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Retail chain Shoppers Stop today reported 55.32% increase in standalone net profit at Rs 9.91 crore for its second quarter ended September 30, driven by higher income from operations.
The company had posted net profit of Rs 6.38 crore in the the July-September quarter of last fiscal, 2012-13.
Its income from operations in Q2, 2013-14 moved up to Rs 718.05 crore, an increase of 33.68% as against Rs 537.12 crore in the same quarter of last fiscal, the company said in a BSE filing.
"Growth has been driven by improvement in margins and volume growth. Upbeat momentum is expected to continue into the next quarter on account of festive season, Shoppers Stop Ltd Customer Care Associate and Managing Director Govind Shrikhande told PTI.
"We expect 18-20% increase int turnover this fiscal over last year," he added.
Shoppers Stop will expand its retail footprint by adding stores in existing and newer cities, Shrikhande said.
"We will open two more stores this year that will require investment of Rs 16 crore, in additional to 10 already opened," he added.
The company has 61 stores across 30 cities in India.
Overall Q2 expenses were at Rs 702.12 crore, an increase of 24.24% as against Rs 565.09 crore in the same quarter last fiscal.
Shoppers Stop scrip closed at Rs 338.70, down 0.47%, on the BSE.
