Shoppers Stop Q3 net soars 2.8 times to Rs 14 cr

The Raheja-owned Shoppers Stop posted posted 2.8 times growth in its profit after tax in December quarter of financial year 2015 at Rs 14 crore as compared to Rs 5 crore in the corresponding quarter of previous financial year.

The company's turnover grew 10 per cent during Q3 of FY15 at Rs 1,214.80 crore as compared to Rs 1,107.26 crore during the corresponding quarter of previous financial year.

Shoppers Stop department stores recorded 0.8 per cent like to like growth in Q3 of FY15. Like to like growth means growth coming from existing stores which are in the operations for a year or more.

"Huge adverising by e-commerce firms was a element of disruption," said Govind Shrikhande, MD of Shoppers Stop.

Shoppers Stop's subsidiary Hypercity achieved break even at the net level due to sale of properties it owned. The company posted a net profit of Rs 5 lakh in Q3 of FY 2015 as compared to Rs 25 crore of net loss in the corresponding quarter of previous financial year.

Hypercity posted 6.5% growth during Q3 of FY 2015.