Shoppers Stop Q2 FY24 Net Profit Declines to Rs 1.78 Crore, Despite Revenue Growth

25 Oct 2023 , 03:39 PM

Shoppers Stop Ltd released its Q2 FY24 earnings, reporting a net profit of Rs 1.78 crore, a notable decline from Rs 18.14 crore in the same quarter last year. The company’s revenue from operations for Q2 FY24 increased to Rs 1,025.15 crore, compared to Rs 1,008.24 crore in the corresponding quarter of the previous fiscal year.

Shoppers Stop’s total expenses rose to Rs 1,028.25 crore, up from Rs 985.17 crore in the same period a year ago. Total income for the second quarter of FY24 reached Rs 1,035.69 crore, compared to Rs 1,012.12 crore in Q2 FY23.

The company cited challenges in the apparel sector and a shift of the Pujo festival from Q2 to Q3 as impacting net profit, despite strong performance in non-apparel segments. Shoppers Stop added 11 stores during the quarter, including four department stores, three beauty stores, and four Intune stores.

The company emphasized its commitment to investing in new stores and plans to open 15 departmental stores during the year to capitalize on positive growth prospects in the Indian economy and fashion apparel industry.

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