The company's pre-tax profit stood at Rs 23.01 crore in Q2 FY23 as against a pre-tax loss of Rs 4.62 crore in the corresponding quarter previous year. Total expenses rose 38.34% to Rs 987.49 crore in Q2 FY23 over Q2 FY22.

The company's Private Brands revenue grew 76% year on year (YoY), beauty segment revenue was up by 45% YoY and E-commerce sales increased by 8% YoY.

The customer visits has improved by 61.26% YoY and the Average Transaction Value (ATV) by 8.21% YoY in Q2 FY23. GAAP EBITDA for the quarter improved to Rs 176 crore as compared to Rs 138 crore in Q2 FY22. The company reported GAAP gross margin of Rs 415 crore in Q2 FY23, rising by 72% from Rs 241 crore recorded in Q2 FY22.

Meanwhile, the company said that it continued to remain debt free with surplus cash of Rs 13 crore and opened one department and two SS beauty stores; six department stores under fit-out during the quarter.

Venu Nair, MD & CEO at Shoppers Stop, said, "The momentum from last year and first quarter of this year continued. Our strong second quarterly numbers reflect the adopted strategy delivering our results. Customer sentiments remain upbeat, which is reflecting in Footfalls, Average Selling Price, Average Transaction Value and other KPI's. Our continued improvement in Customer Experience, engagement and improved data analytic capabilities are providing us the competitive edge to remain ahead of the curve.

Our Store expansion plan is on track and we should open 12-15 stores during the year, with 6 stores to be opened in October and November. We are extremely happy to inform you that we have forayed distributing International Beauty Brands with exclusive rights in India. This will enable us to bring newer brands in the Country, further enhancing our strong presence in Beauty.”

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

The scrip declined 2.33% to Rs 787.10 on the BSE.