Shoppers Stop net falls 24% to Rs 12,8 cr

Gross retail turnover up 3.4% to Rs 975 cr; firm says Q2 LTL muted due to change in festival dates, shorter sales period

Raheja-owned retailer Shoppers Stop posted a 24 per cent drop in its net profit for the second quarter of current financial year. The company posted a net profit of Rs 12.84 crore in Q2 FY 16 as compared to Rs 16.90 crore it posted in the corresponding quarter of previous financial year.

The company's gross retail turnover went up 3.4 per cent at Rs 975 crore in Q2 FY 2016 as compared to Rs 943 crore it posted in the corresponding quarter of previous financial year

Govind Shrikhande, customer care associate & managing director, Shoppers Stop, said, "We have seen a steady growth over the first half of this fiscal. Our like-to-like growth at 5.3 per cent is a good sign and we are well poised for a strong festive season. Second quarter LTL growth is looking muted due to change of Puja/Dussera dates and reduction in sale period."

He further added, "We are in an exciting phase right now with our omni-channel operations underway and our partnerships with Snapdeal & FreeCharge coming into effect this festive season.