Shoppers Stop Limited · NSE:SHOPERSTOP
Shoppers Stop — Q4 FY25 Earnings Presentation
52 slides from Shoppers Stop's earnings presentation, Apr 30, 2025
Slide 1: Exchange cover letter: Press Release and Investor Presentation
SHOPPERS STOP SEC/09/2025-26 April 29, 2025 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (East), Mumbai 400 001. Mumbai 400 051. Stock Code : 532638 Stock Symbol : SHOPERSTOP Dear Sir / Madam, Sub.: P
Slide 2: Press Release: Q4 Revenue Rs 1022 Cr, EBITDA Rs 187 Cr
Press Release for immediate distribution Shoppers Stop reports Q4 Revenue of Rs 1022 Cr, +2% YoY and EBITDA of Rs 187 Cr Annual Revenue of Rs 4436 Cr, +5% and EBITDA Rs 751 Cr (GAAP) • Consistent improvement in Operational KPI’s ATV +8%, ASP+4% and IPT +4% • Premiumization on track, contribution inc
Slide 3: Management Comments
Management Comments: Commenting on the Q4 performance, Mr. Kavindra Mishra, MD and CEO of Shoppers Stop Ltd, he said, “Shoppers Stop delivered consistent performance despite continued softness in demand and a challenging macro environment. We achieved 4% revenue growth with 3% Like-for-Like growth (
Slide 4: Note and About Shoppers Stop Limited
Note: 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.
Slide 5: Performance Highlights
PERFORMANCE HIGHLIGHTS FY 25 | QUARTER 4
Slide 6: Contents
CONTENTS 01 KEY HIGHLIGHTS 02 STRATEGIC PILLARS 03 MARKETING CAMPAIGNS 04 FINANCIALS 2
Slide 7: H2 vs H1 at a Glance
H2 vs H1 AT A GLANCE [NON-GAAP] Significant improvement in all KPI’s in H2 H1 H2 Total Actual LY Gr% Actual LY Gr% Actual LY Gr% Sales 2,558 2,513 2% 2,870 2,716 6% 5,427 5,228 4% EBITDA 36 99 -64% 147 127 16% 183 226 -19% PBT -48 17 65 60 10% 18 77 -77% – H1 Sales growth +2% with LFL (4%) due to mu
Slide 8: Driving Growth Through Premiumisation
DRIVING GROWTH THROUGH PREMIUMISATION – Premium portfolio contributed 65% in Q4, clocking 7% growth YoY – New Launches Women’s Apparels Non-Apparels Beauty 4
Slide 9: Premium Brand Portfolio
WATCHES BEAUTY PREMIUM BRAND PORTFOLIO LIMITED EDITION 5
Slide 10: Market Outlook
MARKET OUTLOOK Customer Industry Way Forward – Mixed sentiments continue with – Modest recovery in Q4. Urban – Cautiously optimistic' for 2025, in fluctuating demands. Macro market weaker, particularly which new-age technologies factors not helping South such as AI and automation will play a crucial
Slide 11: Q4 at a Glance
Q4 AT A GLANCE SALES [NON-GAAP] ▪ Rs 1,284 Crs, +4% (LFL +3%) ▪ 2nd consecutive Qtr. of LFL growth ▪ Watches outperformed, +14% ▪ ATV +8% (Rs 4,942 vs Rs 4,581) led by premiumization ▪ ASP +4% (Rs 1,743 vs Rs 1,677) ▪ Items per Ticket (IPT) +4% (2.8 Vs 2.7) ▪ First Citizen @ 82%, Repeat 69%; New 13%
Slide 12: Q4 in Numbers
Q4 IN NUMBERS Particulars Non GAAP %Sales GAAP %Sales Revenue 1,284 1,022 EBITDA 38 3.3% 187 18.3% PBT 1 0.1% -5 -0.5% PAT 9 0.8% 2 0.2% %Sales is on Sales (Net of GST) PBT in GAAP was lower due to new stores which basis Ind AS 116 has higher depreciation and finance cost 8
Slide 13: Quarterly Trend (Non GAAP)
QUARTERLY TREND (NON GAAP) Sales Margin 38.8% +4% 160 0 37.1% 150 0 39. 0% 36.8% 140 0 130 0 38. 0% 400 120 0 35.9% 37. 0% 110 0 100 0 441 36. 0% 300 900 1284 35. 0% 800 1175 1232 384 399 700 34. 0% 200 600 890 281 500 33. 0% 400 32. 0% 100 300 200 31. 0% 100 0 30. 0% 0 Q4FY22 Q4FY23 Q4FY24 Q4FY25 Q
Slide 14: Quarterly Trend (GAAP)
QUARTERLY TREND (GAAP) Sales Margin 140 0 44.3% 130 0 600 120 0 +2% 43.2% 110 0 500 40.5% 100 0 900 400 40.1% 800 700 300 1000 1022 600 500 916 396 405 453 710 200 285 400 300 100 200 100 0 0 Q4FY22 Q4FY23 Q4FY24 Q4FY25 Q4FY22 Q4FY23 Q4FY24 Q4FY25 400 EBITDA PBT 300 2.8% 6.0 % 19.9% 2.3% 19.6% 4.0 %
Slide 15: Operational KPIs in Q4
OPERATIONAL KPIs IN Q4 (Offline only) ATV (Rs/-) ASP (Rs/-) +8% +4% 4236 4581 4942 1585 1677 1743 4056 1480 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Items per Txn. (Nos.) +4% 2.75 2.67 2.77 2.83 0.0 0 FY22 FY23 FY24 FY25 11
Slide 16: YTD Highlights
YTD HIGHLIGHTS – Sales +4%; H1 +2% and H2 +6% – Categories outperformed – Fragrance +13% – Watches +11% – Handbags +8% – Premiumisation on track; Contribution Sustained @ 64%; Growth 7% – Gross Margin improvement +60bps, led by Private Brand margin expansion – Beauty Boutique Launched; 3 ARMANI and
Slide 17: FY25 in Numbers
FY25 IN NUMBERS Particulars Non GAAP %Sales GAAP %Sales Revenue 5,427 4,436 EBITDA 183 3.8% 751 16.9% PBT 18 0.4% 0 0.0% PAT 23 0.5% 6 0.1% %Sales is on Sales (Net of GST) PBT in GAAP was lower due to new stores which basis Ind AS 116 has higher depreciation and finance cost 13
Slide 18: Yearly Trend (Non GAAP)
YEARLY TREND (NON GAAP) Sales Margin +4% 37.5% 37.7% 37.2% 39. 0% 38. 0% 35.9% 37. 0% 5427 36. 0% 1809 35. 0% 5066 5228 1675 1712 34. 0% New Image required 3111 33. 0% 984 32. 0% 31. 0% 30. 0% FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 EBITDA PBT 7.3% 8.0 % 3.7% 4.9% 7.0 % 1.7% 5.0 % 6.0 % 3.8% 0.4% 3.
Slide 19: Yearly Trend (GAAP)
YEARLY TREND (GAAP) Sales Margin 41.3% 540 0 +5% 41.8% 530 0 520 0 510 0 40.8% 500 0 490 0 480 0 470 0 460 0 450 0 440 0 430 0 420 0 410 0 400 0 390 0 380 0 370 0 360 0 350 0 340 0 39.7% 330 0 320 0 310 0 300 0 290 0 280 0 270 0 1832 260 0 4436 1717 250 0 4213 1671 240 0 3998 230 0 220 0 210 0 200 0
Slide 20: Operational KPIs in FY25
OPERATIONAL KPIs IN FY25 (Offline only) ATV (Rs/-) ASP (Rs/-) +6% +5% +8% +4% +8% +9% +6% +3% +7% +4% 4890 5374 4942 1899 4581 4729 1677 1697 1640 1743 Q4 FY24 Q1 Q2 Q3 Q4 Q4 FY24 Q1 Q2 Q3 Q4 FY25 FY25 Items per Txn. (Nos.) +2% +3% +2% +2% +4% 2.73 2.90 2.90 2.83 2.84 0.0 0 Q4 Q1 Q2 Q3 Q4 FY24 16 Gr
Slide 21: Contents
CONTENTS 01 KEY HIGHLIGHTS 02 STRATEGIC PILLARS 03 MARKETING CAMPAIGNS 04 FINANCIALS 17
Slide 22: Strategic Pillars
STRATEGIC PILLARS 12.3 M Rs 209 Crs Rs 145 Crs 21 Stores in Q4 FIRST CITIZEN BEAUTY PRIVATE BRANDS EXPANSION INTUNE-15 82% 16% 11% Dept-5 Beauty-1 Contribution 18
Slide 23: First Citizen Club
FIRST CITIZEN CLUB Sales contribution First Citizen Club Mix% Gr% Repeat% Gr% Overall Sales 82% 390 bps 69% 325 bps Silver Enrollments Q4 1.6 Lacs +8% Black Card Members – Contribution 16% to Overall Sales (+424 bps) – Sales Growth 38% Customer Engagement – “First Citizen Club SELECT”, started a 2 d
Slide 24: Private Brand
PRIVATE BRAND Sales Rs.145 Crs – PB Contribution – Overall 11% – Apparels 16% – Improved profitability driven by higher margin – “Bandeya” Men’s Indian Wear +13% (Qty +20%) driven by – Digital Prints and Value added Fabric – Waistcoat range introduced – Blazers range introduced in “STOP” Sales and C
Slide 25: INTUNE
INTUNE Sales Q4 Rs. 54 Crs YTD Rs. 192 Crs (5x YoY) – 71 Stores in 30 Cities across regions – Regional marketing strategies aided increased footfall and sales; Strong Holi and Eid sales – Weekly launches being introduced every Saturday INTUNE 21
Slide 26: INTUNE Expansion
INTUNE EXPANSION Store count As on Planned Region Market Additions Dec'24 Mar’25 Q1 FY26 AP/TL 10 13 2 South Karnataka 10 11 3 Kerala 2 2 Gujarat 14 13 West Maharashtra 9 9 MP/Rajasthan 1 1 NCR 12 13 2 North Chandigarh 1 UP/Uttarakhand 5 3 East East 2 4 Grand Total 59 71 12 – 5 new cities in Q4; wit
Slide 27: Beauty
BEAUTY Sales Rs. 264 Crs +3% Rs. 209 Crs (6%) (excl. Distribution) Beauty Business Network Offline Count Department stores 112 EBOs (incl. SSBeauty) 85 Customer engagement Shop-in-shop 64 – Social presence: YouTube 100k+; Instagram 640k+ Online – First-ever Beauty Carnival at Inorbit Mall, Mumbai Sh
Slide 28: Beauty Distribution
BEAUTY DISTRIBUTION SALES Q4 Rs. 67 Crs +61% YoY FY25 Rs. 236 Crs +98% YoY Improving Sales Trend QoQ 26% 78 61% NETWORK EXPANSION 67 126% 62 160% – Network expanded to 25 Retailers with 460+ POS 52 39 42 – Partnered with – Quick commerce - Zepto 23 15 – Pharmacy - Wellness Forever Q1 Q2 Q3 Q4 NEW BR
Slide 29: First PRADA Boutique Store Launched at Select Saket, Delhi
First “PRADA” Boutique store Launched at Select Saket, Delhi 25
Slide 30: Expansion
EXPANSION As on As on Format Additions Closures Mar'24 Mar'25 Department 112 9 9 112 Beauty SSBeauty 13 5 1 17 SSFragrance 1 1 Beauty 74 1 8 67 INTUNE 22 52 3 71 HomeStop 7 5 1 11 Airport 21 1 20 Total 249 73 23 299 As on Mar 2025 Area 4.5M sq.ft. City Presence 70 Cities Renovation 5 Dept, and 3 Hom
Slide 31: Gupta Towers, Nagpur
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Slide 32: RCube Central, Pitampura Delhi
RCUBE CENTRAL, PITAMPURA DELHI 28
Slide 33: Pandri, Raipur
PANDRI, RAIPUR 29
Slide 34: TNR North City, Hyderabad
TNR NORTH CITY, HYDERABAD 30
Slide 35: Pacific Mall, Faridabad
PACIFIC MALL, FARIDABAD 31
Slide 36: Contents
CONTENTS 01 KEY HIGHLIGHTS 02 STRATEGIC PILLARS 03 MARKETING CAMPAIGNS 04 FINANCIALS 32
Slide 37: Continued Investment in Brand
CONTINUED INVESTMENT IN BRAND The premiumization journey driven by the 3Es – Exclusiveness, Engagement, and Experience Focused in growing the Brand IP’s created in Q3. “India Weds with Shoppers Stop” – Extended the campaign by integrating with Zee’s reality show “Shaadi Mubarak”; 5.4mn+ impressions
Slide 38: Marketing Campaigns
MARKETING CAMPAIGNS “Shaadi Mubarak” Show on Zee network presented by GIFTS OF LOVE X GUESS Shoppers Stop Summer Spring Campaign 34 Click on the images to watch the campaign/event videos
Slide 39: Strengthening Personalization with Regional Touch
STRENGTHENING PERSONALIZATION WITH REGIONAL TOUCH Gudi Padwa @ R City, Mumbai Makar Sankranti Pongal @ Sarath City, Hyderabad @ Nexus, Chennai Eid @ Fun Republic, Lucknow 35
Slide 40: Contents
CONTENTS 01 KEY HIGHLIGHTS 02 STRATEGIC PILLARS 03 MARKETING CAMPAIGNS 04 FINANCIALS 36
Slide 41: KPI Performance - Q4
KPI PERFORMANCE-Q4 Vs Q4 FY24 (Rs Crs) +4% 210 bps +2% Sales Gross Margin EBITDA Non GAAP 1284 441 38 GAAP 1022 453 187 +2%* 380 bps (6%) * GAAP sales lower by Rs 41 Crs due to reclassification of few vendors from ROR 37 to SOR, save this, growth +6%
Slide 42: KPI Performance - FY25
KPI PERFORMANCE-FY25 Vs FY24 (Rs Crs) +4% 60 bps (19%) Sales Gross Margin EBITDA Non 5427 1809 183 GAAP GAAP 4436 1832 751 +5%* 60 bps (2%) * GAAP sales lower by Rs 41 Crs due to reclassification of few vendors from ROR 38 to SOR, save this, growth +6%
Slide 43: Financials Q4 FY25
FINANCIALS Q4 FY25 Particulars Non - GAAP Financials GAAP Financials Rs. in Crs. FY25 FY24 Gr% FY25 FY24 Gr% Gross Revenue 1284 1232 4% 1144 1126 2%* Net Revenue 1136 1086 5% 1022 1000 2% Other Income 27 30 -9% 17 35 -50% Total Revenue 1162 1115 4% 1040 1034 1% Margin 441 399 10% 453 405 1
Slide 44: Financials FY25
FINANCIALS FY25 Particulars Non - GAAP Financials GAAP Financials Rs. in Crs. FY25 FY24 Gr% FY25 FY24 Gr% Gross Revenue 5427 5228 4% 4981 4741 5%* Net Revenue 4795 4607 4% 4436 4213 5% Other Income 97 96 0% 53 56 -5% Total Revenue 4891 4704 4% 4489 4269 5% Margin 1809 1712 6% 1832 1717 7%
Slide 45: Balance Sheet (Non-GAAP)
BALANCE SHEET (NON-GAAP) Particulars (Rs. In Crs.) Mar’25 Mar’24 Net worth 815 785 Loan Fund 262 125 Total Liabilities 1077 910 Fixed Assets + Lease Deposit 902 864 Investments 60 59 Inventory* 1921 1617 Other Assets 583 552 Total Current Assets 2400 2070 Trade Creditors Goods* 1901 1678 Others 488
Slide 46: Cash Flow
CASH FLOW Particulars Mar’25 Mar’24 Cash Profit from Operations (after tax) 182 222 Changes in Working Capital -112 -60 Cash generated from Operations 70 162 Fixed Assets /Reduction in Capex Creditors* -199 -211 Redemption of Investments (Net) -1 18 Cash post Investing Activities -130 -31 Loans 137
Slide 47: Way Forward
WAY FORWARD OUTLOOK PRIORITIES – Premiumization continue to lead growth for Q4 and – Seize Growth opportunities through premiumization; FY26 Non-Apparel to have significant impetus as we move towards this journey – Demand trends expected to be stable in the long term, though short term may be sloppy
Slide 48: Annexures
ANNEXURES 44
Slide 49: Financials Q4 FY25
Particulars Non GAAP GAAP Rs. in Crs. FY25 FY24 Gr% FY25 FY24 Gr% Gross Revenue 1284 1232 4% 1144 1126 2% FINANCIALS Net Revenue 1136 1086 5% 1022 1000 2% Other Income 27 30 -9% 17 35 -50% Q4 FY25 Total Revenue 1162 1115 4% 1040 1034 1% Margin 441 399 10% 453 405 12% Margin% 38.8% 36.8% 21
Slide 50: Financials FY25
Particulars Non GAAP GAAP Rs. in Crs. FY25 FY24 Gr% FY25 FY24 Gr% Gross Revenue 5427 5228 4% 4981 4741 5% FINANCIALS Net Revenue 4795 4607 4% 4436 4213 5% Other Income 97 96 0% 53 56 -5% FY25 Total Revenue 4891 4704 4% 4489 4269 5% Margin 1809 1712 6% 1832 1717 7% Margin% 37.7% 37.2% 60 Bp
Slide 51: As on 31st Mar'25
As on 31 st Mar’25 299 Stores 12.3 Mn 800+ FIRST CITIZENS BRANDS 11% Mix 16% Mix PRIVATE BRANDS BEAUTY 4.5 M 70 SQUARE FEET CITIES AREA 11 Mn CUSTOMER ENTRY in Q4 (1) Alpha, Ahmedabad 21.5K TALENT POOL 47 1. Includes Brand staff
Slide 52: Disclaimer
DISCLAIMER Certain statements in this release concerning our future growth prospects are forward-looking statements within the meaning of applicable securities laws and regulations, and which involve number of risks and uncertainties, beyond the Control of the company, that could cause actual result