Shoppers Stop shares slumped 3.5% to Rs 756 at 11.37 am after the June quarter net profit fell 34% over last year to Rs 14.9 crore. The stock has gained 7.19% since January 1, 2023.

The company stated a 4% growth in revenue at Rs 988 crore in the April-to-June quarter over the corresponding period last year. Its earnings before interest, tax, depreciation, and amortisation (EBITDA) grew 7% to Rs 180 crore YoY in the same period.

ICICI Securities mentioned that the demand continues to be muted after the previous festive season. However, partial revival is saw from mid-June onwards. 

The retailer’s Indian apparel category outpaced other categories, with the ‘Haute Curry’ brand mounting 42% and ‘Kashish’ 14%. Numbers for Shoppers Stop’s smart casual wear for men category surged 39%.

Shoppers Stop’s beauty segment shines 14% YoY to Rs 216 crore. It contributed 16.4% to the business’s total revenue.

The company’s MD and CEO, Venu Nair, said that the 3P customer-centric strategy of Personalisation, Premiumisation, and Private label has correspondingly augmented average transaction value and average selling price by 8% and 5%.

Shoppers Stop opened six beauty stores, five department stores, and one HomeStop store. The company’s overall store footprint as of June 30 stands at 218.