Mumbai, July 29, 2018: Big box retailer Shoppers Stop has reported a whopping 363 per cent jump in its net profit at ₹10 crore in Q1 of FY19, against a loss of ₹3.72 crore in the previous year period.
The revenue growth declined by 12 per cent at ₹826 crore. However, the company said that revenue is not comparable due to reclassification post implementation of Accounting Standard 115 and significant increase in tax rates in the first quarter, which is under the GST regime compared to Q1 FY18 that was under the VAT regime.
According to report published in www.thehindubusinessline.com The company, which competes with retail chains such as Pantaloons and Lifestyle, said that it has added 1.87 lakh new members, a 3-4 per cent improvement, during the quarter to its First Citizen Loyalty programme.
Shoppers Stop MD Rajiv Suri told BusinessLine: “This year we are going to invest ₹120 crore in expanding the store network and and also improving our omni-channel strategy. Last year, we invested ₹60 crore in the online business.”
The company is also looking to expand into tier 2 markets and also plans to double its private brand business in the next three years and consolidate its sourcing according to www.thehindubusinessline.com
At present, the company operates 83 Shoppers Stop stores in 38 cities and 13 HomeStop stores in 9 cities.