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Shoppers Stop like-to-like growth declined 1.1 per cent during the March quarter. This has been its worst performance in the past eight quarters at least. The measure increased 6.4 per cent in the December quarter, which was adversely impacted on account of demonetisation.

Like-to-like sales growth is the comparable sales growth of stores that have been operational for over a year. The retailer brought down the discount sale period to 55 days from 65 days in the March 2016 quarter. Operations at four major stores were disrupted due to external factors such as the metro rail work in Mumbai or the mall shutdown for about 45 days in Bangalore.

So standalone revenue growth was a measly three per cent. Operating profit margin remained flat. A decline in depreciation and interest costs meant that profit before tax and exceptional item rose 18 per cent.

Like-to-like sales growth was 3.1 per cent in ’17. Shoppers Stop aims at clocking six to seven per cent like-to-like sales growth for fiscal year 2018. Shoppers Stop stock shed 4.6 per cent in reaction to the retailer’s disappointing fourth quarter financial results. Meanwhile, its hypermarket chain Hyper City posted 5.8 per cent like-to-like sales growth for the March quarter.