Shoppers Stop Limited — PPTs, 20-01-2026: Investor Presentation

Shoppers Stop reported Q3FY26 results showing flat sales, impacted by festive calendar shifts and uneven demand, especially due to Northern India's pollution. Despite this, their premium brands achieved 6% like-for-like growth, now making up 69% of total sales. The Beauty segment was strong, growing 14% to Rs 395 Cr. INTUNE sales rose 22% to Rs 77 Cr, though discretionary demand in this value segment was soft. Customer entries saw a positive 5% LFL increase.

The company continues its premiumization strategy, evident in the re-launch of the Juhu store as a premium destination and the addition of 8 new Estée Lauder beauty stores. Their 'First Citizen' loyalty program remains a key driver, contributing 84% of revenue with a record increase in Black Card members. New stores include 3 department, 3 INTUNE, and 1 HomeStop in Q3. Financial discipline saw inventory cut by Rs 73 Cr and working capital by Rs 160 Cr.

For Q3FY26, consolidated Net Revenue increased 3% YoY to Rs 1,416 Cr, but consolidated PAT decreased 65% to Rs 18 Cr. For the nine months (9MFY26), Net Revenue grew 8% YoY to Rs 3,834 Cr. Management is optimistic, projecting sustainable growth through premium offerings and omnichannel investments as macro conditions improve, with plans for 10 new store openings in Q4. Net debt is stable at Rs 90 Cr.