Fashion and beauty retail chain Shoppers Stop Ltd reported a decline of 83 percent in consolidated net profit at Rs 3 crore ($3,60,313) in the second quarter ended September 30, as against Rs 16 crore in the year-ago period.
The company’s revenue for the quarter rose by 3 percent to Rs 1,039 crore, as against Rs 1,013 crore in the corresponding period of the previous fiscal year.
The company’s total expenses during the July-September quarter increased by 5 percent to Rs 1,041 crore.
Commenting on the results, Mishra, executive director CEO of Shoppers Stop Ltd in a statement said, “Shoppers Stop reported impressive financial results, despite challenging market conditions and shifting of Pujo from Q2 to Q3 this fiscal. We have witnessed a strong pick-up in the beauty businesses and consistent performance from non-apparels.”
“As we enter the festive season, we anticipate a rebound in discretionary spend, propelling the company’s growth trajectory further in the second half. We continue to focus in pursuing our strategic pillars through expansion of new stores, increasing our loyal members, increasing our contribution on both private and beauty verticals,” he added.
During the quarter, the company invested Rs 46 crore to increase its national footprint by opening 4 department stores, 3 beauty stores and 4 Intune stores.
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