Shoppers Stop back to profitable ways, posts Rs 12 crore profit in ‘Hallmark year’
Indian fashion retail chain Shoppers Stop has managed to turnaround its fortunes in the fiscal 2017-18 posting profit of Rs 12 crore (approx $ 1.8 million) as compared to the net loss of Rs 20 crore (approx $ 3 million) FY 2016-17.
The company’s sales revenue slipped 2 percent to Rs 3,607 crore (approx $ 541.5 million) in FY 2017-18 as against Rs 3,678 crore (approx $ 552 million) in the previous fiscal.
The company ended the year strongly posting net profit of Rs 21 crore (approx $ 3.2 million) for the fourth quarter ended March 31, 2018. It has a net loss of Rs 36 crore (approx $ 5.5 million) during the same period last fiscal.
Commenting on the performance, Govind Shrikhande, Customer Care Associate & Managing Director, Shoppers Stop Ltd in a statement said, "FY 18 has been a hallmark year for us. With the aim to sharpen focus on our core department store business and omni-channel strategy, we exited non-core businesses i.e. Hypercity, Timezone and duty-free airport retail Joint venture NGIPL.
“These measures have significantly changed our balance sheet and helped us to deliver greater shareholder value. Our intent to bring the romance back to retail through stronger assortment, experiences and customer service will continue in the year to come”, he added.
The company added four Shoppers Stop stores, 11 MAC stores, four Clinique stores, four Bobbi Brown stores, two Smash Box stores and six Crossword stores during the financial year.
Shoppers Stop is owned by K Raheja Corp Group and currently operates 83 stores under Shoppers Stop brand in 38 cities and 13 stores of HomeStop in 10 cities.
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