Profit before tax declined 41.68% to Rs 49.63 crore in Q3 FY24 as compared to Rs 85.10 crore in Q3 FY23. Total expenses were at Rs 1,160.49 crore in Q3 FY24, up 8.36% YoY.

Gross margin was at 39.7% in Q3 FY24 as compared to 40.9% registered in Q3 FY23. EBITDA dropped 9% to Rs 219 crore in Q3 FY24 from Rs 240 crore recorded in the corresponding quarter previous year.

The average transaction value (ATV) was more than 6% in Q3 FY24.

During the quarter private brands sales were at Rs 189 crore with an overall contribution of 13% to the sales and 19% to apparel’s sale. Women’s Indian wear grew more than 7%.

The firm stated that beauty grew by more than 10%, outperforming other segments in the retail with an overall sale of Rs 262 crore. Beauty contribution to overall sales increased to 18%. During the quarter, the company opened state of the art beauty store sprawling 3000 sq ft at the prestigious T2 Bengaluru Airport.

Beauty distribution business clocked Rs 39 crore sales with distribution network expanded to over 334 doors.

Shoppers Stop opened 4 department stores, 4 beauty stores, 4 Intune and 1 Airport stores in this quarter, aggregating to 13 stores this quarter and 33 stores year to date. The company made an investment of Rs 51 crore on expansion during the quarter.

The firm's First Citizen members contributed 78% to overall sales, out of which 65% were repeat and 13% new members.

Kavindra Mishra, executive director and CEO, Shoppers Stop said, “Our company has delivered admirable financial results with a sales growth of 7% despite muted consumer demand. And during the festive period, the sales grew by 9% (LTL more than 5%). Average Transaction value grew by 6% driven by premiumization and items per ticket grew by more than 5%.

Some of the outliers for Q3 are, our external Brands both apparel and non-apparel have grown above average, with better yields on our KPI’s. Our Home Stop has turned around and had an impressive growth of 10%, with a sale of Rs 42 crore.

We reported a GAAP EBITDA of Rs 219 crore vs Rs 240 crore in FY23. Our EBITDA has been lower due to one-time Income of Rs 17 crore as other Income in FY23 and we have made provision for obsolescence of circa Rs 9 crore during the quarter.

We have observed that despite the overall muted market conditions our customers have upped their spends on the differentiated mix of premium brands and experiences across various categories wherein SSL is a destination.”

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