Mumbai: Department store operator Shoppers Stop Ltd said on Thursday that fiscal second-quarter standalone net profit fell 11.07%, missing analysts’ expectations.
Net profit, excluding those of its units, fell to Rs10.68 crore in the three months ended 30 September from Rs12.01 crore a year ago. Revenue increased 7.5% to Rs1,047.21 crore from Rs974.26 crore a year ago.
A Bloomberg poll of analysts had estimated standalone net profit at Rs14.63 crore and sales at Rs1,079.9 crore.
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“We have seen a 2.2% like-to-like growth in the quarter. In the second half, with the festive season coming in, we expect to clock a higher growth rate,” said Govind Shrikhande, managing director, Shoppers Stop.
During the quarter, the company added one Shoppers Stop store, one Mothercare store and one HyperCITY store each at Orion Mall in Bengaluru, one Bobbi Brown store at Noida and two Crossword stores at Thrissur and Thane.
On Thursday, shares of Shoppers Stop fell 1.10% to Rs359.40 on the BSE, while the exchange’s benchmark Sensex shed 0.35% to 27,430.28 points. The firm reported earnings after the end of trading on Thursday.