India-based retail chain Shoppers Stop has announced results for its fourth quarter ended March 31, 2017. Revenue from operations of Rs. 910.2 crore was reported, up 3 per cent as compared to the revenue of Rs. 882.4 crore in the corresponding period last year. Total revenue for full fiscal 2017 stood at Rs. 3,648 crore, up 9 per cent as against Rs. 3,354.8 core in fiscal 2016.
During the period under review, the retailer’s like-for-like growth declined 1.1 per cent as it brought down the discount sale period to 55 days from 65 days in the March 2016 quarter.
Govind Shrikhande, Managing Director of Shoppers Stop commented, “This year has been disruptive on several fronts, as we have seen a lot of changes in global politics and domestic economic policies such as demonetization. On the back of these headwinds, fiscal 17 has seen a softer growth of 9 per cent. We are very positive about FY 2018 as we have a slew of exciting actions to bring Romance back to Retail. We will also see our investments in Omni-channel, digitization of stores and our e-commerce push bear fruit in the coming year.”
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The retailer reported net loss of Rs. 36 crore in the quarter. It mow aims to achieve 6-7 per cent like-for-like sales growth for fiscal year 2018.
