India:Same-store sales to witness sharp fall: Shoppers Stop

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Same-store sales to witness sharp fall: Shoppers Stop December 24, 2011 (India) In view of adverse conditions, retail chain Shoppers Stop has warned that the same-store sales are likely to experience a sharp fall and drop from 12 percent to six to seven percent by end of FY 2012, while the retail industry?s overall growth is also likely to halve during next fiscal. Shoppers Stop Managing Director Govind Shrikhande said that considering factors like economic slowdown, deceleration in rupee value and indecisiveness in the manufacturing sector, there could be a slump in like-to-like sales growth. He said that though sales growth for the quarter ended September 2011 was 12 percent, the overall sales growth for the fiscal year is likely to drop to around six to seven percent. Same-store sales means the difference in earnings of existing outlets of a retail chain for a particular period, compared to their revenues earned during the previous year. Unveiling the 49th Shoppers Stop outlet, Mr. Shrikhande said the retail sector, which was growing at a rate of 20 percent, is expected to advance at a rate of 10 percent over the next one year. He said Shoppers Stop intends to increase its total number of outlets to 66 over the next couple of years. The company would invest around four billion rupees over the next three years in increasing its presence by opening new format stores. Besides speciality format outlets like Home Stop and Mother Care, the company even operates Hypercity hyper market and departmental stores under the Shoppers Stop brand. Mr. Shrikhande informed that with easing of cotton prices, the firm is expected to slash the prices of private label apparels by five percent. He said that apparel demand is anticipated to be better in 2012 compared to 2011, as this year the sales volumes were hit by a 15 to 18 percent rise in prices.

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Source: http://www.fibre2fashion.com/news/apparel-news/newsdetails.aspx?news_id=106530

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