Shoppers Stop boosts Q1 sales, posts profit loss
Shoppers Stop India boosted sales in the first quarter, but still posted a loss.
The Indian department store operator – which now boasts 81 stores in 38 cities – recorded a 9 per cent rise in sales to Rs 821 crore, or ($123 million). It reduced its loss from Rs 21.6 crore in the same quarter last year to 13.6 crore.
Same-store sales rose 5.5 per cent, year-on-year, it said.
“Customer sentiment has been soft during this quarter and we believe that starting from the second quarter, consumption should improve,” said managing director, Govind Shrikhande.
“Depreciation for the quarter has seen an increase of 87 per cent on account of new stores and acceleration of depreciation in respect of certain stores.”
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