Shoppers Stop's Q1FY17 net loss falls sharply

03 Aug '16
1 min read
Courtesy: Shopper Stop
Courtesy: Shopper Stop

Multi format retailer and K Raheja promoted Shoppers Stop's standalone net loss fell sharply by 37.33 per cent from a fiscal ago period in the three months ended June 30, 2016.

In a BSE filing, the company said its standalone net loss for the first quarter of fiscal 2016-17 dipped to Rs 13.56 crore as against Rs 21.64 crore for the same period of the previous fiscal.

For the reporting quarter, income from operations grew 10.64 per cent to Rs 772.18 crore compared to 697.89 crore of the prior fiscal's first quarter.

However, on account of new stores and acceleration of depreciation in respect of certain stores, depreciation expanded 87 per cent year on year for the quarter under review.

Shoppers Stop managing director Govind Shrikhande said, “We have seen good progress on two fronts. A growth of more than 25 per cent in our online business and share of private and exclusive brand going up 60 bps.”

Apart from Shoppers Stop, the company operates other formats like Hypercity, Crossword, Mothercare, Estee Lauder, Clinique, Bobbi Brown and M.A.C. (AR)

Fibre2fashion News Desk - India

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