Retail chain Shoppers Stop today reported consolidated net profit of Rs 7.71 crore for the fourth quarter ended March 31.
The firm, which runs specialty stores like 'Mothercare', 'Crossword' and large format outlets like 'HyperCity', had posted a consolidated net profit of Rs 12.57 crore in the same quarter in the previous fiscal.
Shoppers Stop said the results were not comparable on account of termination of the franchisee agreement with Crossword Bookstores (CBL), its wholly-owned subsidiary.
"The operations of 'Crossword' have been handed over to CBL with effect from October 1, 2010 at book values. (Increase)/ Decrease in inventories includes transfer of inventory to CBL aggregating to Rs 2,325.06 lakhs as on October 1,2010," the company said in a statement
The total consolidated income for the period under review was Rs 620.94 crore, while the same stood at Rs 388.84 crore in the corresponding period a year ago.
For the fiscal ended March 31, 2011, the company's consolidated net profit stood at Rs 43.19 crore. It had posted a net profit of Rs 35.88 crore in the previous fiscal.
During the period, the firm had a total consolidated income of Rs 2,234.90 crore, while it had Rs 1,452.05 crore in the year ago period.
"We have witnessed a strong and stable environment over the past year with strong growth in like-to-like sales of 17% for the year," Shoppers Stop Customer Care Associate and Managing Director Govind Shrikhande said.
On a standalone basis, the company's net profit for the quarter ended March 31, was Rs 19.92 crore as against Rs 16.43 crore in the same period a year ago.
"We are expanding steadily in metros as well as tier II cities, which is witnessing consumption boom and has given us access to growing number of customers," he said.
Shoppers Stop scrips closed the day at Rs 350 per share on the BSE, up 4.38% from the previous close.
