Indian retailer Shopper Stops’ revenue soars 383% in Q1 FY23




Shoppers Stop Limited, an Indian leading retailer, has posted 383 per cent year-on-year (yoy) revenue growth of ₹1190 crore in the first quarter of 2023. The momentum continued from March 2022 as the industry witnessed the first disruption-free quarter, and the company recorded a strong quarterly performance, despite End of Season Sale delayed by 10 days.

Private Brand sales grew 387 per cent yoy. The segment accounted for 14 per cent of the overall sales, wherein apparel contributed 21 per cent. The segment contributed 18 per cent to total online sales wherein apparel contributed 46 per cent. The women’s Indian wear brands, Kashish and Stop, were up by 122 per cent and 77 per cent, respectively and are among top 5 women Indian wear brands, while women’s westernwear brand, Fratini saw a major growth of 117 per cent in the first quarter, the company said in a press release.

Shoppers Stop Limited, an Indian leading retailer, has posted 383 per cent year-on-year (yoy) revenue growth of ₹1,190 crore in the first quarter of 2023. The momentum continued from March 2022 as the industry witnessed the first disruption-free quarter, and the company recorded a strong quarterly performance, despite End of Season Sale delayed by 10 days.

Omni-channel continued to show exceptional performance as the segment grew by 29 per cent in the first quarter. While 600,000 people downloaded the mobile app (14.6 million cumulative), a better customer experience reflected in the consistent app rating of 4.4 (Android) and 4.6 (iOS). The company invested ₹12 crore in digital in Q1.

“The strong growth momentum, seen March 22, persisted through the first quarter of FY23 and continued in July. We recorded a strong quarterly performance, and believe that the growth will continue in the coming quarters due to easing of COVID-related restrictions. This, coupled with the upcoming festive season, is likely to release a significant pent-up demand and further aid the company’s revenue growth. All our product categories and channels have witnessed a surge during the quarter. Consumer sentiments have improved with the economy reopening which has led to an increase in footfalls. Our digital sales base remained intact in spite of our robust offline performance. We expect good demand in tier-2 cities and beyond, with the rise in smartphone penetration, and the growing adoption of digital payment systems. We plan to launch new stores primarily in tier-2 and tier-3 cities while sustaining our investments in store renovations, during the year,” Venu Nair, MD & CEO at Shoppers Stop, said.

The company expects fiscal 2023 to be one of the strongest years for the retail industry. Returning mobility and higher ticket purchases led by the pent-up demand will likely drive retail spending over the coming months. The hybrid work culture and the festive season will provide excellent growth opportunities for categories like beauty, formal wear, and Indian wear. It believes that digital channels will continue to witness higher growth, and Shoppers Stop will lead the change with its customer-friendly digital platforms that provide a smooth shopping experience. The retail industry is poised on a growth trajectory this fiscal year, and will remain optimistic about delivering sustainable long-term growth, creating value for all stakeholders.

Fibre2Fashion News Desk (RR)





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