Shoppers Stop posts Q2 net loss of Rs 8 crore
today Oct 24, 2019
Fashion retail chain Shoppers Stop Ltd witnessed a slump in sales due to the economic slowdown resulting in a net loss of Rs 8 crore ($1.2 million) for the second quarter ended September 30.
The company had posted a net profit of Rs 12 crore for the July-September quarter for the previous financial year.
Shoppers Stop revenue for the quarter was down by one percent to Rs 884 crore as against Rs 892 crore it had reported in the year-ago period. The company’s expenses for the quarter were Rs 867 crore as against Rs 870 crore in the previous fiscal.
Shoppers Stop private label brands contributed over 12 percent to the company’s overall sales.
Commenting on the results, Shoppers Stop managing director and CEO Rajiv Suri in a statement said: "Whilst, the quarter has been muted due to a subdued economy affecting our LTL (like-to-like) sales (-1 percent), we have increased efficiencies keeping our LTL operating costs below that of the last year."
"We continue to remain debt-free and to increase our growth momentum will open 50 stores (8-10 department stores/40 Beauty doors) this financial year, our fastest expansion ever," he added.
During the quarter, Shoppers Stop opened seven stores which included one department store and six beauty stores to take its total footprint to 84 and 123 respectively.
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