Companies

Shoppers Stop reports Q1 net loss of ₹10 lakh

PTI New Delhi | Updated on July 30, 2019 Published on July 30, 2019

Retail chain Shoppers Stop on Tuesday reported a consolidated net loss of ₹10.17 lakh for the quarter ended June 30, 2019.

The company had posted a net profit of ₹4.73 crore in the corresponding quarter a year-ago.

Total income during the quarter under review stood at ₹ 856.32 crore, as against ₹858.1 crore in the year-ago period, Shoppers Stop said in a BSE filing.

“Whilst the country’s economic growth has slowed down in overall consumption, impacting primarily agriculture, retail and manufacturing, Shoppers Stop achieved a mid-single digit 5.2 per cent like-to-like sales growth, in line with our expectations,” Rajiv Suri, Customer Care Associate, MD and CEO, Shoppers Stop said.

“We continue to invest in our private brands, design studio, sampling units and testing labs that are now operational. We expect to see a positive impact in our collection range from the coming season,” he added.

At present, the company operates 83 department stores stores across 40 cities.

Shares of Shoppers Stop closed 3.13 per cent lower at ₹374.60 apiece on BSE.

Published on July 30, 2019
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