Shoppers Stop has reported a whopping profit of Rs 142.6 million as of March 2023 in comparison to losses of Rs 158.5 million a year ago. The rise in income is mainly due to people shifting to the pre pandemic lifestyle of spending on clothes and accessories, especially during wedding times.
The average selling price too has increased by 9% and the store clocked a revenue of Rs 9.24 billion, up 30% from a year ago. The brand’s beauty section itself, the revenue was up 29% to Rs 1.97 billion, up 18% from the previous quarter.
Shoppers Stop has been concentrating on private-label apparel in order to increase margins. This business saw a 35% hike to Rs 1.58 billion rupees versus a 23% increase in the previous quarter.