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Last Updated : Jan 30, 2019 08:49 AM IST | Source: CNBC-TV18

Expect to end the year with mid single-digit growth: Rajiv Suri, Shoppers Stop

Shoppers Stop crossed Rs 500 crore sales per month for the first time ever in December, CEO Rajiv Suri said.

CNBC TV18 @moneycontrolcom

Shoppers Stop posted a good set of numbers in the third quarter, with profit after tax growing by 171 percent at Rs 44 crore against Rs 16 crore in a year ago period. The revenue growth was reported at 8.9 percent in the quarter ended December 31.

Elaborating on the numbers, Rajiv Suri, managing director and CEO of the company, said that it was the best ever quarter in the last many quarters with 29 percent growth in our private brands.

The firm crossed Rs 500 crore sales per month for the first time ever in December, he said.

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"I think what helped clinch this high number of like to like (LTL) was our men’s business doing a rebound, so that has been very welcome change because our men’s business has been a bit of a laggard in the first two quarters," he said.

“We are looking for mid-single digit like to like growth and we will end the year around that, so we will have to wait and see when we get to 10 percent, but we are improving and each quarter has been better than the previous ones. So we are feeling good at the moment," he added.

On expansion front, he said, "For the last quarter we opened five stores of beauty; three MAC and two of Bobbi Brown. In the next quarter we are going to open another four MAC stores and we will open four department stores."

When asked about e-commerce policy, he said they are awaiting clarity from government on the policy.

Source: CNBC-TV18

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First Published on Jan 29, 2019 03:52 pm
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