Category: GARMENTS
Country: India
Region: South Asia
Fashion retail chain Shoppers Stop Ltd witnessed a 36 percent decline in net profit to Rs 14 crore ($1.7 million) for the first quarter ended June 30, as against Rs 23 crore in the year-ago period.
Maverick Martins
Jul 25, 2023.
The company’s revenue for the quarter rose by 5 percent to Rs 994 crore, as against Rs 948 crore reported in the corresponding period of the previous fiscal year.
The total expenses in the April-June quarter were up by 6 percent to Rs 981 crore.
Commenting on the Q1 results, Venu Nair, managing director CEO at Shoppers Stop in a statement said, “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,” he added.
Shoppers Stop currently operates 270 retail stores, including 98 departmental stores, 132 speciality beauty stores of MAC, Est e Lauder, Bobbi Brown, Clinique, Jo Malone, Too Faced, SS Beauty, and 23 airport shops.
Courtesy: Fashionnetwork.com
Copyrights © 2024 GLOBAL TEXTILE SOURCE. All rights reserved.
