Revenue from operations grew by 4.8% year on year to Rs 993.61 crore in the quarter ended 30 June 2023.

Consolidated profit before tax declined 9.2% to Rs 19.98 crore in Q1 FY24 as compared to Rs 32.37 crore in Q1 FY23. Total expenses were at Rs 980.92 crore in Q1 FY24, up 6.43% YoY.

Gross margin was at 38.1% in the first quarter of FY24 as compared to 38.2% registered in Q1 FY23. EBITDA declined 15% to Rs 58 crore in Q1 FY24 from Rs 68 crore recorded in the corresponding quarter previous year.

The firm said that the brands premiumization across categories resulted into strong Average Transaction Value growth of 8%

The company's Private Brands sales gave a contribution of 14% to the sales and 21% on apparel.

Beauty segment stood at Rs 216 crore, recording a growth of 13% and contributing 16.4%.

Shoppers Stop said that it has launched 1 HomeStop and 6 beauty stores in this quarter. Capex investments stood at Rs 43 crore.

First Citizen base expanded to 9.2 million customers and contributed to 80% of offline sales and 42% of online sales.

Venu Nair, MD & CEO at Shoppers Stop, commented on the Q1 FY24 results, “Retail Sector is moving towards normalcy, with Beauty & non‐apparel categories seeing strong growth. However, Apparel segment is witnessing moderation, and the operating environment remains challenging. In this context we have delivered a resilient and competitive performance. Our business model and its strategic pillars are driving sustainable growth.

As a result, our revenue for Q1FY24 has grown by 4% compared with Q1FY23. We continue to revamp our older stores to upgrade their look and feel, offering fashionable brands for all age groups and customers. Our strategy of democratization of beauty for all segments of customers has driven growth. The 3P customer centric strategy about personalization, premiumization and private label has, resulted in Increased Average Transaction Value (ATV) Average Selling Price (ASP) by 8% and 5%.

On the overall store expansion strategy, Shoppers Stop will open 12 new department stores in 7 new cities by the end of FY24, apart from 15 Beauty stores. Recently, we launched “Intune” a “Fashion For All” format, again one of the strategic initiatives to cater to the Young Families. We launched 3 stores, 2 at Hyderabad and 1 at Dombivli (Mumbai) and another 3 stores are under fit out.”

With respect to its outlook, Shoppers Stop stated, “In the near‐term, Retail Industry will continue to witness rebalancing of price‐volume growth equation and a gradual recovery in consumer demand. In this environment we will continue to provide superior value to our consumers and invest behind our Stores/Brands. We remain focused on driving our long‐ term strategic priorities including expansion into newer markets and building distinctive capabilities for the future.”

Shoppers Stop is the nation's leading premier retailer of fashion and beauty brands.

Shares of Shoppers Stop were down 0.77% to Rs 756 on the BSE.