Shoppers Stop Q3 retail turnover increases by 7.23 percent

After a lull in the business due to low consumer sentiment and its loss-making department chain Hypercity, Shoppers Stop (SSL) has finally managed to increase its gross retail turnover by 7.23 percent year-on-year in the third fiscal quarter ended December 31, 2014. SSL gross retail turnover in the quarter under review was Rs 844.77 crores compared to Rs 787.49 crores during the same period last year.

SSL with its various retail formats such as Shoppers Stop, Crossword, Mothercare, M.A.C and Hypermarket reported a net profit at Rs 13.77 crores for the quarter. One of the oldest home-grown retailer, Shoppers Stop operates 73 stores across 34 Indian cities and aims to add new stores as a part of its retail expansion plan. During the third quarter, the company opened one new Shoppers Stop store in Mangalore, one Bobbi Brown store in Delhi, One Mothercare shop-in-shop store in Vizag and two Crossword stores in Bengaluru and Kohima. Meanwhile, Shoppers Stop is also planning to increase its online presence through a tie up with Flipkart and Snapdeal. As per Govind Shrikhande, MD, Shoppers Stop, since most e-retailers are offering huge discounts, and spending a lot of money on promotions it’s tough for retail chains like Shoppers Stop to match them. Hence, it has become impertent for them to be more aggressive online. Indeed, the Raheja-owned company already has an online presence, but the offers are limited on its website.

During the reviewed quarter, the Shoppers Stop bagged ‘Superbrand’ status in India for the fourth consecutive year, and was also selected among ‘100 Most Valuable Brands’ of 2014.