Shoppers Stop Q3 net up 45% at Rs 27.9 cr

Boosted by robust festive season sales, retail chain Shoppers Stop today reported 45 per cent increase in its standalone net profit for the third quarter ended December 31, 2010 to Rs 27.9 crore.

Net profit in the same quarter last fiscal was at Rs 19.2 crore, the company said in a statement.

The firm, which operates large format department and home stores, and specialty chains like Crossword, Mothercare and MAC among others, said its gross retail sales grew by 23.68 per cent to Rs 515.9 crore during the third quarter this fiscal from Rs 417.1 crore in the same period a year ago.

 

"The year's festivities and celebrations have contributed significantly to our third quarter results. This is indeed one of the best third quarters we have seen," Shoppers Stop Customer Care Associate and Managing Director Govind Shrikhande said.

Same store sales growth increased by 22 per cent during the quarter, he added.

The company opened one Shoppers Stop store in Aurangabad and one store of MAC in Chennai during the period under review. Four Crossword stores were also opened in Bhopal, Bangalore, Aurangabad and Chennai and one Hypercity store became functional in Bhopal during the period, it said.

Shoppers Stop scrips closed the day at Rs 366.05 per share, on the BSE up 3.77 per cent from the previous close.