Department Stores company Shoppers Stop announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Q4 Revenue: Rs 1,000 crore, up by 9% YoY
- Q4 EBITDA: Rs 199 crore, an increase of 11% YoY
FY24 Financial Highlights:
- Annual Revenue: Rs 4,213 crore, a 5% growth
- Annual EBITDA: Rs 767 crore, which is a 2% rise compared to the previous year
Operational Performance Indicators:
- Beauty Category: Sales of Rs 218 crore, a 7% increase, with Fragrances leading at 24% growth.
- Average Transaction Value (ATV): Increased by 8%
- Capital Expenditure: Rs 84 crore in Q4, totaling Rs 246 crore for the year
- Department Stores: 7 new stores in Q4, a total of 15 in FY24, culminating in 112 Departmental Stores by end of FY24
- Beauty Stores: Largest Premium Beauty store opened (9,000 sq. ft.) at Quest Mall, Kolkata; 3 new stores in Q4 for a total of 16, reaching 87 Beauty Stores by end of FY24
- INTUNE Stores: 12 stores opened during Q4 with a total of 22 new stores in FY24
Commenting on the Q4FY24 results, Kavindra Mishra, Managing Director & CEO, Shoppers Stop 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 crore. Our EBITDA was impacted by onetime investments in Beauty and write off of inventory aggregating to Rs.14 crore 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.