Shopper Stops’ non-GAAP EBITDA was ₹128 crore, up 27 per cent YoY in Q3 FY23, while the profit after tax (PAT) was ₹68 crore, up 45 per cent YoY. The company continues to be debt free with a surplus cash of ₹42 crore.
India’s leading retailer of fashion brands Shoppers Stop has reported a record high profit before tax (PBT) of ₹91 crore in the third quarter (Q3) of financial year 2023 (FY23), up 44 per cent year-on-year (YoY). The company’s revenue increased by 20 per cent to ₹1,430 crore in Q3 FY23, compared to the corresponding period of the previous year.
The company’s First Citizen Members contributed 77 per cent of its offline sales and 38 per cent of online sales, Shoppers Stop said in a press release.
Furthermore, Shopper Stops’ private brands category grew 23 per cent YoY in Q3 FY23, with ‘STOP’ being the highest grossing apparel brand. ‘Fratini’ grew by 48 per cent YoY. Men’s Indian wear brand ‘Bandeya’ grew by 62 per cent YoY.
The company opened 6 department stores in Q3, taking the total store count to 271, spread across 50 cities in India. Shoppers Stop intends to add 5 department stores by the end of fiscal 2023.
Venu Nair, MD and CEO at Shoppers Stop, said: “The growth momentum continued from the second quarter, tapering down a little after Diwali. Customer sentiments remain largely buoyant due to the prolonged festive and wedding season demand. The company’s strategy to give a great buying experience to the customers is fuelling footfalls at our physical stores, and eyeballs online. The revamped look and feel of the stores, and diversified product SKUs have made Shoppers Stop the preferred choice of customers.
“We clocked the highest ever quarterly sales, gross margin, EBITDA and PBT. Product premiumisation across private brand categories has resulted in the highest quarterly sales with a growth of 23 per cent.”
Fibre2Fashion News Desk (DP)