Indian retailer Shoppers Stop's revenue up 2% in H1 FY24

20 Oct '23

2 min read

Pic: Shoppers Stop

Insights

Shoppers Stop reported a 2 per cent revenue growth in H1 FY24, reaching ₹2,513 crore, and opened 20 new stores.
Q2 FY24 showed flat revenue and negative PBT and PAT.
The First Citizen loyalty programme made significant contributions, accounting for 77 per cent of sales.
Private brands also performed well, contributing to 14 per cent of overall sales.

Shoppers Stop, a leading Indian retail chain, has reported a revenue increase of 2 per cent in the first half of fiscal 2024 (H1 FY24), reaching ₹2,513 crore. The company's EBITDA stood at ₹99 crore, making up 4.4 per cent of total sales. Profit before tax (PBT) and profit after tax (PAT) were recorded at ₹17 crore and ₹11 crore respectively, accounting for 0.8 per cent and 0.5 per cent of sales. Additionally, Shoppers Stop opened 20 new stores during this period.

The second quarter of fiscal 2024 (Q2 FY24) showcased a flat revenue at ₹1,271 crore, with EBITDA at ₹41 crore or 3.7 per cent of sales. The quarter saw negative PBT and PAT, both at ₹2 crore and ₹3 crore, equating to minus 0.2 per cent of sales. During the quarter, 11 new stores were opened, the company said in a press release.

Shoppers Stop's First Citizen loyalty programme continued to play a significant role, contributing to 77 per cent of overall sales. New members to the programme made up 13 per cent of sales, while repeat customers contributed 64 per cent. Black Card members were notably impactful, contributing 12 per cent to overall sales and showing a 32 per cent sales growth. Their average transaction value (ATV) was twice that of First Citizen members, and their spending was four times higher.

Private brands constituted a significant portion of the company's portfolio, with sales reaching ₹184 crore. These brands contributed 14 per cent to overall sales and 21 per cent to apparel sales.

“Shoppers Stop reported impressive financial results, despite challenging market conditions and shifting of Pujo from Q2 to Q3 this fiscal. Net profits for the quarter were affected due to muted demand in apparels,” said Kavindra Mishra, executive director and CEO, Shoppers Stop.

Fibre2Fashion News Desk (DP)

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