Leading large format retailer Shoppers Stop Limitedhas reported strong revenue growth of 8.9 per cent during the third quarter of fiscal 2019 as the demand across major categories witnessed a major uptick during the quarter that coincides with festival and wedding season.
The revenue stood at ₹999 crore, up 3.7 per cent during the quarter as against ₹963 crore in the corresponding quarter last fiscal.
However, the revenue numbers are not comparable due to adjustments made owing to changes in the Indian Accounting Standard 115 (IND AS 115) and the changes made in GST. Excluding those changes, the actual revenue growth would have been 9.9%, the company said.
Profit After Tax grew by 171 per cent at ₹44 crore during the quarter from ₹16 crore in the year ago period.
Rajiv Suri, Customer Care Associate, Managing Director & Chief Executive Officer, Shoppers Stop said,“We have witnessed a phenomenal 8.9 per cent like-to-like growth in Q3FY19, highest in the last five quarters backed by an uptick across all zones and categories including apparels, personal accessories and beauty which saw a double digit growth.”
Higher sales
He added that December 2018 saw highest ever sales in a single month since the company’s inception. Indian wear dominated the apparels category with 21% growth followed by denims which grew by 15% in Q3FY19.
The company’s private brands grew by 29% for this quarter.