Companies

Shoppers Stop consolidated Q3 net falls to Rs 9.33 cr

PTI New Delhi | Updated on January 31, 2012 Published on January 31, 2012

Shoppers' Stop outlet in Mumbai. (file photo)

Retail chain Shoppers Stop Ltd on Tuesday posted 44 per cent decline in consolidated net profit for the quarter ended December 31, 2011 at Rs 9.33 crore compared to Rs 16.54 cr recorded in the year-ago period, dragged down by losses in hypermarkets and expenditure on opening of other new outlets.

The company’s consolidated net sales for the quarter under review increased 14.31 per cent to Rs 810.70 crore as against Rs 709.20 crore in the third quarter of 2010-2011 fiscal.

“The dip in net profit can be attributed to factors like Hypercity, which is still registering losses, and expenditure on new stores opened during the quarter” said Mr Govind Shrikhande, Managing Director, Shoppers Stop Ltd (SSL).

During the quarter under review, SSL opened six new Shoppers Stop stores, two new Homestores and two new Hypercity.

While Shoppers Stop is a chain of department stores, Hypercity is a hypermarket and Homestores are into retailing of household items like furnitures.

The company’s scrip closed at Rs 292.65 per share, up 0.34 per cent from the previous close on the BSE.

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Published on January 31, 2012
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