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Despite the slowdown and consumers cutting down on discretionary spends, retailer Shoppers Stop’s net profit grew over three-fold at Rs 1.64 crore in the first quarter of FY 13 driven by growth in its fashion business.
Its net profit in the year ago period was pegged at Rs 0.50 crore. The company's total income during the quarter (April-June) increased by 20 per cent compared with the same quarter last year at Rs 594 crore.
Shoppers Stop’s EBITDA (earnings before interest, taxes, depreciation and amortisation) rose 29 per cent year-on-year to Rs 23 crore, while same-store sales (that compare the sales of stores that have been open for at least one year) grew 12 per cent.
Govind Srikhande, MD, Shoppers Stop, said in a statement, “Our momentum of store expansion continues to be robust, with the addition of 20 new stores across all formats this past quarter. Shoppers Stop is well positioned for steady growth and will continue to extend its retail footprint across formats with a keen focus on existing, as well as tier 2 cities.”
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