Shoppers Stop Q3 Results: Net profit drops 41% to ₹37 crore, revenue up 8% YoY

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₹36.85 crore. The company had posted a net profit of ₹62.74 crore in the October-December period a year ago, according to a regulatory filing from Shoppers Stop. The firm's revenue from operations was up 8.83 percent to ₹1,237.52 crore during the quarter under review.

It was ₹1,137.07 crore a year ago. Its total expenses in the December quarter were up 10.62 percent to ₹1,189.96 crore. ALSO READ: IndusInd Bank Q3 Results: Net profit rises 17% to ₹2,297 crore, NII up 18% YoY; 5 key highlights Total revenue at Shoppers Stop, which includes other income, was at ₹1,240.88 crore, up 6.83 percent.

During the quarter, it added 13 stores which include four department stores, four beauty, four Intune, and one airport store. "With considerable slowdown on discretionary spending, we have demonstrated notable resilience in these tough conditions. Our company has delivered admirable financial results with a sales growth of 7 percent despite muted consumer demand," Shoppers Stop Executive Director and CEO Kavindra Mishra said.

Despite the overall muted market conditions, customers have upped their spending on the differentiated mix of premium brands and experiences across various categories, the firm said. On margins, Mishra said, "Our EBITDA has been lower due to one-time income of ₹17 crore as other income in FY23, and we have made provision for obsolescence of circa ₹9 crore during the quarter." Besides, the Raheja family-promoted retail firm, also operates seven premium home concept stores, 88 specialty beauty stores of M.A.C, Estée Lauder, Bobbi Brown, Clinique, Jo Malone, Too Faced, SS Beauty, 10 Intune stores and 23 airport stores. Shoppers Stop operates 105 department stores.