Shoppers Stop slumps 5% as Q3 net profit plunges 41%

The decline in net profit was more severe due to a high base of last year which also included reversal of interest on GST worth Rs 17 crore

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Shares of Shoppers Stop slumped 5 percent in the early trade on January 19, a day after the company posted a sharp decline in its third quarter net profit.

The company’s net profit fell 41.2 percent on year to Rs 36.70 crore. The fall was more severe due to a high base of the previous year, which included reversal of interest on GST worth Rs 17 crore.

Revenue for the quarter grew nearly 9 percent to Rs 1,237.5 crore, up from Rs 1,137.1 crore in the year-ago period.

The beauty vertical outperformed with over 10 percent growth, led by the fragrance segment which grew 41 percent and make-up which was up 6 percent.

The non-apparel vertical grew over 5 percent, led by home and handbags segments which showcased 11 percent and 9 percent growth.

At 9.18 am, Shoppers Stop was trading at Rs 681.90 on the NSE.

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The company also spent Rs 41 crore as investment towards new stores, renovation and technology. The company opened 13 new stores in the quarter — four each of departmental beauty and Intune store and one airport outlet.

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