Shoppers Stop Ltd, a popular fashion retail chain, faced a 41% decline in consolidated net profit, dropping to Rs 37 crore ($4.7 million) in the third quarter of the current fiscal year. The CEO, Kavindra Mishra, acknowledged the challenging market conditions but highlighted the company’s resilience. Despite a slowdown in discretionary spending, Shoppers Stop achieved admirable financial results with a 7% sales growth, reaching 9% during the festive period.
Mishra noted that customers showed increased interest in premium brands and diverse experiences offered by Shoppers Stop. In the quarter, the company expanded by adding 13 stores, including departments, beauty, Intune, and an airport store. The total income for the quarter rose by 7% to Rs 1,241 crore, compared to Rs 1,161 crore in the same period the previous year.
While the total expenses during October-December increased to Rs 1,190 crore, up from Rs 1,076 crore in the year-ago period, Shoppers Stop remains optimistic about its positioning as a destination for a unique mix of premium brands and experiences.
