New Delhi: The Raheja-owned Shoppers Stop reported 20.58 per cent decline in standalone net profit at Rs 13.77 crore for the quarter ended December owing to higher expenses.
Net sales, for the December quarter, have increased by 7.54% to Rs.769.24 crore.
A Bloomberg poll had estimated net profit at Rs.17.55 crore and a poll of seven analysts estimated net sales at Rs 951.4 crore.
'Huge advertising by e-commerce firms was a element of disruption,' Govind Shrikhande, MD of Shoppers Stop, said.
'Shoppers Stop continues its growth trajectory by adding new stores across formats. The loyalty members have also grown to 3.6 million members who contribute considerably to the topline. We are formulating our omni-channel retailing approach over the next few months. We are confident that our omni-channel efforts will help us in countering the disruption created by online players,' he further added.
Driving ahead its successful Loyalty programme, SSL continued to expand its membership base adding 1,20,622 new members to the First Citizen Loyalty Programme in Q3FY15. The programme now has a total First Citizen base of over 36.35 lac members.
With 73 stores across 34 cities in India, Shoppers Stop continues to grow and expand its retail footprint.
This quarter, SSL added one new Shoppers Stop store in Mangalore, one Bobbi Brown store in Delhi, One Mothercare SIS store in Vizag and two Crossword stores in Bengaluru and Kohima.