Retail chain Shoppers Stop Ltd on October 23 reported a consolidated net loss of Rs 8.17 crore in the second quarter ended September 30. The company had posted a net profit of Rs 11.84 crore in the corresponding period of the previous financial year, Shoppers Stop said in a BSE filing.
Total income was down 0.85 per cent to Rs 884.50 crore during the period under review as against Rs 892.14 crore of the corresponding quarter of the previous fiscal.
Commenting on the results Shoppers Stop MD & CEO Rajiv Suri said: "Whilst, the quarter has been muted due to a subdued economy affecting our LTL (like-to-like) sales (-1 per cent), we have increased efficiencies keeping our LTL operating costs below that of the last year."
Shoppers Stop total expenses stood at Rs 867.21 crore as against Rs 870.64 crore in the previous fiscal, down 0.39 per cent.
The company had added seven stores during the quarter of which one is a department store and six are beauty doors taking the total footprint to 84 department stores across 40 cities and 123 beauty doors as on September 30, 2019.
"We continue to remain debt free and in order to increase our growth momentum will open 50 stores (8-10 department stores/40 Beauty doors) this financial year, our fastest expansion ever," he said.
Shares of Shoppers Stop Ltd on Wednesday settled at Rs 393.50 apiece on the BSE, down 1.28 per cent from the previous close. Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
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