Shoppers Stop posts Q3 net profit of Rs 77 crore
Retail chain Shoppers Stop Ltd reported a consolidated net profit of Rs 77 crore ($10.3 million) for the third quarter ended December 2021, as against a net loss of Rs 25 crore it posted in the corresponding period last year.
The company's revenue for the quarter rose by 34 percent to Rs 958 crore, as against Rs 716 crore it reported in the year-ago period.
Shoppers Stop total expenses for the quarter grew by 16 percent to Rs 905 crore, as against Rs 778 crore.
Commenting on the Q3 results, Venu Nair, managing director CO of Shoppers Stop in a statement said, "We are witnessing positive signs from a strategy that we initiated in the last two years. Customer sentiments are extremely positive owing to the double vaccination, lesser restrictions and an overall improvement in safety protocols, leading to increased customer footfalls."
"The company has seen a sustained demand during the festive period and the marriage season in October and November. We have witnessed a high customer spend and a higher Average Transaction Value (ATV). While omnichannel is here to stay, our present online contribution gives us immense headroom to grow,'' Nair added.
Shoppers Stop operates 83 department stores in 45 cities. It also operates 11 premium home concept stores, 129 specialty beauty stores of M.A.C, Estée Lauder, Bobbi Brown, among others.
Copyright © 2023 FashionNetwork.com All rights reserved.