Department store operator Shoppers Stop swung to a consolidated net loss of Rs 1.52 crore in the first quarter, compared with a net profit of Rs 9.29 crore in the year ago quarter due to a sharp rise in total expenses.
Its consolidated total income for the April-June quarter was up 67% year-on-year to Rs 593.31 crore.
Shoppers Stop shares tumbled following the disappointing earnings announcement on Tuesday and closed down 4.7% at Rs 445.60 on NSE.
Shoppers Stop operates stores across formats, which includes department store Shoppers Stop, book store Crossword, Hypercity hypermarkets and maternity and infant wear stores Mothercare among others.
During the first quarter, the company’s consolidated expenses soared 75% from a year ago to Rs 592.74 crore. During the three-month period, its expenses towards purchase of traded goods jumped 92% from a year ago to Rs 429.07 crore, and employee costs were up 89% to Rs 46.95 crore.
Its interest and finance costs also rose to Rs 8 crore from Rs 4.91 crore in April-June.
On a standalone basis, Shoppers Stop’s first quarter net profit was up 16.6% year-on-year to Rs 11.7 crore and total income was up 144% to Rs 393.02 crore.
During the first quarter, the company opened 3 Shoppers Stop outlets, 3 Crossword stores, 3 M.A.C stores and 1 Hypercity and Home Stop outlet.
Source: www.moneycontrol.com
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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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