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Indian giant posts solid growth

Indian retail group Shoppers Stop has reported solid growth as it continues to gradually expand its retail store network.

The company reported a gross retail turnover of Rs.844.77 crore for the quarter to December 31, compared with Rs.787.49 crore in the corresponding period last year. Net Profit for the quarter stood at Rs.13.77 crore. (A conversion to USD was not available at the time of going to press).

Shoppers Stop operates 321 stores in all – large format department stores, hyperstores, home stores and specialty stores carrying the banners Crossword (bookstore), Mothercare and M.A.C.

“With 73 stores across 34 cities in India, Shoppers Stop (brand) continues to grow and expand its retail footprint,” the company said in a statement.

“This quarter, SSL added one new Shoppers Stop store in Mangalore, one Bobbi Brown store in Delhi, One Mothercare SIS store in Vizag and two Crossword stores in Bengaluru and Kohima.”

Meanwhile, the company expanded its First Citizen Loyalty program membership base in the third quarter by adding 120,622 new members.

Govind Shrikhande, customer care associate & MD said Shoppers Stop continued its growth trajectory by adding new stores.

“The loyalty members have also grown to 3.6 million members who contribute considerably to the topline. We are formulating our omni-channel retailing approach over the next few months. We are confident that our omni-channel efforts will help us counter the disruption created by online players.”

During the quarter, the Shoppers Stop brand was selected as a ‘Superbrand’ in India for the fourth consecutive year and was also included in India’s ‘100 Most Valuable Brands of the Year’ in 2014.

As at December 31, Shoppers Stop had 15 HyperCity hypermarkets, 73 Shoppers Stop general retail stores, 19 HomeStops (selling home decor), 43 Mothercare stores, 96 Crossword bookstores, 36 M.A.C cosmetic stores, 25 for Clinique, nine for Estee Lauder, three for Bobbi Brown and two airport duty free shops in a joint venture in a joint venture with Nuance. It also runs 23 TimeZone amusement parlours.

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