Shoppers Stop reports 171% rise in net profit

Shoppers Stop, K-Raheja promoted department store chain, has reported a jump of 171% in net profit to Rs 44.3 crore for the third quarter of the financial year 2018-19 ending December 31, 2018. Last year, the company had posted a net profit of Rs 16.3 crore during the same period.

The net revenue of Shoppers Stop increased by 3.7% to Rs 999 crore as compared to Rs 963 crore it posted during the corresponding period last year.

Rajiv Suri, Customer Care Associate, Managing Director & Chief Executive Officer, Shoppers Stop Ltd, said, "Shoppers Stop has continued to show strong growth in the fast-changing fashion industry and is in an exciting transitional period. We have witnessed a phenomenal 8.9% LTL growth in Q3FY19, highest in the last five quarters backed by an uptick across all zones and categories including apparels, personal accessories and beauty which saw double-digit growth." 

"December saw highest ever sales in a single month since our inception. Indian wear dominated the apparels category with 21% growth followed by denim which grew by 15% in Q3FY19. Our private brands grew by 29% for this quarter, a clear testament of the fresh assortment being appreciated by our customers," he added.