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Department store chain Shoppers Stop Ltd registered a 11 per cent fall in profits, at Rs 17.09 crore, in the third quarter of fiscal 2013, owing to higher operating costs and depreciation. Profit after tax was Rs 19.29 crore in the same quarter in FY 12 on a standalone basis. While operating expensed increased 25 per cent during the quarter, finance charges were up 84 per cent.
However, good festive season sales from October to December helped the company post a double-digit growth of 20 per cent in its overall sales at Rs 697 crore in the October-December quarter, against Rs 578 crore in the year-ago period
“The steady flow of footfalls helped deliver double-digit same-store-sales of 12.5 per cent. Consumer sentiment is back and we hope to perform better in the coming quarter as well,” said Govind Shrikhande, Managing Director, Shoppers Stop.
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