Retail company Shoppers Stop today said it has closed two stores of the chain, one in Inorbit Mall in Pune and a Nirmal Lifestyle mall in Mulund due to lower than expected business and low profitability.
Shopperst Stop has 81 stores and is celebrating its 25 years.
"During the last financial year, sales from Inorbit Mall-Pune was Rs. 24.91 crore which is 0.66% of the turnover of the company and sales from Nirmal Lifestyle - Mulund was Rs. 1,6.67 crore which is 0.44% of the turnover of the Company," it said in a statement to exchanges.
It also said its 51per cent subsidiary company Hypercity Retail has closed “Hypercity” store at Inorbit Mall-Pune due to lower than expected business and its low profitability. The sale from this store for the last financial year was Rs 13.27 crore which is 1.40% of the turnover of the Hypercity. With the closing of this store, there are now 19 ‘Hypercity’ stores, it said.
Shoppers Stop shares gained 3.3% today to end at Rs 350 today.
