Retail chain Shoppers Stop reported a standalone net profit of Rs.13.2 crore in Q2 FY19 compared to a net loss of Rs.21.80 crore in the same period a year ago. The company has posted a minor increase of 3.2% in the net revenue to Rs 864.5 crore as compared to Rs 837.6 crore it had posted during the corresponding period last year.
“We are encouraged by the festive sales during Durga Puja in the east which witnessed a strong growth ranging from 18% to 20% during the season. Overall, our revenues have increased by a healthy 7.4% adjusted (IND AS 115 and GST) in Q2FY19 as compared to Q2FY18 despite Diwali and Puja shifting by a month this year. On a like-to-like basis for the quarter, our sales have increased by 3.6% riding on our continuous efforts to provide immersive and seamless shopping experiences across in-store and online platforms,” said Rajiv Suri, Managing Director & Chief Executive Officer, Shoppers Stop.
Shoppers Stop has expanded its ‘personal shopper at home’ program to across 9 cities which is helping the retail chain service its customers with delightful shopping experiences. “Our innovative personal shoppers services currently contribute 13% of the sales revenue. Additionally, ladies ethnic wear has performed well and is expected to grow further owing to the upcoming festive season,” Suri maintained.
Currently, Shoppers Stop has a total of 83 large stores spread across 38 cities in the country along with an e-commerce website, m-site and mobile application. The K Raheja promoted large format retail store chain also operated 12 HomeStop and 108 specialty beauty stores along with 84 Crossword Bookstores Ltd (a subsidiary of SSL) in more than 4.4 milion sq. ft. area in the country.
