25 January 2023, Mumbai
For the third quarter, Shoppers Stop’s consolidated net profit fell by 18 per cent.
The growth momentum continued from the second quarter, tapering down a little after Diwali. During the third quarter, sales of the beauty category were up 18 per cent while the private brand category grew 23 per cent. Shoppers Stop opened six departments and five beauty stores in the quarter, taking the total store count to 271, spread across 50 cities across India.
Shoppers Stop is one of India’s largest department store chains. For the second quarter, Shoppers Stop had 40 per cent more customers than it did pre-covid.
The department store saw strong sales driven by footfalls as well as eyeballs online. Categories that have seen a good surge are Indian wear, home, and men’s wear, especially suits and jackets. Gifting as a category with things like watches also saw good growth. So there was a multi-category growth across Shoppers Stop stores.
Shoppers Stop’s income increased 43 per cent for the second quarter. The momentum from last year and the first quarter of this year continued for the department store chain.
Customer sentiments were reflected in footfalls, average selling price, and average transaction value. The continued improvement in customer experience, engagement, and improved data analytic capabilities provided the retailer the competitive edge to remain ahead of the curve.
