India's Shoppers Stop posts jump in Q4 profit on higher demand

Shoppers Stop

29/04/2024 14:37

BENGALURU, April 29 (Reuters) - India's Shoppers Stop on Monday reported
nearly a 53% rise in fourth-quarter profit, helped by demand in its beauty
segment as well as luxury products.
    The early start of end-of-season sales and events like Valentine's Day drove
heightened sales volumes, while high-income urban consumers favoured luxury
makeup and fragrances for social and professional engagements, further boosting
top-line growth.
     The Mumbai-based chain reported a profit before exceptional item and tax of
300.7 million rupees ($3.60 million) for the three months ended March 31,
compared with 197.1 million rupees a year earlier.
    It also recorded an exceptional item of 15.9 million rupees in the quarter. 
  
    Shoppers Stop, which sells products of brands like Swarovski, Versace,
Michael Kors and Bobbi Brown, said its revenue from operations rose 13.3% to
10.46 billion rupees.
    Peer Tata Group-owned Trent  TREN.NS  reported a five-fold jump in quarterly
profit, while Arvind Fashions  ARVF.NS  and Aditya Birla Fashion and Retail
 ADIA.NS  are yet to report results.
     Shares of Shoppers Stop closed 0.6% higher ahead of the results. They rose
9.3% during the March quarter.

($1 = 83.4614 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Sohini Goswami)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))