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Shoppers Stop sees high-single digit sales growth in FY12
Department store operator Shoppers Stop is expecting a sparkling Diwali and sees like-to-like sales growth in high single digits this fiscal, helped by pickup in volumes.
Department store operator Shoppers Stop is expecting a sparkling Diwali and sees like-to-like sales growth in high single digits this fiscal, helped by pickup in volumes. In the second quarter, like-to-like sales grew 11% for Shoppers Stop and 8% at its arm HyperCity, said managing director Govind Shrikhande. Like-to-like sales, also known as same-store sales, are sales at stores that are open for at least one year.
The company has already opened nine Shoppers Stop outlets this fiscal and may add 2-3 more by March. It also plans to open 2 HyperCity outlets in the current fiscal.
The hypermarket operator HyperCity, in which Shoppers Stop owns a majority stake, reduced its losses to Rs 18 crore in July-September from Rs 23 crore in April-June. Shrikhande is confident that HyperCity will turn profitable in the next 30 months.
Click on the audio icon to listen to the full interaction with Govind Shrikhande, managing director, Shoppers Stop.
