Shoppers Stop registers net loss of 36 crore in Q4 of FY17

By

Maverick Martins

Published
May 8, 2017

India’s leading fashion retail chain Shoppers Stop reported a net loss of Rs 36.06 crore on standalone basis in the fourth quarter ending March 31 for the financial year 2016-17, the company said in a BSE filing.

According to the company, the loss was due to one time provision for investment impairment considered for its subsidiary Hypercity for Rs 36 crore and NGIPL for Rs 11.8 crore in Q4.
 
Shoppers Stop had posted a net profit of Rs 10.05 crore in the fourth quarter of financial year 2015-16, the filing said.

The company's net loss on consolidated basis for the year ending March 31, 2017 increased to Rs 78.37 crore from Rs 40.28 crore in 2015-16.
 
However, the company's total income was up 2.96% at Rs 916.05 crore during Q4 of financial year 2016-17 as against Rs 889.70 crore in the corresponding period of the last fiscal.
 
"This year has been disruptive on several fronts, as we have seen a lot of changes in global politics and domestic economic policies such as Demonetization. On the back of these headwinds, FY 17 has seen a softer growth of 9% . We are very positive about FY18 as we have a slew of exciting actions to bring Romance back to Retail. We will also see our investments in Omni-channel, digitization of stores and our e-commerce push bear fruit in the coming year," said Govind Shrikhande, customer care associate & managing director of Shoppers Stop.
 
According to BSE filing, net sales for the fiscal was up 10.70% to Rs 4,935.20 crore as against Rs 4,457.95 crore in 2015-16.