Shoppers Stop Q2 profit down 11 pc at Rs 10.68 cr

Retail chain Shoppers Stop today reported a decline of 11.07 per cent in standalone net profit at Rs 10.68 crore for the second quarter ended September 30, 2016.
The company had posted a net profit of Rs 12.01 crore in July-September quarter a year ago, Shoppers Stop said in a BSE filing.
Total income from operations was up 6.82 per cent to Rs 954.40 crore during the quarter under review as against Rs 893.46 crore of the corresponding quarter previous fiscal.
Commenting on the results, Shoppers Stop Customer Care Associate and Managing Director Govind Shrikhande said:"We have seen a 2.2 per cent like-to-like growth in the quarter. In the second half, with the festive season coming in, we expect to clock a higher growth rate."

Total expenses were up 7.37 per cent to Rs 930.74 crore as against Rs 866.81 crore.
In the first half of 2016-17, Shoppers Stop narrowed its net loss to Rs 2.87 crore as against a net loss of Rs 9.63 crore in the year-ago period.

In the first half of the current fiscal, net sales were up 9.52 per cent at Rs 1,726.59 crore as against Rs 1,576.41 crore in the same period last year.
The company is operating 82 stores under Shoppers Stop brand, 20 stores under HyperCity brand and 16 stores under brand HomeStop.
Shares of Shoppers Stop today settled 1.10 per cent down at Rs 359.40 on BSE.