Shopper's Stop June qtr net jumps nine-fold

Retail chain Shopper's Stop today posted a nine-fold jump in its consolidated net profit to Rs 9.28 crore for the quarter ended June 30, 2010, over the same period last fiscal.

The company, which operates lifestyle and other specialty stores across the country, said it had a consolidated net profit of Rs 1.01 crore in the corresponding quarter last fiscal, Shopper's Stop said in a statement.

Besides, it has also announced the appointment of Govind Shrikhande, who is currently the chief executive officer and executive director, as the company's customer care associate and managing director with effect from today.

Commenting on the financial result, Shrikhande said, "Rise in consumer confidence coupled with higher volumes, conversion ratio and transaction size has given us a good growth in LTL (like-to-like) stores sales of 21 per cent."

 

During the quarter, the firm's consolidated total income stood at Rs 287.74 crore, a two-fold increase from Rs 145.21 crore registered in the same period previous fiscal.

"Operating margin growth of 65 per cent over last year has helped us in improving our EBIDTA margin to 6.5 per cent," he said.

The company currently operates 30 outlets under the brands-- Shoppers Stop, Homestop stores, Mothercare and Hypercity.