Retail chain Shoppers Stop has reported a standalone net profit of Rs 20.78 crore for the fourth quarter ended March 31, 2018.
The company had reported a net loss of Rs 36.06 crore in January-March quarter a year ago, Shoppers Stop said in a BSE filing.
Its total income was at Rs 850.82 crore during the quarter under review, down 7.12 per cent, as against Rs 916.05 crore in the corresponding quarter last fiscal.
Shoppers Stop's total expenses in the Q4/FY 2017-18 period were down 7.54 per cent to Rs 828.15 crore as against Rs 895.70 crore of the corresponding quarter.
For the financial year 2017-18, Shoppers Stop's standalone net profit was at Rs 11.60 crore. It had a net loss of Rs 19.93 crore in FY 2016-17.
Its total income was down 1.90 per cent to Rs 3,607.50 crore in FY 2017-18 as against Rs 3,677.61 crore in the previous fiscal.
"FY 18 has been a hallmark year for us. With an aim to sharpen the focus on our core department store business and omnichannel strategy, we exited non-core businesses - Hypercity, Timezone, and duty-free airport retail Joint venture NGIPL," said Shoppers Stop Customer Care Associate & Managing Director Govind Shrikhande.
He further added, "These measures have significantly changed our balance sheet and helped us to deliver greater shareholder value."
Shoppers Stop, promoted by K Raheja Corp Group, operates 83 stores under Shoppers Stop brand in 38 cities and 13 stores of HomeStop in 10 cities.
Meanwhile, in a separate filing, Shoppers Stop informed BSE that its board in a meeting held today approved the appointment of Vijay Jain as interim Chief Financial Officer, designated as 'Deputy Chief Financial Officer' of the Company. This will be effective from April 27, 2018.
The board has also recommended a dividend of 15 per cent which is Rs 0.75 per equity share of Rs 5 each for the financial year 2017-18.
Shares of Shoppers Stop today settled at Rs 576.80 on BSE, up 1.16 per cent from the previous close.