Shoppers Stop Q1 net up over three fold at Rs 1.64 cr

Retail chain Shoppers Stop Ltd (SSL) today reported over three-fold increase in standalone net profit at Rs 1.64 crore in the first quarter ended June 30, 2013.

 

The company had reported net profit of Rs 50.36 lakh in the same quarter last year.

 

Total income from operations went up by 20.21% to Rs 537.07 crore in the quarter under review as compared with Rs 446.74 crore in the same period last year, the company said in a BSE filing.

 

Commenting on the result Shoppers Stop Ltd Managing Director and Customer Care Associate Govind Srikhande said, "The new financial year has started on a positive note for us. Our momentum of store expansion continues to be robust with the addition of 20 new stores across all formats this past quarter."

 

"SSL is well positioned for steady growth trajectory and will continue to extend its retail footprint across formats with a keen focus on existing as well as Tier-II cities," he added.

 

Overall expenses of the company were at Rs 526.99 crore, an increase of 18.43% as against Rs 444.95 crore in the corresponding period last year.

 

Shares of Shoppers Stop were trading at Rs 353.25 apiece in the afternoon trade, down 3.75% from their previous day's close.