Shopper's Stop Limited - Securities and Exchange Board of India

Gross Margin as % to Gross Retail Sales 31.41% 29.57% 26.85%
Gross Margin 1242 872 645
EBIDTA as % of Gross Retail Turnover 6.11% 6.47% 4.37%
EBIDTA 247 196 109
Depreciation as % of Gross Retail Turnover 1.85% 1.91% 1.96%
Depreciation 75 58 49
Finance Charges as % of Gross Retail Turnover 0.99% 1.06% 2.16%
Finance Charges 40 32 54
Profit Before Tax as % of Gross Retail Turnover 3.24% 3.50% 0.08%
Profit Before Tax 131 106 2
Profit after Tax as % of Gross Retail Turnover 2.99% 3.50% 0.08%
Profit after Tax (as per audited accounts) 121 106 2
Total Restatement (1) (16) 5
Profit after Tax (after Restatement) as % of
Gross Retail Turnover
149
2.97% 2.97% 0.28%
Profit after Tax (after Restatement) 120 90 7
Comparison of FY 2002 with FY 2001
Some of the key developments that occurred during 2002 include the following:
The two stores that we opened in the previous year in Chembur (Mumbai) and Chennai were now fully
operational. We also opened two new stores in Pune and Bandra (Mumbai), taking the store count to
nine from seven. We were also able to stabilize our ERP and focused on de-risking our business model
through a mix of concessionaire and consignment arrangements.
Gross Retail Turnover
Our Gross Retail Turnover increased by 13.9% in FY 2002 to Rs. 2495 mn as compared to Rs. 2190 mn
in FY 2001.
Other Income
Other income increased by 14.3 % from Rs. 35 mn in FY 2001 to Rs. 40 mn in FY 2002. The increase
was primarily due to certain write backs of liability towards expired gift vouchers and refund of Sales Tax.
Expenditure
Cost of Goods Sold grew only by about 6.16% relative to an 8.82% growth in sales to about Rs. 1530 mn
in FY 2002. We also did not spend as much on Selling and Distribution expenses due to a cutback on
advertising and direct marketing expenses. This led to a reduction in selling expenses by about 22% to
Rs. 149 mn in 2002.
We also made an additional write-off of Rs.4 mn related to Shoppers' Stop . Com (India) Ltd.