Shoppers Stop slides after Q2 net loss widens to Rs 1,197 cr

However, revenue from operations increased 10.04% year on year (YoY) to Rs 1,175.31 crore in Q2 FY26. The firm posted a pre-tax loss of Rs 30.21 crore in Q2 FY26 compared to a pre-tax loss of Rs 30.68 crore for Q2 FY25.

The company posted a GAAP EBITDA of Rs 173 crore in Q2 FY26, up from Rs 157 crore in Q2 FY25. Non-GAAP EBITDA for the September 2025 quarter stood at Rs 23 crore, reflecting a 7% YoY growth. The GAAP gross margin came in at 39.2% in Q2 FY26, slightly lower than the 39.9% recorded in Q2 FY25.

The average transaction value (ATV) rose 8% YoY to Rs 5,109 crore in Q2 FY26, led by premiumization.

During the quarter, private brand sales were at Rs 161 crore, with a contribution of 13% to the overall sales and 17% to the apparel business.

The beauty distribution business continued to outperform with Rs 106 crore in sales during the quarter with over 103% YoY growth.

Shoppers Stop opened 1 department store, 3 beauty stores, and 3 Intune stores in this quarter with capex of Rs 34 crore.

The firm's First Citizen members contributed 83% to overall sales, out of which 69% were repeat and 14% were new members.

Kavindra Mishra, MD and CEO of Shoppers Stop, 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 (non-GAAP), marking the second consecutive quarter of LFL growth. Our two campaigns, 'India Weds with Shoppers Stop, and 'I am pleased to share our sustained good performance and outgrowing quarter after quarter,. Our core business has delivered stupendous growth through a number of initiatives such as premiumization, developing our own IPs to drive the premiumization, engagement with First Citizen customers, higher enrollment of Premium Black Card customers, increased personal shoppers' share, etc.

growth of 7%. More importantly, the department LFL grew by 9.4%. Our sales growth has further amplified by customer entry growth of 6% LFL, a positive growth for the first time in many years. Our EBITDA grew by 42%, and profit before tax turned the corner from a loss in FY25 to a profit of Rs 9 crore in Q2.

Our new business, i.e., INTUNE and ss.beauty.in, which we have been investing in, has been performing appreciably, despite headwinds. The sales growth has been 75%, with marked improvement in the business in the last quarter, particularly in September 2025. Our distribution continues to grow more than 100% with new additions from the staples of beauty companies globally. We will be launching brands by EuroItalia, a global player in the luxury beauty industry, known for promoting the Made in Italy craftsmanship worldwide with luxury fragrances and cosmetics.

Shoppers Stop is the nation's leading premier retailer of fashion and beauty brands.

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