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Shopper Stop hits 52-week low after dismal Q1 numbers

Capital Market 

Shopper Stop slumped 3.49% to Rs 366.55 at 11:22 IST on the BSE after the company reported a consolidated net loss of Rs 0.1 crore in Q1 June 2019 as compared with a net profit of Rs 4.74 crore in Q1 June 2018.

The result was announced after market hours yesterday, 30 July 2019.

Meanwhile, the S&P BSE Sensex was down by 68.68 points or 0.1% to 37,328.83.

On the BSE, 2.54 lakh shares were traded in the counter so far compared with average daily volumes of 942 shares in the past two weeks. The stock had hit a high of Rs 366.5 so far during the day. The stock had hit a low of Rs 341.70 so far during the day, which is also 52-week low for the counter. The stock hit a 52-week high of Rs 690 on 3 September 2018.

The company's net sales rose 0.4% to Rs 854.02 in Q1 June 2019 over Q1 June 2018.

Commenting on the financial performance of the company, Rajiv Suri, managing director & chief executive officer, said, Whilst the country's economic growth has slowed down in overall consumption, impacting primarily agriculture, retail and manufacturing. The company achieved a mid-single digit 5.2% like-to-like sales growth, in line with our expectations.

Shoppers Stop is the nation's leading premier retailer of fashion and beauty brands.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 31 2019. 11:23 IST