IndiaRetailBiz

Shoppers’ Stop, the construction major K Raheja controlled large format retailer, despite increase in sales 31.43% to Rs. 3,081.83 million during the third quarter ended December, 2007 (against Rs. 2,377.84 million, last year), has registered a sharp decline in net profit to the tune of of 88.93% compared to last year.

The net profit of the retailer declined from Rs 140.70 million (during the same quarter, previous year) to Rs 15.58 million (during the same quarter, this year).

“The company was successful in achieving the targeted revenues for the crucial festive season quarter. Our catalogue retailing business was piloted in this quarter. During the quarter we added 142,271 sq ft of area across various formats taking our total retail area to 1.51 million sq ft.” said BS Nagesh, Managing Director, Shoppers’ Stop, while announcing the results.

Shoppers Stop is currently operating 23 stores in 12 cities across the country. Along with its associate companies Hypercity Retail and Timezone Entertainment, Shoppers’ Stop is currently occupying 1,541,814 sq ft of space, across different retail formats.