Shoppers Stop reports consolidated Q3 PAT of Rs16.5 crore
25 Jan 2011
Shoppers Stop has reported a consolidated profit after tax of Rs16.5 crore as against Rs13.6 crore, in its Q3 results, a growth of 21.32 per cent on year-on-year basis.
Chandrashekar Navalkar, CFO of Shoppers Stop, in an interview on CNBC-TV18 said the retail chain has seen same store sales growth at 22 per cent in the third quarter.
''There will be a reduction in the same-store growth as we move forward in the next quarters but otherwise, nothing to complain about in this quarter,'' he added.
According to Navalkar department store margins would move up in the coming quarters.
According to Shoppers Stop customer care associate and managing director Govind Shrikhande, the year's festivities and celebrations had contributed significantly to the company's third quarter results. He added this was indeed one of the best third quarters for the company.
The company, which operates large format department and home stores, and specialty chains including Crossword, Mothercare and MAC among others, saw its gross retail sales grow by 23.68 per cent to Rs515.9 crore during the third quarter this fiscal from Rs417.1 crore in the same period a year ago.
It opened a Shoppers Stop store in Aurangabad and a store of MAC in Chennai during the period under review. The company also opened four Crossword stores in Bhopal, Bangalore, Aurangabad and Chennai and one Hypercity store became functional in Bhopal during the period.
Rival chain of the Tata group, Trent Ltd, that operates Westside and Star Bazaar, and Pantaloon Retail India Ltd, India's largest listed retailer, are yet to announce their quarterly results.