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Shoppers Stop fiscal Q1 loss widens YOY

Shoppers Stop Ltd said its normalized net income for the fiscal first quarter ended June 30 was 26.3 million rupees, compared with a loss of 13.0 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 0.3% from negative 0.2% in the year-earlier period.

Total revenue rose 17.5% year over year to 9.85 billion rupees from 8.38 billion rupees, and total operating expenses increased 16.6% on an annual basis to 9.85 billion rupees from 8.45 billion rupees.

Reported net income totaled a loss of 101.3 million rupees, compared with a loss of 111.2 million rupees in the prior-year period.

As of July 31, US$1 was equivalent to 60.88 Indian rupees.