Retail chain Shoppers Stop has reported a decline of 41.26% in consolidated net profit at Rs 36.85 crore during the third quarter ended December 2023. This is in comparison to a net profit of Rs 62.74 crore posted during the same period the previous year. However, the company’s revenue from operations saw an increase of 8.83% to reach Rs 1,237.52 crore in the quarter under review, compared to Rs 1,137.07 crore a year ago.

Shoppers Stop, in a regulatory filing, stated that its total expenses during the December quarter rose by 10.62% to Rs 1,189.96 crore. Meanwhile, the total revenue, including other income, stood at Rs 1,240.88 crore, marking a 6.83% rise.

The company added 13 stores during the quarter, including four department stores, four beauty stores, four Intune stores, and one airport store.

Shoppers Stop’s Executive Director and CEO, Kavindra Mishra, stated that despite the overall muted market conditions, the company has demonstrated resilience and delivered notable financial results with a sales growth of 7%. He also mentioned that customers have increased their spending on the differentiated mix of premium brands and experiences across various categories.

Addressing the margins, Mishra mentioned that the company’s EBITDA has been lower due to one-time income of Rs 17 crore as other income, and a provision of around Rs 9 crore made for obsolescence during the quarter.

Shoppers Stop currently operates 105 department stores, along with seven premium home concept stores, 88 specialty beauty stores, 10 Intune stores, and 23 airport stores.

The stock of Shoppers Stop settled at Rs 701.50 on the BSE, witnessing a rise of 1.62% from the previous close.