Shoppers Stop narrows net loss to Rs 13.6 crore
The country’s largest lifestyle retail chain’s same-store sales, or sales excluding newly opened stores, increased 5.5% year-on-year.
By ET Bureau | Updated:
MUMBAI: Shoppers Stop narrowed net loss to Rs 13.6 crore in its first quarter despite a 9% rise in retail sales at Rs 821 crore.
It had posted loss of Rs 21.6 crore a year ago.
The country’s largest lifestyle retail chain’s same-store sales, or sales excluding newly opened stores, increased 5.5% year-on-year.
"Customer sentiment has been soft during this quarter and we believe that starting Q2FY17 consumption should improve. Depreciation for the quarter has seen an increase of 87% on account of new stores and acceleration of depreciation in respect of certain stores,” said Govind Shrikhande, Managing Director, Shoppers Stop.
EBITDA dropped by 22% while margins were down 113bps.
It had posted loss of Rs 21.6 crore a year ago.
The country’s largest lifestyle retail chain’s same-store sales, or sales excluding newly opened stores, increased 5.5% year-on-year.
"Customer sentiment has been soft during this quarter and we believe that starting Q2FY17 consumption should improve. Depreciation for the quarter has seen an increase of 87% on account of new stores and acceleration of depreciation in respect of certain stores,” said Govind Shrikhande, Managing Director, Shoppers Stop.
EBITDA dropped by 22% while margins were down 113bps.
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