New Delhi: Department store chain Shoppers stop announced a consolidated net profit of Rs 16.20 crore for the second quarter (Q2) ended September 30 of the current 2022-23 financial year compared to a loss of Rs 3.58 crore for the same period of the previous fiscal year 2021-22, according to a BSE submit.
The company’s total earnings increased 43% year-on-year to Rs 1,016.63 in the second quarter of fiscal year 23 from Rs 709.63 in the same quarter last year.
According to regulatory filings, their total expenses increased to Rs 987.49 in Q2 of FY23 from Rs 713.78 in the corresponding previous fiscal quarter.
Venice NairaMD & CEO at Shoppers Stop, commented on the Q2 results for FY23, “The momentum from last year and Q1 of this year continues. In terms of Footsteps, Average Selling Price, Average Transaction Value and other KPIs. We keep improving customer experienceImproved interactivity and data analytics are providing us with a competitive edge to stay ahead. “
Regarding store expansion, the company said it will open 12-15 stores during the year, with 6 stores to be opened in October and November.
Retail chains also make inroads into international distribution beauty, beauty trademark is exclusive in India. This will allow them to bring in newer brands in the country, further enhancing their strong presence in the beauty sector.