Shoppers Stop net loss narrows to Rs 13.56 crore

The company recorded 10% increase in net sales for the first quarter of FY17

Shoppers Stop's net loss for the June quarter of current financial year narrowed to Rs 13.56 crore from Rs 21.64 crore during the corresponding quarter of the previous financial year.

The company recorded 10 per cent increase in net sales for the first quarter of FY17 at Rs 755.88 crore as compared to Rs 684.57 crore in the corresponding quarter FY16.

The company said it has posted a 5.5 per cent growth during the quarter.

"Customer sentiment has been soft during the quarter and we believe that during the second quarter of FY17 consumption should improve. W e have seen a 25 per cent growth in online business," said Govind Shrikhande, managing director at Shoppers Stop.

The company added Shoppers Stop stores, two Hypercity stores, two MAC and one Clinique stores during the quarter.