Shoppers Stop Q1FY17 retail turnover up 9 pc, like-to-like growth of 5.5 pc

Shoppers Stop Ltd (SSL), India’s prominent retail group (operator of large format department stores, home stores, specialty stores like Crossword, Mothercare, M.A.C, and hypermarkets) has reported a retail turnover of Rs 845.4 crores for the quarter ended June 30th, 2016 as against Rs 775.3 crores in the corresponding period last year.
With 81 stores across 37 cities in India, Shoppers Stop continues to grow and expand its retail footprint. This quarter, SSL added 4 Shoppers Stop stores at Goa, Noida, Panvel and Pune, 2 HyperCITY store at Panvel and Noida, 2 M.A.C stores at Noida and Mumbai International Airport and 1 Clinique store at Mumbai International Airport.
Driving ahead its successful Loyalty program, SSL continued to expand its membership base adding 1,41,843 new members to the First Citizen Loyalty Programme in Q1FY17. The program now has a total First Citizen base of over 42.99 lac members.
Speaking on the performance, Customer Care Associate and Managing Director, Shoppers Stop Ltd., Govind Shrikhande said, “Customer sentiment has been soft during this quarter and we believe that starting Q2FY17 consumption should improve. We have seen good progress on two fronts : more than 25 per cent growth in our online business and the share of private and exclusive brands has gone up by 60 basis points. Depreciation for the quarter has seen an increase of 87 per cent on account of new stores and acceleration of depreciation in respect of certain stores.