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Shoppers Stop SHOPPERS STOP SEC/043/2018-19 August 10, 2018 BSE Limited National Stock Exchange of India Ltd. Mumbai Samachar Marg, Exchange Plaza, Fort, Mumbai - 400 001 . Bandra-Kurla Complex, Sandra (East}, Mumbai - 400 051 . Stock Code : 532638 SHOPERSTOP Dear Sirs, Sub: Submission of Annual Report 2017-2018. Pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the members at the 21st Annual General Meeting of the Company held on July 27, 2018 have approved and adopted the Annual Report for the financial year 2017-18. In this connection, please find enclosed herewith the said Annual Report for the financial year 2017-18. The same is also available on the Company's website at www.shoppersstop.com. We request you to kindly take the same on record. Thanking you, Encl: aa Shoppers Stop limited Registered & Service Office - Urnang Tower, 5th Floor, Mindspace, Off. Link Road, Malad (West), Murnbai - 400 064, Maharashtra. T + 022 42497000, F + 022 28808877.CIN : L51900MH1997PLC108798. E- mail us at [email protected] , To ll Free No.:T + 1- 800- 419 - 6648 (9 am to 9 prn). BRINGING ROMANCE BACK TO RETAIL ANNUAL REPORT 2017-2018 CONTENTS Strategic Report 02 Group Overview 08 Our Reach 09 Key Highlights of 2017-18 10 Chairman’s Review 12 Managing Director’s Review 14 Bringing Romance Back to Retail 24 Board of Directors 28 Corporate Information 29 Financial Highlights & Key Ratios Statutory Reports 30 Management Discussion & Analysis 40 Directors’ Report 71 Business Responsibility Report 80 Corporate Governance Report Financial Statements 96 Standalone Financial Accounts 146 Consolidated Financial Accounts Cautionary Statement The statements made in this report describe the Company’s objectives, projections, expectations and estimations, which may be ’forward- looking statements’ within the meaning of applicable securities laws and regulations. The annual results can differ materially from those expressed or implied, depending on the economic and climatic conditions, Government policies, and other incidental factors which are beyond the control of the Company. BRINGING ROMANCE BACK TO RETAIL When we entered the business of retailing in 1991, we But in the recent past, India’s retail ethos has significantly had a simple mission – to transform the way India shops. shifted. Deep-discounting has become par for the From a single 4,000 sq. ft. store in suburban Mumbai, we course. And, brand loyalty has lost its sheen. The time have metamorphosed into a trusted retailer that caters has therefore come for retail to reinvigorate itself and to millions of customers across the length and breadth of rewrite its story. As pioneers of the industry, we are the country. taking charge and leading that change. But our raison d’être remains the same. Our customers come through our doors for our superior product assortment, but we want them to stay for the We are a retailer at heart but have always stood for much moments of personal transformation they experience in more than just our products, our brands, our stores our aisles. Our customers click onto our shopping site and our services. We represent all those soul-stirring for convenience, but we want them to come back for the moments that unfurl as people shop for something new sheer joy and promise of adding to their shopping carts. – a young couple starting a family of their own, daddy’s little girl growing into an independent young woman, a And so, we are making the shopping experience more group of friends becoming each other’s confidantes. We immersive, more seamless and more exciting. There’s are deeply connected to our customers’ journeys. more to enjoy. And much more to look forward to. We are bringing the stories back to shopping. We are bringing the giggles back to the trial room. We are bringing the exhilaration back to online shopping. We are bringing the romance back to retail. GROUP OVERVIEW Shoppers Stop Ltd. is a professionally managed and systems-driven organisation promoted by the K. Raheja Corp Group (Chandru L. Raheja Group). Your Company has played a pivotal role in bringing about the retail revolution in India. Since inception in 1991, we have introduced various retail formats that have set a benchmark for the Indian retail industry. Apart from the flagship business of department stores, we also operate specialty stores for beauty, books-toys-stationery and home décor. 0202 AnnualAnnual ReportRReport 2017-20182017-2018 STRATEGIC REPORT STATUTORY REPORTS FINANCIAL STATEMENTS 03 03 India’s foremost fashion retailer offering 400+ brands retailer fashion foremost India’s SHOPPERS STOP Our shopping website and mobile app have more than 50,000+ products across different categories and sub-categories to choose from 04 Annual Report 2017-2018 HOMESTOP Premium home concept store STRATEGIC REPORT STRATEGIC STATUTORY REPORTSSTATUTORY FINANCIAL STATEMENTS STATUTORY REPORTSSTATUTORY FINANCIAL STATEMENTS CROSSWORD The definitive place and space for those who seek information, knowledge or simply the pleasure of reading 05 51 STORES (Including 17 shop-in-shop) 30 STORES (Including 16 shop-in-shop) 06 Annual Report 2017-2018 HELLO BEAUTIFUL! Bringing the best brands in beauty to our customers 8 STORES (Including 2 shop-in-shop) 11 2 STORES STORES 07 OUR REACH Amritsar Jalandhar Ludhiana Gurgaon Chandigarh Delhi Faridabad Meerut Noida Agra Jaipur Udaipur Lucknow Siliguri Kanpur Kohima Gandhinagar Durgapur Ahmedabad Bhopal Ranchi Vadodara Indore Raipur Kolkata Surat Nashik Aurangabad Nagpur Mumbai Latur Visakhapatnam Pune Hyderabad Vijayawada Kolhapur Panaji Bengaluru Chennai Mangalore Mysore Calicut Coimbatore Thrissur Kochi Kottayam Trivandrum Shoppers Stop Specialty* * (includes Crossword, Mothercare, HomeStop, Graphical representation not M.A.C, Clinique, Bobbi Brown, Smashbox and to scale DC locations Estée Lauder outlets) 08 Annual Report 2017-2018 KEY HIGHLIGHTS OF 2017-18 4,186.31 227.65 11.60 REPORT STRATEGIC REVENUE (` IN CRORE) EBITDA (` IN CRORE) PAT (` IN CRORE) 5,113.09 +240 MARKET CAP (` IN CRORE) NO. OF STORES STATUTORY REPORTSSTATUTORY FINANCIAL STATEMENTS +4.35 +38 RETAIL SPACE (IN MILLION SQ. FT.) CITIES 09 CHAIRMAN’S REVIEW It was a year of major upheavals. To bring our focus back on the department store and omni-channel business, we have exited from all the Company’s non-core businesses. 10 Annual Report 2017-2018 +5.3 Million +75% FIRST CITIZEN LOYALTY CONTRIBUTION TO PROGRAMME MEMBERS COMPANY’S SALES STRATEGIC REPORT STRATEGIC Dear Shareholders, It is with a great pride and reflection demographic profile (in favour entrants in the Indian organised retail that I present to you my final annual of young, earning middle-class sector, your Company has earned report of Shoppers Stop as its population), urbanisation and longstanding trust and respect chairman. It was a year in which growing prominence of the Tier-2 of customers. The fact that our we made key decisions to align and Tier-3 cities, are the key growth existing customers contribute 75% ourselves to the changing dynamics drivers for Indian retail. The sector is of our revenues is a testimony to of the retail industry and secure our projected to grow from $672 billion in the healthy bond that we share with long-term growth. 2017 to $1.1 trillion in 2020. Further, them. Over the years, we have built a the size of India’s modern retail could large yet agile retail Company that is The fiscal was also a remarkable double over the next three years to ready to deliver a promising future. REPORTSSTATUTORY FINANCIAL STATEMENTS one for the Indian economy and was $111.25 billion (Source: IBEF Retail characterised by implementation As I step down from the Board as the Report, 2018). of path-breaking policy reforms Chairman of Shoppers Stop, my heart such as the goods and services tax In FY 2018, your Company invested is filled with the love and respect (GST). Notwithstanding the initial significant efforts into identifying showered upon me by all the people disruptions across the supply chain, strategic priorities and strengthening I connected with over these two over the longer term, GST will operations. A result of this was decades. No words can sufficiently benefit all sections of the economy. that we exited our non-core express my heartfelt gratitude to all Along with enhancing transparency businesses in the mixed retail format, the customers, employees, business and boosting investments, it will entertainment centres and duty-free associates and investors who have accelerate the pace of formalisation airport retailing segments. We also supported us. of the economy, which will aid accelerated the pace of deleveraging I would request you all to welcome organised players. our balance sheet and reduce debt Mr. B.S. Nagesh as the Non-Executive worth ` 508 crores during the year. Our economy withstood these Chairman of Shoppers Stop with The cash flows freed will be deployed hiccups efficiently and registered a the same love and respect that to enhance our business and take the growth of 6.7%. Amid early signs you have bestowed upon me in Company to greater heights. of reviving private investment, the past many years. He has been improving industrial production and Your Company also put up a associated with the Company since favourable monetary policies, the healthy performance. Uptick in the very first day and has donned Indian economy is likely to grow at like-to-like sales coupled with multiple hats throughout its exciting 7.4% in the ongoing fiscal (source: higher cost-efficiencies and journey. I am confident that under RBI). Rising purchasing power owing savings in interest costs boosted his able leadership, we are uniquely to multiple enablers such as a normal our overall profitability. Going poised to accelerate the growth monsoon, pay hike for government forward, we will expand our reach momentum of the Company.
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