Shoppers Stop FY11 sales seen growing 20-22%: CEO

Shoppers Stop FY11 sales seen growing 20-22%: CEO
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First Published: Fri, Apr 30 2010. 07 18 PM IST
Updated: Fri, Apr 30 2010. 07 19 PM IST
Mumbai: Retailer Shopper’s Stop expects to record 20-22% growth in revenue for FY11, chief executive Govind Shrikhande said in a conference call.
”We are adding at least 8 stores this year, that would mean a 20-22% rise,” he said.
The additions are part of a larger plan to add 18 more stores in the next 30 months.
Its board had on 28 April given its approval to raise its stake in unlisted Hypercity Retail (India) Ltd to 51% by acquiring an additional 32% stake from promoters.
Shrikhande said the firm would spend about Rs125 crore to buy the stake.
Shoppers Stop on Wednesday reported a net profit of Rs16.43 crore for the quarter ended 31 March, against a loss of Rs16.93 crore for the year-ago quarter.
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First Published: Fri, Apr 30 2010. 07 18 PM IST