Shopper’s Stop Limited (SSL), one of India’s prominent retail groups, has recorded net profit of Rs.10 crore for the first quarter of FY’11. The net profit for the corresponding quarter a year ago stood at Rs.2.5 crore.
During the quarter, the company launched four new Clinique stores – one each at Bengalore, Hyderabad, Mumbai and New Delhi. The company also added approximately 0.97 lakh members to its ‘First Citizen’ club, taking the total count to 17.08 lakh members.
SSL acquired a majority stake of 51 per cent equity share capital in Hypercity Retail (India) Ltd, thus, making it a subsidiary of Shopper’s Stop Ltd.
Govind Shrikhande, customer care associate and managing director, SSL, said, "The rise in consumer confidence, coupled with higher volumes, conversion ratio and transaction size, has given us a good growth in LTL [like-to-like] store sales of 21 per cent. Operating margin growth of 65 per cent over last year has helped us to improve our EBIDTA margin to 6.5 per cent. Our ‘First Citizen’ members’ contribution reached 73 per cent of our revenues."
Shopper’s Stop currently has 30 stores with a presence in 13 cities.
– IndiaRetailing Bureau