Shoppers Stop Ltd. reported a net profit for the July–September quarter, reversing a loss a year earlier, as its focus on premium products and a strong showing in beauty lifted earnings even as the festive season shifted largely into the third quarter.
The retailer posted a consolidated profit after tax (PAT) of Rs 6 crore for the quarter ended September 30, 2026, against a loss of Rs 7 crore in the year-earlier period. Standalone PAT also turned positive, at Rs 1 crore versus a loss of Rs 10 crore. The company said it was PAT-positive in both Q2 and the first half.
Revenue and EBITDA up
On a non-GAAP basis, consolidated sales rose 7% to Rs 1,618 crore, while EBITDA climbed 56% to Rs 43 crore. On a GAAP basis, consolidated sales grew 9% to Rs 1,366 crore and EBITDA rose 22% to Rs 219 crore. GAAP consolidated PAT stood at Rs 3 crore against a loss of Rs 20 crore a year ago.
For the first half, non-GAAP consolidated sales rose 8% to Rs 3,154 crore, with EBITDA up 48% to Rs 86 crore and PAT at Rs 11 crore compared with a loss of Rs 11 crore. On a GAAP basis, the H1 consolidated loss narrowed to Rs 11 crore from Rs 36 crore.
Standalone non-GAAP sales for Q2 grew 4% to Rs 1,475 crore, with EBITDA up 51% to Rs 34 crore.
Beauty and premium lead growth
The department store format recorded sales of Rs 1,302 crore, up 4%, with festive-adjusted like-for-like growth of 7%. The premium portfolio accounted for 73% of sales, up 390 basis points, with premium sales rising 10%.
The beauty segment was the standout, with sales of Rs 367 crore, up 18%, driven by a 35% jump in fragrance. Beauty distribution (GSSBB) hit a record quarterly high of Rs 168 crore, up 59%. The company said it delivered more than 200,000 makeovers and over 500 masterclasses during the quarter.
INTUNE, its value fashion format, reported sales of Rs 72 crore with festive-adjusted LFL growth of 6%. Losses narrowed on better productivity, and a new Rs 1,299 price point is drawing encouraging traction, the company said. New Ventures losses fell by Rs 8 crore, helped by higher INTUNE productivity and the integration of SSBeauty.in with SS.com.
Loyalty base grows
The First Citizen loyalty programme, which contributed 84% of sales, expanded its member base to 14 million. The company recorded its highest-ever enrolment of premium Black Card members at 40,000, up 24% year-on-year, with a 66% renewal rate, and added 208,000 Silver Card members. Black Card holders accounted for 22% of total sales.
Stores, inventory and debt
Shoppers Stop opened seven stores in the quarter — four department stores, two Beauty Boutiques and one MAC SIS — with capital investment of Rs 39 crore. Across the first half, it opened 15 stores with investment of Rs 83 crore.
Outright inventory fell by Rs 78 crore year-on-year, and net debt dropped by Rs 82 crore. The company said it is on track to become debt-free by Q3 of FY27.
In private brands, the premium “FRATINI Girl” line for young girls is now in 95 stores, while the premium “Bandeya” range has scaled to 60 stores, with its price range extended up to Rs 4,999. Private brand inventory fell 26% year-on-year.
The retailer also launched a co-branded credit card with RBL Bank and an exclusive menswear collaboration, STOP X PETER ENGLAND.
Management comment
Kavindra Mishra, MD and CEO of Shoppers Stop Ltd, said:
“We are pleased to report a strong performance in Q2, despite the festive season shifting largely to Q3 this year. Our Consolidated Non-GAAP revenue grew 7% YoY to Rs 1,618 Cr, while EBITDA increased 56% YoY to Rs 43 Cr.”
“More importantly, we delivered a meaningful turnaround in profitability, with Consolidated PAT turning positive at Rs 6 Cr compared to a loss of Rs 7 Cr in the last year and Standalone PAT also turning positive from a loss of Rs 10 Cr in last year, reflecting the strength of our operating leverage and the successful execution of our Shoppers Stop 2.0 strategy.”
“The Department Store business delivered revenue of Rs1,302 Cr with festive-adjusted LFL growth of 7%, demonstrating healthy underlying demand. Our New Ventures profitability also improved, with losses reducing by Rs 8 Cr, driven by higher INTUNE productivity and integration of SSBeauty.in with SS.com and we are confident of reducing the losses further.”
“The demand momentum witnessed in Q1 sustained through Q2, supported by encouraging consumer sentiment and healthy traction during Rakshabandhan and Onam. The build-up to Pujo and Dussehra has also been encouraging across key markets.”
“Our continued focus on premiumization, experiential retail, inventory discipline and operational excellence is resonating well with customers and strengthening the quality of growth. We remain committed to prudent capital allocation, further improving profitability, and achieving our goal of becoming debt-free by the end of Q3.”
Founded in 1991, Shoppers Stop operates 119 department stores, 12 premium home concept stores, 73 specialty beauty stores, 82 INTUNE stores and 3 airport stores across 75 cities, covering 4.6 million sq. ft. and offering more than 800 brands.
The company noted that its non-GAAP measures should be read only alongside its GAAP-based consolidated financial statements.
