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India's Shoppers Stop posts 83% drop in Q2 profit on weak demand

Reuters · 2y ago

India's Shoppers Stop posts 83% drop in Q2 profit on weak demand

Indian retailer Shoppers Stop has reported an 83.2% decline in second quarter profit due to increasing expenses and weaker demand. The delay in the festive season has caused customers to postpone purchases of clothes and cosmetics, which typically contribute to the majority of retailers' annual sales. Shoppers Stop expects demand to improve significantly in the third quarter as the festive season begins in late October. The company is also facing competition from Mukesh Ambani's Reliance Retail Ventures and continues to face challenges in smaller cities.

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Gainers & Losers: 10 stocks that moved the most on October 17

Money Control

Money Control · 1y ago

Gainers & Losers: 10 stocks that moved the most on October 17

The Sensex and Nifty continued to decline, driven by foreign investor selling, weak earnings reports, and geopolitical tensions. Bajaj Auto's reduced sales growth guidance led to a significant drop in the Nifty Auto index. CRISIL's shares slipped despite reporting a YoY increase in net profit. Kolte-Patil Developers' strong Q2 results resulted in a surge in shares. Nalco's shares rose due to positive global trends. Mphasis reported a jump in net profit but a drop in revenue. Nestle India's shares dropped after a marginal decline in quarterly profit. Hero MotoCorp shares declined due to weak demand. Hind Rectifiers and Titagarh Rail saw positive gains in their share prices.

Shoppers Stop Q3 Results: Net profit drops 41% to ₹37 crore, revenue up 8% YoY

Livemint

Livemint · 1y ago

Shoppers Stop Q3 Results: Net profit drops 41% to ₹37 crore, revenue up 8% YoY

Shoppers Stop reported a decline of 41.26% in consolidated net profit for Q3FY24, at Rs 36.85 crore. The company's revenue from operations was up 8.83% to Rs 1,237.52 crore. Total revenue, including other income, stood at Rs 1,240.88 crore. Despite muted consumer demand, the company achieved a sales growth of 7% by focusing on premium brands and experiences. Shoppers Stop operates 105 department stores and added 13 new stores during the quarter.

Samsung flags bigger-than-expected Q4 profit drop on weak demand

Economic Times

Economic Times · 2y ago

Samsung flags bigger-than-expected Q4 profit drop on weak demand

Samsung has reported a bigger-than-expected drop in its Q4 profit due to weak demand. The company expects operating profit to decline about 34% from a year earlier, falling below market expectations. This drop in profit is primarily attributed to decreased demand for memory chips and display panels, as well as intensifying competition in the smartphone market.

Infosys expected to report weak Q3 earnings with drop in revenue, margins

Livemint

Livemint · 2y ago

Infosys expected to report weak Q3 earnings with drop in revenue, margins

Infosys is expected to announce weak Q3 results, with a sequential drop in revenues and margins. The overall Indian IT sector is also expected to report subdued earnings for the quarter due to weak demand. However, better utilization, lower sub-con expenses, and INR depreciation may help offset some of the challenges for Infosys. The company's Q3 revenue in USD terms is predicted to decline, while net profit is expected to drop slightly. Analysts anticipate Infosys to maintain its guidance for FY24 growth.

Samsung expects steep drop in operating profits on US chip woes - The Economic Times

Economic Times

Economic Times · 6m ago

Samsung expects steep drop in operating profits on US chip woes - The Economic Times

Samsung Electronics expects its second quarter operating profits to fall by over 50%, citing U.S. export controls on advanced AI chips to China. The company's semiconductor division faced reduced profits due to inventory adjustments and U.S. restrictions. However, Samsung anticipates improved performance in the latter half of the year as demand recovers. The sharp profit drop is largely attributed to a weak foundry business, though memory chip demand is expected to rise.

Amazon’s investment arm sells Shoppers Stop stake

VCCircle

VCCircle · 1y ago

Amazon’s investment arm sells Shoppers Stop stake

Amazon's investment arm, Amazon.com NV Investment Holdings, has sold its entire stake in Indian retail chain Shoppers Stop. The subsidiary sold around 4.4 million shares, or a 4% stake, in the company for approximately $32.5m. Buyers of the stake include Kotak Mahindra Mutual Fund, Tata Mutual Fund, and Morgan Stanley. Amazon had invested in Shoppers Stop in 2013 to expand its exposure in India's offline retail sector. However, the plan faced hurdles due to government regulations that prevented marketplaces from controlling inventory.

India’s record rice crop is set to deepen slide in global prices

Economic Times

Economic Times · 5d ago

India’s record rice crop is set to deepen slide in global prices

India's record rice harvest is flooding the global market, intensifying price pressures amid weak demand. Indian farmers may need to lower rates to stay competitive against rivals like Thailand and Vietnam. With reduced demand from Africa and the Middle East, prices could drop further in the coming months. Global production is projected to reach a record high, likely leading to increased stockpiles, according to the UN’s Food and Agriculture Organization.

CarTrade posts Rs 193 Cr in revenue, profit doubles to Rs 64 Cr

Entrackr

Entrackr · 2m ago

CarTrade posts Rs 193 Cr in revenue, profit doubles to Rs 64 Cr

CarTrade posts Rs 193 Cr in revenue, profit doubles to Rs 64 Cr Automobile classifieds platform CarTrade announced its financial results for the second quarter of FY26, reporting a 25% year-on-year increase in revenue and a two-fold rise in profit compared to Q2 FY25. CarTrade’s revenue from operations grew 25% to Rs 193.41 crore in Q2 FY26 in contrast to Rs 154.2 crore in Q2 FY25. The company also added another 28.73 crore in other income, taking its total income for Q2 FY26 to Rs 222.14 crore. The Mumbai-based company operates across three segments: Consumer, Remarketing, and Classifieds. Revenue from the Consumer segment accounted for 39.4% of total operating income, rising to Rs 76.24 crore in Q2 FY26 from Rs 55.62 crore in Q2 FY25. The Remarketing and Classifieds segments contributed Rs 62.62 crore and Rs 55.5 crore, respectively. On the expense front, employee benefits accounted for 55% of total spending, increasing 11% to Rs 77.5 crore during the period. CarTrade’s total expenses grew modestly by 5% to Rs 142.2 crore in Q2 FY26. A 25% year-on-year rise in operating revenue, coupled with controlled expenses, helped the firm double its profit to Rs 64 crore in Q2 FY26 from Rs 30.7 crore in Q2 FY25. On a half-yearly basis, the company’s revenue rose 24% year-on-year to Rs 366.45 crore, while its profit more than doubled to Rs 111.13 crore. The firm has also appointed Varun Sanghi as its Chief Strategy Officer (CSO) and senior management personnel.

TSMC earnings back reports of relatively weak iPhone 15 demand

Startup News FYI

Startup News FYI · 2y ago

TSMC earnings back reports of relatively weak iPhone 15 demand

The latest earnings report from TSMC suggests weak demand for the iPhone 15 compared to the previous iPhone 14 lineup. While the iPhone 15 Pro and Pro Max models are popular, their demand doesn't compensate for disappointing sales of the base and Plus models. Reports indicate a decline in iPhone 15 sales compared to the same post-launch period for the iPhone 14, with a 4.5% drop in sales estimated. Weak consumer demand and competition from domestic rivals like Huawei are attributed to this downturn. TSMC's earnings report also indicates weak demand for consumer electronics, particularly in China.

Customised ayurveda beauty brand Vedix partners with Shoppers Stop

Inshorts · 1y ago

Vedix, a customised Ayurvedic personal care brand, has launched an exclusive shop-in-shop store in partnership with Shoppers Stop. The first SIS has opened in Shoppers Stop, Garuda Mall, Bengaluru. Vedix products comprise customised hair care, skincare & immunity products formulated by Ayurvedic doctors for the needs of the specific consumer.

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