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Shoppers Stop sees same-store sales growing 8-9%

Shoppers Stop sees same-store sales growing 8-9%
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First Published: Thu, Jun 09 2011. 07 27 PM IST
Updated: Thu, Jun 09 2011. 07 27 PM IST
Mumbai: Shoppers Stop , owned by the K. Raheja Group, expects to clock same-store sales, a key indicator of growth for retailers, at 8-9% in the current fiscal year from 17% a year ago.
“Last year’s growth was on a low base,” Group CFO C.B. Navalkar said on Thursday on the sidelines of Centrum investor conference.
The company plans to open 8-9 Shoppers Stop stores at an investment of Rs 75-80 crore, and expects to open three-four Hypercity stores at an investment of Rs 25 crore in the current fiscal.
It is also looking at raising prices of private labels by 10-12% from 1 July 2011 due to pressure from rising raw material costs, Navalkar said.
“The investment will be funded by internal accruals and we are not looking to raise any funds now,” Navalkar said.
Shares of the firm ended 0.55% at Rs401 in the Bombay Stock Exchange that ended flat.
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First Published: Thu, Jun 09 2011. 07 27 PM IST