Shoppers Stop registered healthy 5.5% SSS growth of which 2.5% SSS growth was driven by early commencement of end of season sale (advanced to the last week of June vs. first week of July, last year). East continued to see strongest performance registering double digit SSS growth. West India registered 7.5% SSS growth whereas south India remained subdued. North too was impacted by the odd-even rule in Delhi.
In non-apparels, the beauty segment continues to do well, whereas the jewellery and home segments de-grew. Shoppers Stop attributed the weakness in home category to resizing of certain stores and it remains confident of a rebound in the segment in the near term.
Shoppers Stop highlighted that intensity of discounting from online competition has not abated. It expects competitive intensity to remain strong even after consolidation among online peers. Further, while it is trying to bring rationality in the industry, discounting has probably become the new normal and is here to stay not only in online but also for physical stores.
