Leading fashion retail chain Shoppers Stop has announced its third quarter result for the current fiscal year.
The company, having 271 stores across 50 cities, has seen 18.86 per cent decline in consolidated net profit at Rs. 62.74 crore in Q3 of FY 22-23 while it posted a consolidated net profit of Rs. 77.32 crore in the same period last fiscal.
During the quarter ending on December 2022, the company opened six department and five beauty stores.
In a regulatory filing, the retailer said that its consolidated revenue from operations during the quarter under review stood at Rs. 1,137.07 crore as against Rs. 958.11 crore in the same period a year ago. While total expenses in Q3 were higher at Rs. 1,075.66 crore as compared to Rs. 905.14 crore in the corresponding period of the previous year.
Venu Nair, MD and CEO of the company said, “The growth momentum continued from the second quarter, tapering down a little after Diwali. Customer sentiments remain largely buoyant due to the prolonged festive and wedding season demand.”
He also added that product premiumisation across private brand categories has resulted in the highest quarterly sales with a growth of 23 per cent.
