Shoppers Stop skids on Q1 results

Shares of Shoppers Stop declined nearly 7%, touching the weekly low of Rs435.05, after reporting consolidated net loss of Rs1.60 crore for the first quarter ended June 30, 2011, compared with a net profit of Rs9.30 crore in the corresponding quarter of the previous fiscal.

However, income from operation grew 67% to Rs593 crore from Rs355 crore during the recently concluded quarter, the company said.

Hypercity financials: From the consolidated statement, it appears that Hypercity posted very weak numbers on both the revenue as well as the profitability front (can be a result of high corporate and store level expenses as one new hypercity was added during the quarter).

At 2.27 pm, Shoppers Stop was trading at Rs448, down by 3.85%, with a volume of 1.07 lakh shares on the BSE.