Shoppers Stop bounces back, posts Q2 net profit of Rs 13 crore

By

Maverick Martins

Published
Oct 29, 2018

Indian fashion retailer Shoppers Stop is back to profitable ways after posting a net profit of Rs 13 crore (approx $1.8 million) for the second quarter of the financial year 2018-19, ending September 30. The company had reported a net loss of Rs 22 crore during the same period last year due to low sales.

The company has revived its fortunes this year, which also saw its sales increase 3 percent as it reported a revenue of Rs 864 crore, compared to the Rs 838 crore it posted during the corresponding period last fiscal.

Commenting on the results, Rajiv Suri, Managing Director & Chief Executive Officer of Shoppers Stop in a statement said, “We are encouraged by the festive sales during Durga Puja in the east which witnessed a strong growth ranging from 18% to 20% during the season. Overall, our revenues have increased by a healthy 7.4% in Q2FY19 as compared to Q2FY18 despite Diwali and Puja shifting by a month this year. On a like-to-like basis for the quarter, our sales have increased by 3.6% riding on our continuous efforts to provide immersive and seamless shopping experiences across in-store and online platforms.”

"We have expanded our “Personal Shopper at Home” program to across 9 cities which is further helping us to serve our customers with delightful shopping experiences. Our innovative Personal Shoppers services currently contribute 13% of the sales revenue. Additionally, ladies ethnic wear has performed well and is expected to grow further owing to the upcoming festive season,” Suri added.
 
During the quarter, Shoppers Stop expanded its beauty stores network to 108 by adding a store each for M.A.C, Clinique and Bobby Brown.
 
Currently, Shoppers Stop has a retail presence of 83 large stores spread across 38 cities in the country along with an e-commerce website and also sells on Amazon.