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Shoppers Stop Q2 consolidated net profit at Rs 3.78 cr

By Sujata Sachdeva

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After putting in efforts to turnaround its hypermarket store Hypercity, Shoppers Stop has reported a second-quarter consolidated net profit of Rs 3.78 crore. In the year-ago September quarter, company’s net loss was Rs 3.18 crore.

The retail turnover for the K Raheja-owned company, which operates large-format department stores and speciality stores such as Crossword, Mothercare, M.A.C., and hypermarkets under the HyperCity brand, increased 13 percent to Rs 1,263.40 crores from Rs 1,115.61 crores.

The second quarter stand-alone net profit of Shoppers Stop, grew 60 percent from a year earlier as the company kept a tight control on costs and saw an increase in its like-to-like sales. Net profit increased to Rs 15.9 crores in the three months ended September 30 from Rs 9.91 crore in the year earlier. Due to longer sales period and discounting standalone revenues increased 17 percent to Rs 942.76 crores from Rs 804.9 crores. The growth in revenues was led by 11 percent growth in like-to-like sales growth and 7 percent volume growth.

In the second quarter, the retailer added three Shoppers Stop stores, one Homestop store, two company-owned Crossword stores and eight Crossword franchisee stores. The company now has a 5.65 million square foot area, across 33 cities.

Shoppers Stop