K Raheja Group-promoted Shopper’s Stop Ltd (SSL), which operates large-format stores, speciality stores and hypermarkets, has reported a net profit of Rs.27.9 crore for the third quarter ended December 31, 2010, up 45 per cent from Rs.19.2 crore in the corresponding quarter last fiscal, the company said in a statement.
The company’s gross retail sales grew 24 per cent at Rs.515.9 crore for the quarter under review, as compared to Rs.417.1 crore in the quarter ended December 31, 2009.
Speaking on the company’s performance during the quarter, Govind Shrikhande, customer care associate and managing director, Shopper’s Stop Ltd, said, “This indeed is one of the best third quarters we have seen. The steady flow of footfalls across cities has kept the counters buzzing and delivered a robust same-store sales growth of 22 per cent. We have also seen an increase of 45 per cent in the net profit of the company.”
In addition to a robust performance, SSL opened a new Shoppers Stop outlet in Aurangabad and a MAC store in Chennai during the three-month period. Besides, new Crossword stores were opened in Bhopal, Aurangabad, Chennai and Bangalore.
During the quarter, the company also added 1.08 lakh members to its First Citizen Loyalty Program, which now has a base of over 19.19 lakh customers.
– IndiaRetailing Bureau