Shoppers Stop, a prominent department store chain, saw nearly a 53% rise in fourth-quarter profit, fueled by strong demand for beauty products and luxury items.
The early initiation of end-of-season sales and events like Valentine’s Day led to heightened sales volumes. Moreover, high-income urban consumers favored 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 that ended on March 31, compared with 197.1 million rupees a year earlier.
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Additionally, the company recorded an exceptional item of 15.9 million rupees during the quarter.
Shoppers Stop, known for offering brands such as Swarovski, Versace, Michael Kors, and Bobbi Brown, reported a 13.3% increase in revenue from operations, reaching 10.46 billion rupees.
Trent, a peer company owned by the Tata Group, saw a five-fold increase in quarterly profit. Meanwhile, Arvind Fashions and Aditya Birla Fashion and Retail have yet to release their results.
Shoppers Stop’s shares finished 0.6% higher yesterday, ahead of the report. During the March quarter, they increased by 9.3%.
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