Retail chain Shoppers Stop on Wednesday reported nearly 45 percent decline in its standalone net profit at Rs 11.45 crore for the March quarter of FY19.
The company had posted a net profit of Rs 20.78 crore in the same quarter a year ago, it said in a statement.
The total income stood at Rs 796.37 crore during the quarter under review, as against Rs 850.83 crore in the corresponding quarter of FY18.
For the fiscal 2018-19, Shoppers Stops standalone net profit jumped to Rs 78.75 crore from Rs 11.60 crore in the year ended March 2018.
The total income stood at Rs 3,499.19 crore in FY 2018-19 as against Rs 3,607.51 crore in the previous fiscal.
The company said that the revenue for the quarter and year ended 31 March,2018 are strictly not comparable with year ended 31 March 2019 due to the new accounting standards.
“Last year has been a pivotal year in Shoppers Stop which makes the company embark on positive growth and results. We have made key investments in the new leadership team and are aiming for sustainable and industry leading growth in the years ahead,” Shoppers Stop Customer Care Associate, managing director (MD) and chief executive officer (CEO) Rajiv Suri said.
Shoppers Stop has 83 large stores spread across 39 cities in the country. It also operates 12 HomeStop and 115 specialty beauty stores along with 83 Crossword bookstores.