India's Shoppers Stop posts narrower quarterly loss on strong premium demand
Indian departmental store chain Shoppers Stop on Wednesday reported a narrowed first-quarter net loss, helped by resilient sales in its beauty business and strong demand in the high-margin premium segment even as costs rose.
Here are the details:
* The company reported a net loss of 142.5 million rupees ($1.48 million) in the quarter ended June 30, from a net loss of 157.4 million rupees in the year-ago quarter.
* Analysts said organized retail demand remained resilient, with department store chains and value fashion retailers continuing store expansion despite input cost pressures.
* Shoppers Stop operates department stores across India and also runs beauty retail chains such as SS Beauty, retailing international brands such as Estée Lauder, Clinique, Bobbi Brown and Jo Malone, alongside its private labels.
* Beauty sales rose 15%, led by a 34% jump in fragrances.
* The company opened eight new stores during the quarter, including two department stores and four beauty outlets, bringing its total to 288.
* Its revenue from operations for the quarter grew 11.2% year-on-year to 12.91 billion rupees.
* The company's total expenses also rose 10.4% year-on-year to 13.16 billion rupees in the quarter.
* "Demand has sustained through the first quarter, and better supply-chain visibility gives us confidence ahead of the festive season," Managing Director and CEO Kavindra Mishra said.
($1 = 96.5650 Indian rupees)
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