Stock Market update: Shoppers Stop shares surges 15% post Q3 results

Stocks of Shoppers Stop jump by 15% to Rs 416.05 per equity share against the previous close at Rs 361.50 per share, in today’s early trade.

The shares of Indian department store chain Shoppers Stop jump by 15% at Rs 416.05 per share against the previous close at Rs 361.50 per share, in today’s early trade. The trade opened at Rs 394.30 per equity share representing an increase of 9.07% and hitting a high of Rs 425.00 per unit in today’s trade.

On Thursday, Retail chain Shoppers Stop released its financial results report for the quarter ending December 2021 and reported a consolidated net profit of Rs 77.32 crore for the third quarter ending December 2021. The company had posted a net loss of Rs 25.11 crore in the October-December quarter a year ago, said Shoppers Stop in a regulatory filing.

The company’s net revenue from operations increased by 33.82 per cent at Rs 958.11 crore during the period under review as compared to Rs 715.97 crore in the same quarter of the previous year.

As per the company, it has returned to ”profitability” with a zero net debt. The total expenses of Shoppers Stop were at Rs 905.14 crore, up 16.23 per cent in Q3 FY 2021-22, as against Rs 778.78 crore.

Shoppers Stop MD & CEO Venu Nair said, ”We are witnessing positive signs from a strategy that we initiated in the last 2 years. As the fashion and beauty retail is seeing encouraging early trends from the Wardrobe Reboot, we are rightly poised to capture the pent-up demand.”

“Customer sentiments are extremely positive owing to the double vaccination, lesser restrictions and an overall improvement in safety protocols, leading to increased customer footfalls,” he further said.

Shoppers Stop reported annual net revenue of Rs 1973.20 crore FY2021 as compared to Rs 3498.11 FY2020. Shoppers Stop operates 83 departmental stores in 45 cities. It also operates 11 premium home concept stores, 129 Specialty Beauty stores of M.A.C, Estée Lauder, Bobbi Brown and many more.

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