Shoppers Stop share price surged over 5% on Tuesday's session following the company's announcement of a 62.55% jump in its consolidated net profit, which came in at ₹23.18 crore for the fourth quarter that ended on March 31, 2024. According to a regulatory filing from Shoppers Stop, the firm reported a consolidated net profit of ₹14.26 crore at the same time last year. Shoppers Stop share price today opened at ₹730.25 apiece on BSE, the stock hit an intraday high of ₹750 and an intraday low of ₹707.35.
During the reviewed quarter, the company's consolidated revenue from operations was ₹1,046.34 crore, compared to ₹923.90 crore during the same period in the previous fiscal year. Comparing the fourth quarter's overall expenses to the same period last year, they were ₹1,049.28 crore more than ₹928.78 crore.
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The firm reported that its net profit for the fiscal year that ended on March 31, 2024, was ₹77.25 crore, a drop from ₹116.01 crore the year before. According to the company, consolidated revenue from operations increased to ₹4,316.59 crore in FY24 from ₹4,022.13 crore in FY23.
Shoppers Stop's managing director and CEO, Kavindra Mishra, stated in an exchange filing that the company produced steady performance in spite of the ongoing downturn in demand. The company's long-term objective is to raise overall margins, and they have stayed committed to promoting operational excellence.
According to Mishra, they have worked hard to maintain and enhance the quality of the customer journey, as seen by the fact that 78% of their total sales come from their loyal customers. Their emphasis on premiumisation keeps driving ATV by 8% as wealth rises. In Q4, the Beauty category maintained its strong momentum. The firm opened the biggest beauty store in the country at Kolkata's Quest Mall.
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According to Ruchit Jain of 5paisa, the Shoppers Stop share price is going through a consolidation phase, which seems to be a time-wise correction. Prices have support in the 660–650 range. There are signs of a trending move, and hence, we expect the stock to continue rangebound moves. Traders are advised to 'hold' the stock.
Rajesh Bhosale highlighted that the Shoppers Stop share price witnessed a gap up opening but failed to sustain and has not only erased morning gains but is trading below the previous session low. Overall, this is a low-volume stock lacking a clear trend. Resistance is at 770–780, whereas 680 is support. Traders are advised to exit on bounce.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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