Shoppers Stop Reports Q3FY26 Financial Performance Update
Filing Summary
Shoppers Stop Ltd. disclosed its financial results for the third quarter and nine months ending December 31, 2025. The company reported flat sales for Q3FY26 at Rs 1,321 Cr under GAAP, with a gross margin of 39.4%. The beauty segment saw a 14% year-on-year increase, contributing Rs 395 Cr to sales. Premium brands accounted for 69% of total sales, growing by 6% YoY. The company opened seven new stores in Q3FY26, with capital expenditure reaching Rs 35 Cr. Net debt remained stable at Rs 90 Cr. The First Citizen loyalty program contributed 84% to total revenue.
Shoppers Stop Ltd. has released its financial results for the third quarter and nine months ending December 31, 2025. The company reported that overall sales for Q3FY26 were flat, with a total of Rs 1,321 Cr under GAAP. The gross margin for the quarter was recorded at 39.4%, a decrease of 130 basis points from the previous year. The beauty segment showed significant growth, with sales increasing by 14% year-on-year to Rs 395 Cr. Premium brands contributed 69% of total sales, marking a 6% increase from the previous year.
In terms of financial specifics, the core business sales were Rs 1,516 Cr, remaining flat year-on-year. The EBITDA for Q3FY26 was Rs 234 Cr, reflecting an 11% decrease compared to the previous year. The profit before tax (PBT) stood at Rs 32 Cr, a decline of 53% from Q3FY25. The company also reported a net profit after tax (PAT) of Rs 14 Cr, down from Rs 49 Cr in the same quarter last year. For the nine months ending December 31, 2025, sales were Rs 3,590 Cr, a 5% increase from the previous year.
Operationally, Shoppers Stop expanded its retail network by opening three department stores, three INTUNE stores, and one HomeStop store during Q3FY26. The company reported a capital expenditure of Rs 35 Cr for the quarter, bringing the year-to-date capex to Rs 89 Cr. The average transaction value (ATV) and average selling price (ASP) both increased by 7%. Customer entry increased by 5% on a like-for-like basis, marking the second consecutive quarter of growth.
The timeline for the company’s strategic initiatives includes plans to open five department stores, three INTUNE stores, and two beauty stores in Q4FY26. The company relaunched its Juhu store on January 14, 2026, as a premium experiential retail destination. The First Citizen loyalty program remained a key driver of sales, contributing 84% of total revenue during the quarter.
Shoppers Stop’s management highlighted the contribution of premium brands to total sales, which grew on a like-for-like basis. The company continues to focus on its premium-led strategy, with categories such as beauty, handbags, and watches performing well. The beauty distribution business delivered a 58% year-on-year growth. The company also emphasized its efforts in customer engagement through initiatives like makeovers and masterclasses.
In the market context, Shoppers Stop faced challenges such as festive calendar shifts and uneven discretionary demand. Elevated pollution levels in Northern India also impacted consumer mobility and spending. Despite these challenges, the company maintained its focus on premiumization and strategic investments in marketing and omni-channel capabilities.
Shoppers Stop Ltd. is a leading retailer of fashion and beauty brands in India, established in 1991. The company operates 110 department stores, 11 premium home concept stores, and 79 specialty beauty stores. It is known for its First Citizen loyalty program and Personal Shopper service, enhancing customer shopping experiences. The company’s omni-channel offering spans over 800 recognized brands, aiming to deliver customer satisfaction.