Retail chain Shoppers Stop today reported a decline of 15.36 per cent in standalone net profit at Rs 19 crore for the third quarter ended December 2016.
The company had posted a net profit of Rs 22.45 crore in October-December quarter a year ago, Shoppers Stop said in a BSE filing.
However, its total income from operations rose 12.86 per cent to Rs 1,011.19 crore during the quarter under review from Rs 895.92 crore in the corresponding last fiscal.
The company's total expenses were also up 14.38 per cent at Rs 972.06 crore as against Rs 849.78 crore in the year period.
Shoppers Stop Customer Care Associate & Managing Director Govind Shrikhande said: "Q3 started on a good note with Diwali festivities giving a boost to festive shopping. Post demonetisation, November sales had turned weak but December saw an upswing in sales resulting in a double-digit growth for the month and overall 11.8 per cent growth for the quarter."
Ar present, the company operates 80 stores of Shoppers Stop format in 37 cities, 16 stores of HomeStop in 11 cities and 19 stores under HyperCity brand.
"Inspite of demonitisation, the company saw a sales growth of 21.9 per cent and like to like sales growth of 9.5 per cent during the quarter. Additionally there was a Net Margin growth of 30 Basis Points. Fashion grew by 17 per cent and achieved a share of 17.9 per cent. EBIDTA for the quarter stood at Rs.15.85 crores," the company said.
Shares of Shoppers Stop today settled 1.11 per cent down at Rs 289.75 apiece on BSE.
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