365telugu.com online news,Mumbai/ Hyderabad, January 31, 2020: Shoppers Stop Ltd. (NSE: SHOPERSTOP | BSE: 532638) reported Sales of Rs.1300 Crs and EBITDA of Rs.102 Crs in the quarter (Non-GAAP). GAAP adjusted, the turnover is Rs. 994 Crs and EBITDA of Rs.204 Crs.
Overall Performance
Commenting on the quarterly performance of the company, Mr. Rajiv Suri, Customer Care Associate, Managing Director & Chief Executive Officer, Shoppers Stop Ltd. said, “In a challenging economic environment we found opportunities to seed future growth for the company by aggressive expansion through internal accruals. During the year we opened 28 stores (8 Department and 20 Beauty) and plan to open 23 Stores (4 Department, 11 Beauty and 8 Airport stores) in Q4. This expansion will add circa Rs.500 Crs top-line on an annualized basis, more importantly these stores have been EBITDA accretive within the first quarter of operation”.
During this fiscal the company has made large investments in Digital and Information Technology Transformation for Rs.30 Crs. These investments will enable us to sharpen our analytic capabilities which will improve overall customer experience and personalization besides supporting our growth.
For the Quarter
Against a strong base of Q3 FY19 and a subdued retail landscape with a dampened festive season, the Revenue growth was muted LTL (-1%). Nonetheless, the company proactively increased its productivity and efficiencies by keeping the costs in control (LTL costs lower than last year).
The company has added 15 stores during the quarter of which 6 are department stores and 9 beauty doors taking the total footprint to 89 Department stores and 135 Beauty doors across 42 cities in India as at December, 31st 2019. Our First Citizen Loyalty program contributed 84% (+5% Y-o-Y basis) of Revenue. The Beauty segment grew 9.6% and we are confident that this growth will sustain in the forthcoming quarters on the back of new beauty stores, upgrading the beauty experience in existing stores, launch of new brands and strong Omni channel support. The company launched 4 new brands in beauty. Our one-of-its-kind Personal Shopper program grew by 5%.
Financial Performance
*Non-GAAP Press Release for Immediate Distribution Financials:
| Rs. In Crs. | Non-GAAP | GAAP | ||
| Revenue from Operations | 1299.5 | +3.1% YOY | 994.0 | (0.5%)YOY |
| EBITDA | 102.2 | +1.7% YOY | 204.1 | +104% YOY |
| First Citizens | 6.8M 290K added in the quarter. | |||
| Stores added | Shoppers Stop 6, MAC 9 | |||
| Total Retail Area | 4.5M Sq. ft. |
The Ministry of Corporate Affairs (MCA) has mandated Accounting Standard AS 116 for accounting the Lease Contracts. A detailed working has been included in our Quarterly Performance presentation uploaded in our corporate website. We have published a detailed Non-GAAP and GAAP Income Statement. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.