and PAT was 25 crore against the loss of 43 crore.
Commenting on the second quarter update, Venu Nair, MD & CEO at Shoppers Stop said: "The momentum from last year and first quarter of this year continued. Customer sentiments remain upbeat, which is reflecting in footfalls, average selling price, average transaction value and other KPI’s. Our Store expansion plan is on track and we should open 12-15 stores during the year, with 6 stores to be opened in October and November.”
Highlights of Shoppers Stop’s Q2 results
The company’s first citizen loyalty members contributed 77 percent of its offline sales with 65 percent repeat sales
The company added that private labels continued to grow by 76 percent and contributed 21 percent of its apparel sales and 15 percent, to the overall company sales.
Beauty category contributed 15 percent to the overall sales, up by 45 percent year-on-year. Shoppers Stop launched 24 new brands during the second quarter of FY23.
The e-commerce platform contributed 64 crore revenue, up by 8 percent. The company further said that over 25 percent of online sales were from customers buying from cities which do not have Shoppers Stop stores.
Shoppers Stop to bring international beauty brands to India
Shoppers Stop has also forayed into distribution of international beauty brands with exclusive rights for India.
“We are extremely happy to inform you that we have forayed distributing international beauty brands with exclusive rights in India. This will enable us to bring newer brands in the country, further enhancing our strong presence in beauty,” Nair added.