Shoppers Stop has declared its results for the quarter ended 30th September 2023; it reported a revenue of Rs 1,025 crore (US$135mn) and an EBITDA of Rs 170 crore (US$ 22.6mn) in Q2 FY’22. They witnessed a strong pick-up in the Beauty businesses and consistent performance from non-apparels.  The premiumization has been sustained across categories resulting into 5% growth in Average Selling Price (ASP) and 1% growth in Items per Ticket (IPT) compared to the corresponding quarter of FY23. Net profits for the quarter were affected due to muted demand in Apparels, partially offset by growth in Non-Apparels.

Some key highlights

. Beauty: Beauty category sales were at Rs.197 crore (US$26.3mn), remained as the fastest growing category contributing 16% to the overall sales with Fragrance growing by +20%. The company informs that its renewed customer engagement with 240K makeovers activities generated Rs 42 Cr  (US$5.6mn) of revenue at 56% conversion ratio.

. Distribution: Shopper Stop’s 100% subsidiary Global SS Beauty Brands Limited has already reached breakeven in the last quarter with sales of Rs 23 crore (US$3mn).

. Store Expansion: The Company has been aggressive in its store expansion to increase its national footprint. It launched 4 department stores, 3 beauty stores and 4 Intune stores in this quarter. The company spent a capex of Rs 46 crore (US$6.1mn) and plans to invest in new stores with 15 Department Stores in the pipeline during the year.