Retail chain group Shoppers Stop Ltd today reported 54.26 per cent decline in standalone net profit to Rs 75.10 lakh for the first quarter ended June 30, 2014 on the account of higher finance cost.
The company, which operates retail chain such as Shopper's Stop, Crossword, Mothercare and Hypercity, had posted a net profit of Rs 1.64 crore in the corresponding quarter of 2013-14.
Income from operations in the period under review moved up to Rs 602.07 crore, an increase of 14.10 per cent from Rs 527.64 crore in the same quarter of the previous fiscal, the company said in a BSE filing.
Overall expenses in April-June quarter were at Rs 598.94 crore, an increase of 14.15 per cent from Rs 524.65 crore in the same quarter of the previous fiscal.
Commenting on the result, Shoppers Stop Ltd customer care associate and managing director Govind Shrikhande said: "We have witnessed a healthy start to the financial year with 13.6 per cent growth. Our focus for FY15 remains on expansion in the department store category and achieving profitability in Hypercity."
"SSL is well equipped for a stable growth trajectory and continues to extend its retail footprint across formats with a focus on existing as well as Tier II cities," he added.
Shares of Shoppers Stop ended the day at Rs 388, down 0.31 per cent from previous close on the BSE.