Shares of the retail chain Shoppers Stop faced a 5% slump in early trade on Friday as the company reported a substantial decline of 41.26% in consolidated net profit, amounting to Rs 36.85 crore in the third quarter ended December 2023.
As the news hit the market, the stock fell by 4.75% to Rs 668.15 on the BSE and experienced a 4.99% decline to Rs 667.40 on the NSE.
The company’s Q3 2024 results revealed a notable decrease from the net profit of Rs 62.74 crore reported in the same period a year ago, as per a regulatory filing from Shoppers Stop.
Despite the decline in net profit, the company’s revenue from operations showcased an 8.83% increase, reaching Rs 1,237.52 crore during the quarter under review, compared to Rs 1,137.07 crore in the corresponding period a year ago.
However, total expenses for Shoppers Stop in the December quarter saw a 10.62% increase, totaling Rs 1,189.96 crore. The total revenue, inclusive of other income, stood at Rs 1,240.88 crore, marking a 6.83% increase.
Investors and analysts will closely monitor the company’s strategies and financial performance in the coming quarters to assess its trajectory and potential recovery.
