Retail chain Shoppers Stop has reported a decline of 14 per cent in its standalone net profit to Rs 16.34 crore for the third quarter ended December 31.
According to a PTI report: The company had posted a net profit of Rs 19 crore in July-September quarter a year ago, Shoppers Stop said in a BSE filing.
Its total income stood at Rs 966.58 crore during the quarter under review, down 5.23 per cent as against Rs 1,019.93 crore in the year-ago period.
Shoppers Stop total expenses stood at Rs 923.02 crore, down 6.49 per cent, as against Rs 987.11 crore in the previous fiscal.
“Q3 has been a transformational phase in Shoppers Stop Retail Group’s journey. We divested our stakes completely in Hypercity Retail and NGIPL the Duty-free airport venture,” Govind Shrikhande, Customer Care Associate and MD, Shoppers Stop was quoted by PTI as saying.
It has also finalised exiting TimeZone Entertainment Ltd the gaming business.
“All these exits will reduce debt and stop losses and thereby completely changing the balance sheet for the year FY18-19,” he was further quoted by PTI as saying.
Its tie-up with Amazon will start showing traction from Q4 of FY17-18, Shrikhande said.