Shoppers Stop Q2 results: Net profit slumps at ₹1.78 crore

livemint.com:

₹1.78 crore, down from ₹18.14 crore in the same quarter a year ago. The retail company reported revenue from operations at ₹1,025.15 crore for Q2 FY24, up from ₹1,008.24 crore in the same quarter a year ago. Its expenses rose to ₹1,028.25 crore, as compared to ₹985.17 crore a year ago.

Shoppers Stop said its total income rose to ₹1,035.69 crore in the second quarter of the fiscal year 2024 from ₹1,012.12 crore in the Q2 of FY23. “Shoppers Stop reported impressive financial results, despite challenging market conditions and shifting of Pujo from Q2 to Q3 this fiscal. We have witnessed a strong pick-up in the Beauty businesses and consistent performance from non-apparels," Shoppers Stop executive director and CEO Kavindra Mishra said.

Its “net profit for the quarter was affected due to muted demand in apparel, partially offset by growth in non-apparel," he added. “Overall, the company spent a capex of ₹46 crore. Our commitment to invest in new stores will remain unchanged and plan to open 15 Departmental stores during the year," the company said in the statement.

“The growth prospects of both the Indian economy and fashion apparel are expected to be positive and we are determined to leverage our robust brand portfolio to drive consistent, sustainable growth," Mishra said. During the quarter, Shoppers Stop added 11 stores, which include - four department, three beauty and four Intune stores. In July, Shoppers Stop had said that it will expand its value format chain Intune to 10 stores from the existing three, to compete with major players like Trent’s Zudio and Reliance Trends.