Mumbai: Shoppers Stop Ltd reported a largely flat performance in the third quarter of FY26, as festive calendar shifts, uneven discretionary demand and pollution-related disruptions in northern India weighed on overall consumption, even as its premium and beauty segments continued to gain share.
For the quarter ended December 31, 2025, core business sales stood at ₹1,516 crore, largely unchanged year-on-year, while premium brands accounted for 69% of total sales, registering 6% growth on a like-for-like basis, the company said in its earnings release.
The beauty segment delivered a strong showing, with sales rising 14% to ₹395 crore, supported by fragrances and the expansion of global luxury brands.
Average transaction value and average selling price increased 7% each, reflecting continued premiumisation, while customer entries rose 5% on a like-for-like basis for the second consecutive quarter.
However, higher operating expenses and statutory provisioning for new labour codes weighed on profitability, with consolidated EBITDA declining year-on-year during the quarter.
Management said it continues to sharpen its premium-led strategy, backed by experiential retail investments such as the relaunch of its Juhu store, and deeper customer engagement through its First Citizen loyalty programme. Loyalty members contributed 84% of quarterly revenue, with the premium Black Card segment increasing its share to 21%.
Shoppers Stop also continued selective store expansion, adding department, INTUNE and HomeStop stores during the quarter, while maintaining financial discipline. Net debt remained stable at around ₹90 crore, aided by tighter working capital management.
The company said it remains cautiously optimistic on demand recovery as macro conditions improve, with its focus on premium categories, beauty distribution and omnichannel capabilities expected to support medium-term growth.