Shoppers Stop swings to Q1 consol loss as expenses surge

Moneycontrol Bureau

Department store operator Shoppers Stop swung to a consolidated net loss of Rs 1.52 crore in the first quarter, compared with a net profit of Rs 9.29 crore in the year ago quarter due to a sharp rise in total expenses. Its consolidated total income for the April-June quarter was up 67% year-on-year to Rs 593.31 crore. Shoppers Stop shares tumbled following the disappointing earnings announcement on Tuesday and closed down 4.7% at Rs 445.60 on NSE. Shoppers Stop operates stores across formats, which includes department store Shoppers Stop, book store Crossword, Hypercity hypermarkets and maternity and infant wear stores Mothercare among others. During the first quarter, the company