Shoppers Stop posts Q2 net profit of Rs 16 crore
Leading fashion and beauty retailer Shoppers Stop Ltd reported a consolidated net profit of Rs 16 crore ($2 million) for the quarter ended September 2022, as against a loss of Rs 4 crore it had reported in the year-ago period.
The company’s revenue for the quarter rose by 62 percent to Rs 1,270 crore, as against Rs 785 crore it reported in the corresponding period of the previous fiscal year.
The company’s private labels contributed 15 percent to the overall revenue while the beauty category contributed 15 percent on the back of new brand launches.
Shoppers Stop continues to remain optimistic about the future and expects strong sales over the next two quarters on the back of its retail, brand portfolio expansion.
Commenting on the Q2 results, Venu Nair, managing director CEO at Shoppers Stop in a statement said, “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 key performance indicators.”
“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. 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.”
Shoppers Stop stores retail over 500 international, national brands such as MAC Cosmetics, Vero Moda, Cover Story, Only, among others. Its other exclusive brands include Life, Fratini, Kashish, Arcelia among others.
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