Shoppers Stop Q1 loss narrows to Rs13 crore
Shoppers Stop had posted a net loss of Rs21.64 crore for the same period in the previous fiscal
New Delhi: Shoppers Stop on Friday reported narrowing of its standalone net loss at Rs.13.56 crore for the first quarter ended 30 June. The company had posted a net loss of Rs.21.64 crore for the same period of the previous fiscal, Shoppers Stop said in a BSE filing.
Total income from operations during the period under review was up 10.64% to Rs.772.18 crore as against Rs.697.89 crore of the corresponding quarter of the previous fiscal.
“Customers sentiment has been soft during the quarter and we believe that starting second quarter of 2016-17 consumption should improve. We have seen good progress on two fronts: more than 25% growth in our online business and the share of private and exclusive brand has gone up by 60 basis point”, Shoppers Stop customer care associate and managing director Govind Shrikhande said.
Depreciation for the quarter has seen an increase of 87% on account of new stores and acceleration of depreciation in respect of certain stores, he added. The company runs 81 stores under Shoppers Stop format and 19 stores under HyperCity.
Besides, the company operates home stores, specialty stores like Crossword, Mothercare, Estee Lauder, Clinique, Bobbi Brown and M.A.C. Shares of Shoppers Stop on Friday settled at Rs.375.25 on BSE, down 0.21% from previous close.