Retail chain group Shoppers Stop Ltd (SSL) on Friday reported a standalone net loss at Rs.21.43 crore in the first quarter which ended on June 30 on account of exceptional item of Rs 23.81 crore.
The company had reported a net profit of Rs.75.10 lakh in the same quarter last fiscal.
Total income from operations went up 15.90 per cent to Rs.697.83 crore in the quarter under review compared with Rs.602.07 crore in the same period last year, the company said in a BSE filing.
"2015-16 has begun on a positive note with a strong like to like growth of 12.7 per cent…We plan to invest Rs.60 crore over the next three years in our omni channel initiative, supply chain and target to achieve 10 per cent revenue through digital points over the next 10 years, " Shoppers Stop Managing Director and Customer Care associate Govind Srikhande said.
During the quarter, the company made a provision for diminution in value, of its duty free airport retailing joint venture company, of Rs.23.81 crore.
Overall expenses of the company were at Rs.698.3 crore, an increase of 16.15 per cent as against Rs.601.16 crore in the corresponding period last fiscal.
Shares of Shoppers Stop were trading at Rs.397 apiece in the afternoon trade, down 1.51 per cent from their previous close.