Mumbai, Jan 21:Shoppers Stop Ltd., India’s leading destination for premium fashion and beauty, announced its financial results for the third quarter and nine months ended December 31, 2025, reporting a stable performance amid a challenging consumption environment while continuing to advance its premium-led growth strategy.

Overall sales for the quarter remained flat, impacted by festive calendar shifts, uneven discretionary demand, and elevated pollution levels in Northern India. Despite these external headwinds, the Company strengthened its premium portfolio, which delivered steady like-for-like growth and increased its contribution to total sales.

Key Financial Highlights – Q3FY26

  • Premium brands contributed 69% of total sales, recording 6% YoY growth on a like-for-like basis

  • Core Business sales stood at Rs 1,516 crore, flat YoY

  • Beauty segment sales grew 14% YoY

  • INTUNE sales increased 22% YoY

  • Average Transaction Value (ATV) and Average Selling Price (ASP) rose 7% YoY each

  • Customer entry grew 5% LFL, marking the second consecutive quarter of growth

Financial Performance Snapshot – Q3FY26

  • Sales: Marginal YoY growth

  • Gross margins: Moderation driven by category mix and promotions

  • EBITDA and profitability: Impacted by softer demand and operating leverage, partially offset by cost discipline

Management Commentary

Commenting on the performance, Mr. Kavindra Mishra, Managing Director & CEO, Shoppers Stop Ltd., said:

“Q3 was marked by external factors such as festive calendar shifts and uneven consumption trends, which weighed on overall sales. However, we continued to make steady progress on our strategic priorities. Premium brands grew on a like-for-like basis and now account for 69% of our total sales, reinforcing the direction of our portfolio shift.

The re-launch of our Juhu store as one of India’s most premium experiential retail destinations reflects our long-term commitment to differentiated customer experiences. Categories such as Beauty, Handbags, and Watches continue to scale well, and our Beauty Distribution business has delivered strong year-on-year growth.

While discretionary demand remained subdued for INTUNE, we are taking a calibrated approach to strengthening the format through focused investments and measured expansion. As macro conditions improve, we believe our investments in premium offerings, personalization, and omnichannel capabilities position us well for sustainable growth.”

Progress Across Strategic Priorities

  • First Citizen loyalty program contributed 84% of total revenue, with the member base expanding to 13.3 million

  • Premium Black Card members reached a record addition during the quarter, contributing 21% of total sales

  • Beauty category sustained strong momentum, driven by fragrances and luxury brand expansion

  • Launched eight Estée Lauder Brands SIS stores during the quarter

  • Beauty Distribution business delivered 58% YoY growth

  • Private Brands portfolio showed steady traction, with the launch of FRATINI Girls, receiving encouraging customer response

INTUNE and Value Fashion

The INTUNE value fashion format delivered year-on-year growth, though performance was impacted by subdued discretionary demand. The Company continues to strengthen the format through targeted investments in existing stores while maintaining disciplined capital allocation.

Store Expansion and Financial Discipline

  • Opened 3 department stores, 3 INTUNE stores, and 1 HomeStop store during the quarter

  • Capital expenditure remained controlled, with continued focus on efficiency

  • Working capital reduced during the quarter

  • Net debt remained stable

Shoppers Stop remains focused on deepening its premium portfolio, strengthening customer engagement, and driving long-term value through disciplined growth and operational excellence.