Shoppers Stop, a leading Indian retail chain, has reported a revenue increase of 2 percent in the first half of fiscal 2024 (H1 FY24), reaching Rs.2,513 cr. The company’s EBITDA stood at Rs.99 cr, making up 4.4 percent of total sales. Profit before tax (PBT) and profit after tax (PAT) were recorded at Rs.17 cr and Rs.11 cr respectively, accounting for 0.8 percent and 0.5 percent 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 Rs.1,271 crore, with EBITDA at Rs.41 cr or 3.7 percent of sales. The quarter saw negative PBT and PAT, both at Rs.2 cr and Rs.3 cr, equating to minus 0.2 percent 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 percent of overall sales. New members to the programme made up 13 percent of sales, while repeat customers contributed 64 percent. Black Card members were notably impactful, contributing 12 percent to overall sales and showing a 32 percent 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 Rs. 184 cr. These brands contributed 14 percent to overall sales and 21 percent 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.