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Shoppers Stop net profit plummets 54.26% in Q1FY15
12
Aug '14
Standalone net profit at retail chain group Shoppers Stop Ltd plunged 54.26 percent year-on-year for the first quarter ended June 30, 2014, although retail sales grew 13.6 percent.

Standalone profit slipped to Rs 75.10 lakhs in the quarter under review from Rs 1.64 crores in the comparable quarter of earlier fiscal year, mainly due to a higher finance cost.

Gross retail turnover was up 13.6 percent at Shoppers Stop Ltd, which operates retail formats like Crossword, Mothercare, M.A.C, and hypermarkets from revenues of Rs 675.5 crores for the quarter ended June 2014 against Rs 594.8 crore in the corresponding period last year.

Overall expenses in April-June quarter stood at Rs 598.94 crore, a rise of 14.15 percent from Rs 524.65 crore from same quarter of the previous fiscal year.

EBIDTA at the retailer surged 32 percent to Rs 30.8 crore in June-end quarter of 2014-15 over same quarter of 2013-14.

Shoppers Stop Ltd Managing Director, Govind Shrikhande said, "We have witnessed a healthy start to the financial year with 13.6 per cent growth. Our focus for the fiscal year remains on expansion in the department store category and achieving profitability in Hypercity."

"SSL is well equipped for a stable growth trajectory and continues to extend its retail footprint across formats with a focus on existing as well as Tier II cities," he added.

With 69 Departmental stores across 32 cities in India, Shoppers Stop continues to grow and expand its retail footprint.

This quarter, SSL added two new Shoppers Stop store in Kolkata and Ludhiana, five Crossword stores in Mangalore and Kolkata and Siliguri, three M.A.C stores in Bengaluru and Pune, onecBobbi Brown store in Gurgaon and two Clinique doors in Noida & Kolkata.

During the quarter, Shoppers Stop won "The Most Efficient Supply Chain Company" in the Retail vertical awarded by Confederation of Indian Industries (CII) at the CII summit. It won the “Global Award for Excellence in Supply Chain for Excellence in Supply Chain Innovation” from World Quality Congress.

Fibre2fashion News Desk - India

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