Shoppers Stop hits record high after co posts Sept-qtr profit

Shoppers Stop

21/10/2022 08:20

** Shares of retail store chain Shoppers Stop Ltd  SHOP.NS 
rise as much as 5.8% to a record high of 820 rupees 
    ** Co on Wednesday reported September-quarter net profit of
181.4 mln rupees ($2.19 mln) vs net loss of 30.3 mln rupees yr
ago  urn:newsml:reuters.com:*:nFWN31K2DR
    ** SHOP Sept-qtr rev from ops stood at 10.08 bln ($121.69
mln), up 60% Y/Y
    ** Co likely to improve growth trajectory driven by
small-size store expansions, growth in private-label mix, and
increased focus on the high-growth beauty business, aided by
improved consumer sentiment" - ICICI Securities analysts said in
a note, raising TP to 850 rupees from 530 rupees previously
    ** SHOP will report sales growth in mid- to high-teens
percentage range, compared with pre-COVID-19 sales growth
levels- SHOP CEO Venu Nair in an interview with Reuters on
Thursday  urn:newsml:reuters.com:*:nL4N31L2A
    ** More than 90,000 shares change hands by 0659 GMT vs
30-day avg of 199,044 shares
    ** 6 of the 10 analysts covering the stock have a "buy" or
higher rating, 2 have "hold" while 2 rate it at "sell" or lower;
median PT is 676.5 rupees - Refinitiv data
    ** Stock up by more than double so far this year, as of last
close 
($1 = 82.8320 Indian rupees)
 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))