Shoppers Stop net loss squeezes to Rs 3.45 crore

Shoppers Stop today reported narrowing of standalone net loss at Rs 3.45 crore for the first quarter ended June 30.

The retail company had posted a net loss of Rs 13.56 crore for the same period of previous fiscal.

However, total income during the period under review was up 21.40 per cent to Rs 946.44 crore as against Rs 779.60 crore in June quarter of previous fiscal, Shoppers Stop said in a BSE filing.

"The year has begun on a strong footing with sales growth of 22 per cent...Post GST, there have been supply challenges and we are executing things to settle down before the big festive season. Our omni-channel execution is on track to be ready by the third quarter," Shoppers Stop customer care associate and MD Govind Shrikhande said.

The company runs 80 stores under Shoppers Stop format and 19 stores under HyperCity.

Besides, the company operates HomeStop and specialty stores like Crossword, Mothercare, Estee Lauder, Clinique, Bobbi Brown and M.A.C.

Shares of Shoppers Stop were trading at Rs 348.50 on BSE, down 0.74 per cent from previous close.