Shoppers Stop reports net profit of Rs 22.83 crore in FY23 Q1
Multi-brand fashion and lifestyle retail business Shoppers Stop reported a consolidated net profit of Rs 22.83 crore in the first quarter of the 2023 financial year, a significant jump from its net loss of Rs 104.89 crore a year prior.
Shoppers Stop saw its revenue from operations increase from Rs 205.23 crore in the first quarter of the 2022 financial year to Rs 948.44 crore in the first quarter of the 2023 fiscal, the Press Trust of India reported. The year-ago period was affected by the pandemic and thus was a low base but Shoppers Stop’s sales growth was still significant.
“The momentum continued from March 22 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,” said Shoppers Stop in a statement on its earnings, the Press Trust of India reported.
The business saw its average selling price improve by 15% year-on-year during the first quarter of the 2023 financial year and its average transaction value also improved by 7%. E-commerce sales grew by 29% during the quarter, compared to the same time period a year ago.
Shoppers Stop expects its positive growth to continue this fiscal thanks to the continued easing of Covid-19 regulations and continued adoption of smartphones by residents of Tier 2 and 3 cities. The business plans to launch its next round of shops in Tier 2 and 3 cities as it also renovates a number of its existing stores this year.
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