Shoppers Stop Q3 FY26 Earnings Call Transcript Released
Shoppers Stop released its Q3 FY26 earnings call transcript. The company faced a sluggish operating environment, resulting in flat like-for-like sales for the quarter. Its premiumization strategy advanced, with the share of premium brands at 69%. The Beauty business grew 14%, and the distribution business saw 58% revenue growth. EBITDA declined 24% due to investments in marketing and technology. The company anticipates mid-teen revenue growth in FY27 and expects the INTUNE business to turn profitable by FY28.
The release of an earnings call transcript is a routine disclosure. While it provides detailed operational and financial insights, it does not introduce new, significant, or unexpected information that would drastically alter the company's valuation or market perception.
The announcement is a transcript of an earnings call, which primarily provides an update on the company's performance and outlook. While it details challenges faced in Q3, it also highlights strategic progress and future growth expectations, making the sentiment neutral.
Shoppers Stop Limited has released the transcript of its Earnings Conference Call held on January 21, 2026, to discuss the company's performance for the quarter and nine months ended December 31, 2025. The call featured insights from Mr. Kavindra Mishra, MD & CEO, and Mr. Karunakaran M, CFO.
Mr. Mishra highlighted a sluggish operating environment during Q3 FY26, impacted by factors such as high pollution levels in North India, a muted festive season, and a slowdown in consumer sentiment. While October saw a decline in like-to-like sales, November showed improvement driven by events like Black Friday, but December was largely flat. Overall, the quarter ended with flat sales on a like-for-like basis.
The company's premiumization strategy continued to progress, with the share of premium and premium plus brands increasing from 65% to 69%. The 'India Weds with Shoppers Stop' campaign was successful, generating ₹104 crores in sales, a 160% increase year-on-year. The First Citizen membership base grew to 13.3 million members. Despite operational challenges, customer entries grew by 5%, with a strong new customer acquisition rate of 40%.
EBITDA before one-off costs dropped by 24% due to increased spending on customer acquisition, marketing campaigns, and technology upgrades. An additional cost of approximately ₹17.5 crores was recognized due to the revision in labor codes.
The Beauty business saw a 14% growth, driven by fragrances and the distribution business, which achieved revenues of ₹122 crores, a 58% increase. The company opened 3 departmental stores, 3 INTUNE stores, and 1 HomeStop store during the quarter, with capex of approximately ₹90 crores funded through internal accruals.
Looking ahead, Shoppers Stop expects a mid-teen revenue growth (12-15%) in FY27. The company aims to turn the INTUNE business profitable by FY28, with losses expected to reduce to ₹20-25 crores in FY27. The focus remains on improving conversion rates, enhancing the private brands' supply chain efficiency, and strengthening the loyalty program. The company is confident of a turnaround in the next two quarters.
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Shoppers Stop Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Shoppers Stop Limited. Read the original for the full detail.