Department store chain Shoppers Stop reported its Q4 and full-year FY26 results on Tuesday, highlighting record cash generation and its highest same-store sales growth in a decade.
The Headline Numbers
FY26 Standalone
- Revenue: Rs 4,708 Cr — up 6% year-on-year
- EBITDA: Rs 770 Cr
FY26 Consolidated
- Gross revenue: Rs 6,057 Cr — up 8% year-on-year
- Department store business crossed Rs 5,000 Cr
- Like-for-like (LFL) sales growth: 4.7% — highest in 10 years
- Cash from operations: Rs 301 Cr — highest in 8 years
- Working capital improvement: Rs 155 Cr
- Debt reduced by Rs 109 Cr; company targets debt-free status by FY27
Q4 Standalone
- GAAP Sales: Rs 1,117 Cr vs Rs 1,022 Cr — up 9% YoY
- EBITDA: Rs 187 Cr — flat YoY
- PAT: –Rs 19 Cr vs +Rs 2 Cr
Q4 Consolidated
- GAAP Sales: Rs 1,210 Cr vs Rs 1,064 Cr — up 14% YoY
- EBITDA: Rs 193 Cr vs Rs 188 Cr — up 2% YoY
- PAT: –Rs 17 Cr vs +Rs 2 Cr
What’s Driving Growth
Premium push paying off — Premium brands contributed 71% of total Q4 sales, growing 13% YoY (LFL +11%). Average transaction value rose 8% and average selling price climbed 11%.
Beauty on a roll — The beauty segment clocked Rs 309 Cr in Q4, up 17% YoY, led by fragrances which surged 37%. The quarter saw 200,000+ makeovers and 370+ masterclasses. Global SSBeauty, the company’s beauty distribution arm, posted Rs 426 Cr in FY26 revenue — an 81% YoY jump, and a 90% CAGR over three years.
INTUNE gaining ground — The value fashion format hit Rs 67 Cr in Q4 sales (+24% YoY) and Rs 282 Cr for the full year (+46% YoY). A new Rs 1,299 price point was introduced across categories. The company noted a “noticeable turnaround” in like-for-like trajectory from February, with momentum continuing into April 2026.
Personal shopping scales up — The Personal Shopper service crossed Rs 1,200 Cr in revenue, contributing 26% of total sales — up 400 basis points.
ALSO READ: Shoppers Stop’s Big Pivot: From Department Store to Premium Destination
Loyalty Program at Record Levels
The First Citizen program contributed 83% of total sales in Q4, with the member base at 13.5 million. Highlights:
- Black Card members: 134,000 (up 50% YoY); contributed 21% of total sales
- Silver Card members: 800,000 (up 16% YoY)
- Q4 additions: 32,000+ Premium Black Cards (+42% YoY), 182,000 Silver Cards (+11% YoY)
Store Expansion
Shoppers Stop added 27 stores in FY26 — 8 department stores, 14 INTUNE, 3 beauty stores, and 2 HomeStop outlets — alongside renovation of 3 existing stores including Juhu. Q4 alone saw 9 new store openings with capital investment of Rs 25 Cr. Total capex for the year was Rs 114 Cr.
The company now operates 113 department stores, 84 INTUNE stores, 73 specialty beauty stores, 12 HomeStop outlets, and 13 airport stores across 4.5 million sq. ft.
Management View
Kavindra Mishra, MD and CEO, said:
“We delivered a resilient performance in Q4 and FY26 in a challenging environment, driven by disciplined execution and a continued focus on premiumization. FY26 consolidated gross revenue stood at Rs 6,057 Cr, up 8% YoY, while our department store business crossed Rs 5,000 Cr (LFL+4.7%). Strong operational efficiency enabled Rs 301 Cr cash generation from operations, supported by working capital optimisation of Rs 155 Cr. During the year, we partly retired debt to the extent of Rs 109 Cr and remain on track to become debt‑free by FY27.
We are encouraged by resilience in consumption inspite of Global uncertainty and Supply Chain disruptions. The Indian fashion market is gaining momentum, led by fast fashion and premium/bridge‑to‑luxury segments. While supply‑chain disruptions may create some inflationary pressures, we believe demand scenario to remain healthy.
Our priorities remain focused on strengthening the core, scaling non-apparels, improving GMROF, keeping the cost structure leaner and ensuring prudent capital deployment. These actions position us well to deliver sustainable long‑term value.”
