Owing to higher operating expenses and interest charges, Raheja-owned retailer Shoppers Stop Ltd posted a net loss of Rs 5.58 crore in the second quarter of current financial year as compared to Rs 10.23 crore net profit in the corresponding quarter of last financial year.
Its net sales went up 14% at Rs 848.06 crore in Q2 of FY 2013 as compared to Rs 746.67 crore the company posted in the corresponding quarter of the previous financial year.
The company's operating expenses went up 20% and interest charges went up 35% in the second quarter of current financial year.
However, on a standalone basis, the company's net profit dropped 67% in the Q2 of FY 2013 at Rs 6.38 crore compared to Rs 19.54 crore in the corresponding quarter of FY 2012.
Interest charges which went up 172% and operating expenses which went up 26% were the major factors which led to decline in the profit.
The company added two Shoppers Stop stores, two Mothercare stores and one HomeStop store during the quarter.
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