Shoppers Stop (SHOPERSTOP) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 sales grew 7% year-over-year to Rs 1,585 Crs, with EBITDA up 20% to Rs 110 Crs, driven by premiumization, store expansion, and successful marketing campaigns.

• Premium portfolio contributed 64% of Q3 sales, with watches, handbags, and fragrance outperforming.

• Expansion included 9 INTUNE, 6 Beauty, and 1 Department store openings, bringing the total store count to 284 across 68 cities.

• Board approved a change in Company Secretary & Chief Compliance Officer, with Mr. Nishit Sheth resigning and Mr. Rakeshkumar Saini appointed effective January 15, 2025.

• Brand engagement initiatives like "Gifts of Love" and "India Weds" campaigns boosted festive and wedding season sales.

Financial highlights

• Q3 FY25 consolidated revenue from operations was ₹1,379.47 crore, up from ₹1,237.52 crore in Q3 FY24.

• Q3 EBITDA (Non-GAAP): Rs 110 Crs (+21% YoY); GAAP EBITDA: Rs 262 Crs (+20% YoY).

• Q3 PAT (Non-GAAP): Rs 45 Crs (+11% YoY); GAAP PAT: Rs 49 Crs (+37% YoY); consolidated net profit for Q3 FY25 was ₹52.23 crore.

• Global SS Beauty subsidiary doubled Q3 sales to INR 77 crores from INR 39 crores last year; year-to-date sales at INR 168 crores.

• Working capital reduced by INR 30 crores since the start of the year; CapEx and deposits year-to-date at INR 141 crores.

Outlook and guidance

• Premiumization and experiential retailing expected to drive growth in Q4 and FY26, supported by a strong wedding calendar.

• Guidance for H2 and Q4 remains at 5% like-for-like growth.

• INTUNE to open ~85 stores by FY25 end and reach breakeven at store EBITDA level by Q3/Q4 next year.

• Plan to open 32 stores in Q4 and 12-15 department stores in FY26.

• Management expressed confidence in receiving insurance claims for stock damaged by fire.