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Shoppers Stop Q1 net loss at Rs 21.43 crore

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Friday, 31 July, New Delhi: Retail chain group Shoppers Stop Ltd (SSL) on Friday reported a standalone net loss at Rs 21.43 crore in the first quarter ended 30 June, 2015 on account of exceptional item of Rs 23.81 crore.

The company had reported a net profit of Rs 75.10 lakh in the same quarter last fiscal.

Total income from operations went up 15.90% to Rs 697.83 crore in the quarter under review compared with Rs 602.07 crore in the same period last year, the company said in a BSE filing.

“2015-16 has begun on a positive note with a strong like to like growth of 12.7%…We plan to invest Rs 60 crore over the next three years in our omni channel initiative, supply chain and talent and target to achieve 10% revenue through digital points over the next 10 years, ” Shoppers Stop Managing Director and Customer Care associate Govind Srikhande said.

During the quarter, the company made a provision for diminution in value, of its duty free airport retailing joint venture company, of Rs 23.81 crore.

Overall expenses of the company were at Rs 698.3 crore, an increase of 16.15% as against Rs 601.16 crore in the corresponding period last fiscal.

Shares of Shoppers Stop were trading at Rs 397 apiece in the afternoon trade, down 1.51% from their previous close.

PTI