Indian retailer Shoppers Stop reports solid start to FY22

06 Aug '21

2 min read

Pic: Shoppers Stop

Shoppers Stop Limited, an Indian leading retailer, has posted 272.9 per cent revenue growth to ₹201.0 crore in first quarter (Q1) of FY22 ended on June 30, 2021, against revenue of ₹53.9 crore in the corresponding quarter of prior fiscal. The stores operated merely for 28 per cent of days in Q1, which impacted the sales and profits, according to the company.

“I am very happy to say that our performance is significantly better in all our strategic pillars. Our omni channel grew by 295 per cent (4 times), private brands volume grew by 96 per cent, beauty outperforming with and recorded highest ever mix of 19.2 Mix (+280 bps YoY),” Venu Nair, managing director and chief executive officer at Shoppers Stop Limited, said in a press release.

EBITDA for Q1 FY22 marginally declined to ₹1.3 crore (₹1.6 crore). However, loss for the period reduced to ₹104.9 crore (loss: ₹120.2 crore).

“Our emphasis on private brands continues and the growth is encouraging. During the quarter, we launched our new brand viz “Bandeya” in mens Indianwear category. Our private brand “insense” recorded the highest sales in women western wear category,” Nair added. “90 per cent of private brands offering is made available on our online channels. Improved product offering and sharp prices led to healthy volume growth of 96 per cent YoY.”

The Indian fashion retailer further added that its expansion plan on stores is on track. Shopper Stop is further intending to open 20+ stores across large and small formats in FY22 besides modernising 10-15 stores.

“Observing considerable increase in footfall and more importantly it is higher than first wave. We expect better Q2 and second half,” the company said in a statement. “For operational days of June’21, we observed west recorded 70 per cent recovery, north and west at 50 per cent. Recovery of south is lower due to higher covid cases.”

Fibre2Fashion News Desk (JL)

More Shoppers Stop News... More Retail News - India...