Shoppers Stop sees revenue increase but net profit drop in FY23 Q3
Shoppers Stop saw its consolidated revenue from operations increase to Rs 1,137.07 crore in the third quarter of the 2023 financial year. However, the multi-brand fashion and lifestyle retailer’s consolidated net profit dropped by 18.86% year-on-year.
Shoppers Stop’s consolidated net profit for the third quarter of the current fiscal totalled Rs 62.74 crore compared to Rs 77.32 crore in the same time period a year ago, ET Bureau reported. The business’ revenue from operations had grown year-on-year during the quarter, compared to its total of Rs 958.11 crore in the third quarter of the 2022 fiscal.
The business had higher expenses during the quarter, which ended on December 31, 2022. While expenses totalled Rs 905.14 crore in the third quarter of the 2022 fiscal, they climbed to Rs 1,075.66 crore in the most recent quarter, the business noted in a regulatory filing. One reason for increased expenses was that the business opened six department stores and five beauty stores during the quarter.
“The growth momentum continued from the second quarter, tapering down a little after Diwali,” said Shoppers Stop’s CEO and managing director Venu Nair, the Press Trust of India reported. “Customer sentiments remain largely buoyant due to the prolonged festive and wedding season demand.”
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