India's Shoppers Stop same-store sales growth slows on delayed festive season (updated)
UPDATE 1-India's Shoppers Stop same-store sales growth slows on delayed festive season Adds details throughout
Oct 16 (Reuters) - Indian department store chain Shoppers Stop SHOP.NS reported slower second-quarter same-store sales growth on Friday as a later-than-usual festive season dampened store traffic, sending its shares down more than 5%.
Here are some details:
The slowing sales add to signs of uneven demand in India's retail sector, analysts said, with apparel and discretionary retailers grappling with softer spending and a delayed festive season that shifted purchases out of the quarter
Same-store sales growth slowed to 2% in the July to September quarter, from 6% in the previous quarter and 9.4% a year earlier
Shares closed down 5.4% at 363.15 rupees on Friday. They are down 7% so far this year
Adjusted for the festive shift, same-store sales rose 7%, the company said
Shoppers Stop reported a consolidated net profit of 31.1 million rupees (about $327,541), compared with a loss of 201.1 million rupees a year earlier
Revenue from operations rose 8.7% to 13.7 billion rupees
Sales in the company's premium portfolio grew 10%, while its share in core business sales expanded 3.9 percentage points to 73%
($1 = 94.9500 Indian rupees)
(Reporting by Anushka Rajvedi and Aishwarya Jain in Bengaluru; Editing by Sonia Cheema)
((mailto: anushka.rajvedi@thomsonreuters.com))
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