Shoppers Stop Q1 net loss at Rs 21.43 crore

Retail chain group Shoppers Stop Ltd (SSL) today reported a standalone net loss of Rs 21.43 crore in the first quarter ended June,30, due to one-time provisioning of Rs 23.81 crore in its joint venture company.
The company had reported a net profit of Rs 75.10 lakh in the same quarter last fiscal.
Total income from operations went up 15.90 per cent to Rs 697.83 crore in the quarter under review compared with Rs 602.07 crore in the same period last year, the company said in a BSE filing.
"2015-16 has begun on a positive note with a strong like to like growth of 12.7 per cent...We plan to invest Rs 60 crore over the next three years in our omni channel initiative, supply chain and talent and target to achieve 10 per cent revenue through digital points over the next 3 years," Shoppers Stop Managing Director and Customer Care associate Govind Srikhande said.

During the quarter, the company made a provision for diminution in value, of its duty free airport retailing joint venture company, of Rs 23.81 crore.
Overall expenses of the company were at Rs 698.3 crore, an increase of 16.15 per cent as against Rs 601.16 crore in the corresponding period last fiscal.
Shoppers Stop operates 73 stores across 34 cities in the country.
Shares of Shoppers Stop closed at Rs 398.50 apiece, down 1.14 per cent from their previous close.