This Article is From Apr 29, 2014

Shoppers Stop posts 46.6 per cent decline in Q4 profit

Shoppers Stop posts 46.6 per cent decline in Q4 profit
New Delhi:

Retail chain Shoppers Stop Ltd on Tuesday reported a 46.60 per cent decline in standalone net profit at Rs 8.1 crore for the fourth quarter that ended on March 31, 2014, due to higher expenses.

The company had posted a net profit of Rs 15.17 crore in the corresponding quarter of 2012-13.

Income from operations in the period under review rose by Rs  727.9 crore - an increase of 18.10 per cent from Rs 616.31 crore in the same quarter of the previous fiscal year, the company said in a filing to the BSE.

Overall March quarter expenses were at Rs 717.31 crore, an increase of 19.81 per cent from Rs 598.86 crore in the same quarter of the previous fiscal year.

"Our focus remains on expansion in the department store category and achieving profitability in Hypercity. In the coming year, we aim to maintain a healthy like-to-like growth in the department store format," Shoppers Stop Ltd customer care associate and managing director Govind Shrikhande said.

Shoppers Stop added 2 stores in this quarter, taking its total store addition count to 13 in FY 2014.

Shares in Shoppers Stop, on Tuesday, ended at Rs 357 apiece on the BSE, down 1.18 per cent from the previous close.