Shoppers Stop reports Q1 net loss of Rs 10 lakh

Retail chain Shoppers Stop on Tuesday reported a consolidated net loss of Rs 10.17 lakh for the quarter ended June 30, 2019.

The company had posted a net profit of Rs 4.73 crore in the corresponding quarter a year-ago.

Total income during the quarter under review stood at Rs 856.32 crore, as against Rs 858.1 crore in the year-ago period, Shoppers Stop said in a BSE filing.

"Whilst the country's economic growth has slowed down in overall consumption, impacting primarily agriculture, retail and manufacturing, Shoppers Stop achieved a mid-single digit 5.2 per cent like-to-like sales growth, in line with our expectations," Rajiv Suri, Customer Care Associate, MD and CEO, Shoppers Stop said.

"We continue to invest in our private brands, design studio, sampling units and testing labs that are now operational. We expect to see a positive impact in our collection range from the coming season," he added.

At present, the company operates 83 department stores stores across 40 cities.

Shares of Shoppers Stop closed 3.13 per cent lower at Rs 374.60 apiece on BSE.