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Indian fashion retailers shine in Q3 FY24 with robust growth

Shoppers Stop Ltd experienced a modest sales growth of * per cent in Q* FY**, with sales rising from &#****;*,*** crore in Q* FY** to &#****;*,*** crore. Despite the increase in sales, the company faced a downturn in profitability, as gross margin fell by *** basis points to **.* per cent. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) decreased by * per cent, and both profit before tax (PBT) and profit after tax (PAT) saw significant declines of ** per cent and ** per cent respectively. The First Citizen loyalty programme continued to drive sales, contributing ** per cent to overall sales, with ** per cent from repeat members and ** per cent from new members.

Raymond Ltd reported an impressive ** per cent year-over-year (YoY) revenue growth to &#****;*,*** crore. Net profit nearly doubled to &#****;*** crore, from &#****;** crore in Q* FY**, with an EBITDA margin of **.* per cent. The branded apparel segment saw a ** per cent increase in sales, reaching &#****;*** crore, while the high value cotton shirting segment posted a ** per cent sales increase to &#****;*** crore. The company celebrated the opening of the ***th &#**;Ethnix by Raymond&#**; store, expanding its total retail network to *,*** stores.