Shoppers Stop reports Q1 net profit of Rs 9.77 crore

Retail chain Shoppers Stop today reported a net profit of Rs 9.77 crore for the quarter ended June 30, 2018, as against a net loss of Rs 3.71 crore in the corresponding quarter a year ago.

Total income during the quarter under review stood at Rs 833.72 crore. It was Rs 946.44 crore in the year-ago period, Shoppers Stop said in a BSE filing.

The company said revenue for quarter ended June 30, 2017, is strictly not comparable with quarter ended June 30, 2018, due to change in accounting methods.


"Our revenue would have been almost flat, but for the extraneous factors like reclassification under Accounting Standard AS 115, significant increase in taxes as we have shifted from value aaded tax (VAT) to GST and pre-GST sale in June 2017, our revenue has declined,"Rajiv Suri, Customer Care Associate, MD and CEO, Shoppers Stop said.

At present, the company operates 83 Shoppers Stop stores in 38 cities and 13 HomeStop stores in 9 cities.

Shares of Shoppers Stop were trading 1.66 per cent higher at Rs 554.50 apiece on BSE.