Fashion retail chain Shoppers Stop Ltd reported a 41 percent decline in consolidated net profit at Rs 37 crore ($4.7 million) in the third quarter of the current fiscal year, as against a net profit of Rs 63 crore in the year-ago period.
The company’s total income during the quarter rose by 7 percent to Rs 1,241 crore, as against Rs 1,161 crore reported in the corresponding period of the previous fiscal year.
Shoppers Stop’s total expenses during the October-December quarter stood at Rs 1,190 crore, as against Rs 1,076 crore in the year-ago period.
Commenting on the results, Kavindra Mishra, CEO of Shoppers Stop Ltd in a statement said, “With considerable slowdown on the discretionary spending, we have demonstrated notable resilience in these tough conditions. Our company has delivered admirable financial results with a sales growth of 7 percent despite muted consumer demand. And during the festive period, the sales grew by 9 percent.”
“We have observed that despite the overall muted market conditions our customers have upped their spends on the differentiated mix of premium brands and experiences across various categories wherein SSL is a destination,” he added.
During the quarter, the company added 13 stores which include 4 department, 4 beauty, 4 Intune and 1 airport.
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