Shoppers Stop Ltd., India’s leading destination for premium fashion and beauty, reported a stable performance for the third quarter and nine months ended December 31, 2025, despite a challenging consumption environment marked by festive calendar shifts, uneven discretionary demand and elevated pollution levels in parts of North India.
For Q3FY26, overall sales remained largely flat year-on-year, even as the company continued to accelerate its premium-led strategy. Premium brands now account for 69 percent of total sales, recording a 6 percent year-on-year like-for-like growth, underscoring a steady shift in portfolio mix.
Key highlights for the quarter include:
- Core business sales stood at Rs 1,516 crore, flat year-on-year
- Beauty segment revenue rose 14 percent to Rs 395 crore
- INTUNE sales grew 22 percent year-on-year to Rs 77 crore
- Average Transaction Value (ATV) and Average Selling Price (ASP) increased 7 percent each
- Customer entry grew 5 percent on a like-for-like basis, marking the second consecutive quarter of footfall growth
On a GAAP basis, Q3FY26 sales increased marginally to Rs 1,321 crore, while EBITDA declined 11 percent to Rs 234 crore and profit before tax fell 53 percent to Rs 32 crore. The company cited margin pressures and cost headwinds during the quarter. Net debt remained stable at Rs 90 crore, while working capital improved.
Management Commentary
Commenting on the performance, Kavindra Mishra, Managing Director & CEO, Shoppers Stop Ltd., said:
“Q3 was marked by external factors such as festive calendar shifts and uneven consumption trends, which weighed on overall sales. However, we continued to make steady progress on our strategic priorities. Premium brands grew on a like-for-like basis and now account for 69% of our total sales, reinforcing the direction of our portfolio shift.
The re-launch of our Juhu store as one of India’s most premium experiential retail destinations reflects our long-term commitment to differentiated customer experiences. Categories such as Beauty, Handbags and Watches continue to scale well, and our Beauty Distribution business has delivered strong year-on-year growth.
While discretionary demand remained subdued for INTUNE, we are taking a calibrated approach to strengthening the format through focused investments and measured expansion.
As macro conditions improve, we believe our investments in premium offerings, personalization and omnichannel capabilities position us well for sustainable growth.”
Loyalty, Beauty and Private Brands Gain Traction
Shoppers Stop’s First Citizen loyalty programme remained a key growth driver, contributing 84 percent of total revenue during the quarter. The member base expanded to 13.3 million, with Premium Black Card members now accounting for 21 percent of total sales.
The beauty category continued its strong momentum, driven by fragrances and the expansion of global luxury brands. During the quarter, the company launched eight Estée Lauder Brand Shop-in-Shop (SIS) stores and strengthened customer engagement through makeovers, masterclasses and curated beauty events. The Beauty Distribution business posted a 58 percent year-on-year growth.
Private brands also delivered steady performance, supported by focused product launches. FRATINI Girls, a new apparel line for young girls, received a positive response across eight stores, with plans to scale up to 60 stores.
Store Expansion and Capex
During Q3FY26, Shoppers Stop added three department stores, three INTUNE stores and one HomeStop store. Capital expenditure for the quarter stood at Rs 35 crore, taking year-to-date capex to Rs 89 crore.
Looking ahead, the company said it remains cautiously optimistic, with continued investments in premium offerings, personalization and omnichannel capabilities positioning it for sustainable growth as macro conditions improve.
