Shopper Stop reports Q4 Revenue of Rs 1000 Cr, growth of 9% YoY and EBITDA of Rs 199 Cr, up 11%

Annual Revenue of Rs 4213 Cr, + 5% and EBITDA Rs 767 Cr, +2% (GAAP)

• Sales Rs 1,000, +9%
• Beauty outperformed +7%, led by Fragrance +24%; Overall Mix at 18%
• Strategically continue to expand in key markets as follows:
  • 7 Department stores in Q4, 15 in FY24 aggregating to 112 Departmental Stores as at FY24
  • Launched Largest Premium Beauty store (9000 sq. ft.) at Quest Mall, Kolkata; opened 3 Beauty Stores in Q4 and 16 for FY24, aggregating to 87 as at FY24.
  • 12 INTUNE stores opened during the Quarter, with 22 Stores in FY24
• Premiumization continue to increase with Average Transaction Value (ATV) +8%
• Capex investments of Rs 84 Crs in the quarter and Rs 246 Crs for the year

Bengaluru, 30^th April 2024: Shoppers Stop Ltd. a leading department store with premier fashion and beauty brands, has declared its results for the quarter ended 31^st March 2024.

Key financial highlights for Q4 FY24 and Fiscal Year 2023-24

	GAAP			Non-GAAP
Particulars	Q4FY24	Q4FY23	Growth%	Q4FY24	Q4FY23	Growth%
Sales	Rs 1000 Crs	Rs 916 Crs	9%	Rs 1232 Crs	Rs 1175 Crs	5%
Gross Margin	40.5%	43.2%	(270) Bps	36.7%	37.1%	(40) Bps
EBITDA	Rs 199 Crs	Rs 179 Crs	11%	Rs 37 Crs	Rs 55 Crs	-34%
PBT	Rs 28 Crs	Rs 21 Crs	34%	Rs 5 Crs	Rs 14 Crs	-62%
PAT	Rs 21 Crs	Rs 17 Crs	24%	Rs 4 Crs	Rs 10 Crs	-61%

 

	GAAP			Non-GAAP
Particulars	FY24	FY23	Growth%	FY24	FY23	Growth%
Sales	Rs 4213 Crs	Rs 3998 Crs	5%	Rs 5228 Crs	Rs 5066 Crs	3%
Gross Margin	40.8%	41.8%	(100) Bps	37.2%	37.5%	(40) Bps
EBITDA	Rs 767 Crs	Rs 755 Crs	2%	Rs 226 Crs	Rs 324 Crs	-30%
PBT	Rs 100 Crs	Rs 162 Crs	-38%	Rs 76 Crs	Rs 165 Crs	-54%
PAT	Rs 73 Crs	Rs 119 Crs	-39%	Rs 56 Crs	Rs 122 Crs	-54%

Management Comments:

Commenting on the Q4FY24 results, Mr. Kavindra Mishra, Managing Director and CEO, Shoppers Stop Ltd, said, “Shopper Stop delivered consistent performance despite continued softness in demand.  We remain focused on driving operational excellence and our long-term goal is to increase the overall margins. I am happy to say that we have made concerted efforts to further improve and sustain our excellence in customer journey, which is evident with our Loyal Customers contributing 78% of our total sales.  With rising affluence, our focus on premiumization continues to drive ATV by 8%. Beauty category sustained the Strong Momentum in Q4. We launched largest beauty store in the country at Quest mall, Kolkata.

During the quarter the sales grew by 9% and EBITDA at Rs.199 Crs. Our EBITDA was impacted by onetime investments in Beauty and write off of inventory aggregating to Rs.14 Crs during the quarter.  In this quarter, we opened 7 Department, 3 Beauty and 12 Intune stores.  Our investments in opening new stores continues and we have opened 55 stores, including our “New Business”  Intune wherein we opened 22 stores during FY24.

I am confident of the medium to long-term potential of Retail Growth, with key thrust on “Growing our Core” through impeccable customer journey, Premiumization and have our portfolio to high growth spaces.

Performance of strategic pillars in Q4FY24:

• First Citizen – Our First Citizen Members contributed 78% sales, of which 65% were repeat and 13% new members. Our Premium Black Card contributed 12%. During the quarter we added 180K members and total base at the quarter end is 9.9Mn. The customer engagement continues to be strong. We launched Playbook for Regional Festivals, Used Online Gamification as content driver for Valentine’s Day and SS’24 season launch, Micro-personalization Videos and Campaigns for Women’s Day leading to 2X response rate etc. and many other campaigns
• Private Brands – Private Brands sales were at Rs 145 Crs. The challenges continue to remain in Private Brand with weak demand in Women Western and Men’s category. However, our Inventory reduced by Rs 56 Crs (25% YoY)
• Beauty – Beauty Sales at Rs 218 Crs grew by +7%, continued to outperform other categories contributing 18% to the overall sales. During the quarter, we opened largest Beauty Store of the country sprawling 9000 sq ft at the Quest Mall, Kolkata. We Created a GUINNESS WORLD RECORD for completing the Most Makeovers in 1 Hour on the Store launch day. We had 220K makeovers this quarter. We also launched 2 EBOs during the quarter
• INTUNE – Our “Fashion for all” format, INTUNE has been one of the promising and fast-growing segments. We have added 12 new stores during the quarter and entered 3 new cities. At the end of FY24 we have  22 Stores in 9 cities. The initial success in INTUNE has been encouraging
• Beauty Distribution – Beauty distribution business recorded Rs 42 Crs sales during the quarter. Distribution network expanded to over 436 doors from earlier 334 doors. Launched ‘NARS’ brand boutique Store at Select City Mall, New Delhi. With addition of fragrance brand ‘Maison Margiela’ and Makeup brand ‘Note Cosmetics,’ total brand portfolio expanded to 20
• Store Expansion – The company launched 22 stores during the quarter (7 Department, 12 INTUNE and 3 Beauty). The company has made a capex investment of Rs 84 Crores during the quarter and Rs 246 Crs during FY24.