Shoppers Stop enters red zone, posts Rs 1.5-cr loss

K Raheja Group-owned Shoppers Stop, which operates large format retail chain and other specialty stores, today posted a consolidated net loss of Rs 1.52 crore for the first quarter ended June 30.

The company had a net profit of Rs 9.29 crore in the year-ago period, Shoppers Stop said in a statement.

During the period under review, the firm's total income increased by 66.6% to Rs 593.31 crore, against Rs 355.95 crore posted in the corresponding quarter last fiscal.

The company said during the period, it had opened three Shoppers Stop stores in Chennai, Indore and Pune. Besides, the group has also launched three Crossword stores across Indian cities taking the total to 76 stores.

"Shoppers Stop continues its steady growth trajectory quarter on quarter. Our momentum in adding stores is gaining traction and our robust expansion plan is on track," Shoppers Stop (Customer Care Associate and Managing Director) Govind Shrikhande said.

Shares of Shoppers Stop closed at Rs 453 on the Bombay Stock Exchange, down by 3% from the previous close.