Shoppers Stop Q3 Results: Profit rises 41% to Rs 52 crore on festive season demand for premium goods
Shoppers Stop Ltd posted a rise in quarterly profit on Tuesday, after two straight quarters of loss, driven by strong demand for premium products such as watches and perfumes during the festive season.
The department store chain said consolidated net profit rose nearly 41% to 522.3 million rupees ($6.03 million) for the third quarter ended Dec. 31 from 368.5 million rupees a year ago.
The company also posted a profit fall in the first three quarters of fiscal 2024.
Spending on beauty and lifestyle products surged during India's festive season between October and December, which typically accounts for the bulk of retailers' annual sales.
Premiumization is holding its ground amid sticky inflation across various consumer segments, the company said in a presentation to investors.
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