India's Shoppers Stop records highest ever sales in Q2 FY23

20 Oct '22

2 min read

Pic: Shutterstock

Shoppers Stop, India’s leading premier retailers of fashion and beauty brands, has declared highest ever sales and EBITDA in the second quarter (Q2) of fiscal 2023 (FY23), with sales up by 62 per cent at ₹1,270 crore and EBITDA up by 6,762 per cent at ₹75 crore. Private Labels continues to grow by 76 per cent. It contributed 21 per cent of apparel sales and 15 to the overall sales.

"The momentum from last year and the first quarter of this year continued. Our strong second quarterly numbers reflect the adopted strategy delivering our results. Customer sentiments remain upbeat, which is reflected in footfalls, average selling price, average transaction value and other KPI’s. Our continued improvement in customer experience, engagement and improved data analytic capabilities are providing us the competitive edge to remain ahead of the curve,” Venu Nair, MD & CEO at Shoppers Stop, said.

The e-commerce platform contributed ₹64 crore revenue, (up by 8 per cent year-over-year). Over 25 per cent of online sales were from customers buying from cities who do not have Shoppers Stop stores. This clearly demonstrates the company’s brand recall and dominance, the company said in a press release.

“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,” added Nair.

Fibre2Fashion News Desk (RR)

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