Shoppers Stop (SHOPERSTOP) Q4 24/25 earnings summary

Executive summary

• FY25 sales grew 4% year-over-year to INR 5,427 crore, with H2 showing stronger momentum at 6% growth compared to H1's 2%, driven by premiumization and improved consumer sentiment.

• Premium portfolio contributed 65% in Q4, up 7% YoY, with premiumization driving higher average ticket value and sales per transaction.

• 21 new stores opened in Q4 (15 Intune, 5 departmental, 1 beauty); 73 stores opened for the year, totaling 71 Intune stores across 30 cities.

• Beauty and private brands saw robust growth, with beauty distribution sales up 98% YoY, though private brands sales declined 7%.

• Audited results for FY25 were approved with no modified opinions; leadership transition announced with Mr. Nirvik Singh to become Non-Executive Chairman in July 2025.

Financial highlights

• Q4 FY25 sales increased 4% YoY; EBITDA at INR 38 crore (3.3% margin), PAT at INR 9 crore; full-year EBITDA at INR 183 crore, PAT at INR 23 crore.

• Consolidated revenue from operations for FY25 was ₹4,627.64 crore, up from ₹4,316.59 crore YoY.

• Margins improved by 730 bps in Q4 and 530 bps for the year, driven by private brands and inventory control.

• Deferred tax asset of INR 7 crore created, resulting in negative tax for Q4.

• Earnings per share (consolidated, basic) for FY25 was ₹7.03, compared to ₹7.00 in FY24.

Outlook and guidance

• Premiumization expected to continue leading growth into FY26, with stable long-term demand but potential short-term volatility.

• Plans to open 6-7 departmental stores and 40-60 Intune stores in FY26; CapEx to be funded through internal accruals, with borrowings expected to reduce.

• Focus on leveraging technology, optimizing capital allocation, and expanding non-apparel categories.

• Favorable monsoon, government sops, and wedding season to support demand.

• Board and management transitions are expected to support continued growth and strategic direction.