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Shoppers Stop reports a spike of 62% in sales this quarter

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In the second quarter of FY 2022-2023, Shoppers Stop’s sales reached Rs 1,270 crore against sales of Rs 785 crore in the same quarter last year.

Shoppers Stop reports a spike of 62% in sales this quarter
Shoppers Stop reports a spike of 62% in sales this quarter

Mumbai: Shoppers Stop Ltd. reported a 62% increase in the sales to Rs 1,270 crore in the second quarter (Q2) of the current financial year compared to the same quarter a year ago. Last year, the department store operator had reported Rs 785 crore in sales for the same same quarter.

The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) saw a spike of 67.62% to reach Rs 75 crore.

The Gross margin was at Rs 416 crore this year, showing a growth of 71%.

“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 reflected in footfall, average selling price, average transaction value and other KPIs,” Venu Nair, MD & CEO at Shoppers Stop said.

“Our continued improvement in customer experience, engagement and improved data analytic capabilities are providing us the competitive edge to remain ahead of the curve,” he added.

Nair also mentioned that the company is planning to expand rapidly by opening 12-15 stores this year, with 6 new openings in October and November.

The other highlights of the report were:

  • As much as 77% of the offline sales with 65% repeat sales came from its loyal customers—members of its First Citizen loyalty programme.
  • Private Labels grew by 76%, contributing 21% to apparel sales and 15% to the overall company sales.
  • Beauty contributed 15% to the overall sales (up by 45% YoY). The company launched 24 new brands in the second quarter for the financial year.
  • The company’s e-commerce platform contributed Rs 64 Cr revenue, (up by 8% YoY). Over 25% of online sales were from customers buying from cities which do not have Shoppers Stop stores.

Established in 1991, Shoppers Stop Ltd. is a leading retailer of fashion and beauty brands. Spread across 91 department stores, the company also operates 11 premium home concept stores, 139 Specialty Beauty stores of M.A.C, Estée Lauder, Bobbi Brown, Clinique, Jo Malone, Too Faced, SS Beauty and 25 Airport doors, occupying area of 3.8 M sq. ft.