LFL Sales Growth (Departmental Stores)
4.6%
+4.6pp YoY
Highest LFL in a decade; driven by premiumization and customer entry growth.
SHOPPERSSTOP
Other
07 May 2026
Shoppers Stop Ltd — Q4 FY26
Shoppers Stop delivered a strong Q4 FY26 with departmental store LFL growth of 4.6%, driven by premiumization and a 3.2% increase in customer entries.
✓ Verified against BSE filing
2-Min Summary
Shoppers Stop delivered a strong Q4 FY26 with departmental store LFL growth of 4.6%, driven by premiumization and a 3.2% increase in customer entries. The beauty segment grew 17% YoY, led by fragrances (+37%) and the distribution business (SSB) surging 69% YoY. Intune revenue rose 24% YoY to ₹67 crore, with improving unit economics. Management guided for nine new departmental stores in FY27, renovation of five marquee stores, and halving Intune losses. Core departmental store EBITDA grew 52% YoY to ₹50 crore. Key risks include fuel/raw material inflation impacting demand and supply chain disruptions in H2. The company targets debt-free status by Q4 FY27 and expects continued LFL momentum.
Key Numbers
Customer Entry Growth (LFL)
3.2%
+3.2pp YoY
Third consecutive quarter of LFL customer entry increase.
Beauty Distribution Revenue (SSB)
₹114 Cr
+69% YoY
Sustained strong growth; 20+ new premium brands added during the year.
Loyalty Program Repeat Rate
69%
+69% YoY
Repeat rate stable; loyalty contribution at 84% of revenue.
Management Guidance
Nine new departmental stores in FY27
Planned addition of nine premium departmental stores, all in marquee locations, expected to generate ₹45-50 crore each over 2-3 years.
expansionIntune losses to halve in FY27
Management expects Intune EBITDA loss to be cut to half of FY26 loss, with break-even at business level targeted by FY28.
marginsDebt-free by Q4 FY27
Company aims to be debt-free by the end of FY27, supported by strong operating cash flow and working capital optimization.
otherRenovation of five marquee stores in FY27
Five large stores will be renovated with new premium identity, expected to boost sales productivity by 35-40% based on past experience.
capexKey Risks
Fuel price and raw material inflation
Rising fuel and raw material costs may impact consumer demand in the short term, though premium positioning provides some insulation.
medium · management_commentarySupply chain disruptions in H2
Global supply chain uncertainties could cause intermittent merchandise availability, particularly in the second half of FY27.
medium · management_commentaryIntune expansion delay risks competitive positioning
Analyst raised concern that pausing Intune store expansion may allow competitors to gain market share; management acknowledged but prioritized unit economics.
medium · analyst_questionGross margin pressure from one-off provisions
Gross margin declined 100 bps in Q4 due to one-off provision reversals in the base; underlying operational margins improved 50 bps.
low · data_observationNotable Quotes
We have become the first port of call for almost any premium brand coming to India and we are using this strength to work with strategic partners to drive business.
The departmental store business crossed 5,000 crores revenue for the first time which is a big milestone for us.
We will be debt-free by Q4 FY27 which I think would be a major blessing for us over the last two years.