28W x 40H

NET SALES PAT

` 51591 Lacs ` 2786 Lacs
Up by Up by
24% 45%

The only thing that grew faster than our Profits was our Customer Loyalty
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2010
` in Lacs (Except per share data)
Particulars Standalone Consolidated
Quarter Ended Nine Months Ended Financial Quarter Ended Nine Months Ended Financial
Year Ended Year Ended
31-Dec-10 31-Dec-09 31-Dec-10 31-Dec-09 31-Mar-10 31-Dec-10 31-Dec-09 31-Dec-10 31-Dec-09 31-Mar-10
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1) Turnover
Retail Turnover
Own merchandise (including concession sales) 46,398.42 38,072.11 127,211.69 103,733.52 141,583.75 65,955.94 38,822.20 163,251.64 106,056.12 144,732.55
Consignment merchandise 5,193.11 3,637.75 12,942.65 9,445.90 13,074.07 5,193.11 3,637.75 12,942.65 9,445.90 13,074.07
51,591.53 41,709.86 140,154.34 113,179.42 154,657.82 71,149.05 42,459.95 176,194.29 115,502.02 157,806.62
Less :- Value Added Tax / Sales Tax 2,475.00 1,847.26 6,638.30 5,007.21 6,856.84 3,748.72 1,847.26 9,041.42 5,007.21 6,856.84
Cost of consignment merchandise 3,753.97 2,632.32 9,241.34 6,814.48 9,429.83 3,753.97 2,632.32 9,241.34 6,814.48 9,429.83
45,362.56 37,230.28 124,274.70 101,357.73 138,371.15 63,646.36 37,980.37 157,911.53 103,680.33 141,519.95
Revenue from Gaming Business - - - - - 317.44 189.48 885.93 567.23 740.97
Income from Operations 45,362.56 37,230.28 124,274.70 101,357.73 138,371.15 63,963.80 38,169.85 158,797.46 104,247.56 142,260.92

2) Other operating income 495.29 1,029.84 1,384.95 1,619.61 2,434.70 1,017.41 1,171.24 2,598.86 2,073.53 2,944.50
3) Total Income (1+2) 45,857.85 38,260.12 125,659.65 102,977.34 140,805.85 64,981.21 39,341.09 161,396.32 106,321.09 145,205.42
4) Total Expenditure
a) Cost of goods sold
(Increase) / Decrease in Inventories (Refer Note 4) 926.30 (205.26) (994.09) (766.67) (491.22) (1,449.75) 123.26 (10,297.20) (404.25) (91.63)
Purchases of Traded Goods 27,419.92 22,972.18 80,227.77 65,021.67 89,487.45 44,200.29 22,928.16 116,105.57 65,442.69 90,311.73
28,346.22 22,766.92 79,233.68 64,255.00 88,996.23 42,750.54 23,051.42 105,808.37 65,038.44 90,220.10
b) Employees Cost 2,521.27 2,044.60 7,322.66 5,877.38 8,758.55 3,998.25 2,157.32 10,140.11 6,201.58 9,198.14
c) Lease Rent and Hire Charges 3,917.72 3,520.57 11,331.68 10,299.69 13,766.36 5,524.58 3,920.42 14,311.37 11,400.16 15,408.21
d) Other Operating and Administrative Expenses 5,921.37 5,375.73 16,298.29 13,900.04 17,933.91 8,448.57 5,789.51 21,042.98 15,178.94 19,450.43
e) Depreciation and Amortisation 879.76 1,218.20 2,246.87 2,453.05 3,102.54 1,364.20 1,539.39 3,291.09 3,110.72 3,807.09
41,586.34 34,926.02 116,433.18 96,785.16 132,557.59 62,086.14 36,458.06 154,593.92 100,929.84 138,083.97
5) Profit from operations before Other Income, Interest and Tax (3-4) 4,271.51 3,334.10 9,226.47 6,192.18 8,248.26 2,895.07 2,883.03 6,802.40 5,391.25 7,121.45
6) Other Income 216.56 126.31 377.97 235.59 375.40 6.73 191.88 239.89 426.96 637.55
7) Interest and Finance Cost 247.77 569.78 1,140.72 1,771.78 2,244.35 678.83 623.55 2,099.04 1,979.29 2,543.28
8) Profit after Interest but before Exceptional Items (5+6-7) 4,240.30 2,890.63 8,463.72 4,655.99 6,379.31 2,222.97 2,451.36 4,943.25 3,838.92 5,215.72
9) Exceptional Items - Recovery of Loans and advances
from Gateway Multichannel Retail (India) Limited - (98.81) (5.10) (187.72) (187.72) - - - - -
10) Profit from ordinary activities before tax (8-9) 4,240.30 2,989.44 8,468.82 4,843.71 6,567.03 2,222.97 2,451.36 4,943.25 3,838.92 5,215.72
11) Tax expense 1,453.99 1,068.00 2,943.00 1,463.77 1,543.98 1,464.69 1,091.43 3,006.14 1,518.04 1,635.45
12) Net Profit from ordinary activities after tax (10-11) 2,786.31 1,921.44 5,525.82 3,379.94 5,023.05 758.28 1,359.93 1,937.11 2,320.88 3,580.27
13) Minority Interest (Share of (Profits) / Losses) - - - - - 896.02 1.10 1,610.65 9.58 7.74
14) Net Profit after tax (12+13) 2,786.31 1,921.44 5,525.82 3,379.94 5,023.05 1,654.30 1,361.03 3,547.76 2,330.46 3,588.01
15) Paid-up equity share capital
(Face value of Rs.10/- Per Share - Also Refer Note 5) 4,106.88 3,487.07 4,106.88 3,487.07 3,491.43 4,106.88 3,487.07 4,106.88 3,487.07 3,491.43
16) Reserves(Excluding Revaluation Reserve) 24,325.99 21,556.14
17) Earnings per share (In Rs.) (not annualised - Refer Note 5)
- Basic 3.40 2.53 7.09 4.45 6.61 2.02 1.79 4.55 3.07 4.72
- Diluted 3.37 2.51 7.01 4.42 6.55 2.00 1.78 4.50 3.04 4.68
18) Public Shareholding
- Number of Shares 13,053,927 10,979,579 13,053,927 10,979,579 10,993,160 13,053,927 10,979,579 13,053,927 10,979,579 10,993,160
- Percentage of shareholding 31.79 31.49 31.79 31.49 31.49 31.79 31.49 31.79 31.49 31.49
19) Promoters and promoter group Shareholding
a) Pledged / Encumbered
- Number of shares 7,597,752 7,597,752 7,597,752 7,597,752 7,597,752 7,597,752 7,597,752 7,597,752 7,597,752 7,597,752
- Percentage of shares
(as a % of the total shareholding of promoter and promoter group) 27.12 31.80 27.12 31.80 31.76 27.12 31.80 27.12 31.80 31.76
- Percentage of shares (as a % of the total share capital of the company) 18.50 21.79 18.50 21.79 21.76 18.50 21.79 18.50 21.79 21.76
b) Non-encumbered
- Number of Shares 20,417,085 16,293,218 20,417,085 16,293,218 16,323,432 20,417,085 16,293,218 20,417,085 16,293,218 16,323,432
- Percentage of shares
(as a % of the total shareholding of promoter and promoter group) 72.88 68.20 72.88 68.20 68.24 72.88 68.20 72.88 68.20 68.24
- Percentage of shares (as a % of the total share capital of the company) 49.71 46.72 49.71 46.72 46.75 49.71 46.72 49.71 46.72 46.75

Segment information-Consolidated Information about primary business segments:

Quarter Ended December ‘10 Quarter Ended December ‘09 Nine Months Ended December ‘10 Nine Months Ended December ‘09 Financial Year Ended 31 March 2010
Particulars Retail Others Total Retail Others Total Retail Others Total Retail Others Total Retail Others Total
Operations Operations Operations Operations Operations
Segment Revenue 64,663.77 317.44 64,981.21 39,151.61 189.48 39,341.09 160,510.39 885.93 161,396.31 105,753.86 567.23 106,321.09 144,464.45 740.97 145,205.42
Segment Results 2,949.63 (54.56) 2,895.07 2,893.42 (10.39) 2,883.03 6,970.81 (168.41) 6,802.40 5,421.99 (30.74) 5,391.25 7,216.37 (94.92) 7,121.45
Interest Income 6.47 0.26 6.73 191.88 - 191.88 238.51 1.38 239.89 426.96 - 426.96 637.20 0.35 637.55
Interest and Finance Cost (662.42) (16.41) (678.83) (607.36) (16.19) (623.55) (2,042.61) (56.43) (2,099.04) (1,933.41) (45.88) (1,979.29) (2,478.08) (65.20) (2,543.28)
Net Profit from ordinary activities 2,222.97 2,451.36 4,943.25 3,838.92 5,215.72
before minority interest and tax
Capital employed 49,862.54 195.59 50,058.13 27,127.69 267.69 27,395.38 49,862.54 195.59 50,058.13 27,127.69 267.69 27,395.38 27,851.94 267.44 28,119.38

Notes to results:
1. The Consolidated Financial results comprise the results of Shoppers Stop Limited and its subsidiaries namely Hypercity Retail (India) Limited (w.e.f. 30 June 2010),Crossword Bookstores Limited, Upasna Trading Limited,Shopper’s Stop. Com (India)
Limited,Shopper’s Stop Services (India) Limited and Gateway Multichannel Retail (India) Limited which are consolidated in accordance with Accounting Standard 21 on Consolidation of Financial Statements, the Company's proportionate share in the
results of both Timezone Entertainment Private Limited and Nuance Group (India) Private Limited which are consolidated in accordance with Accounting Standard 27 on Financial Reporting of Interests in Joint Ventures.
2. The Company (stand alone) is primarily engaged in the business of retail trade through retail and departmental store facilities, which constitute a single reportable segment.
3. During the quarter, the Company has simultaneously allotted 20,00,000 equity shares to Qualified Institutional Buyers (QIBs) and 40,00,000 equity shares to Promoters pursuant to the conversion of optionally convertible warrants aggregating to
Rs.12,980 lacs and Rs.9,215 lacs (balance amount) respectively.
4. On account of termination of the franchisee agreement with Crossword Bookstores Ltd (CBL), a wholly owned subsidiary of the Company, the operations of “Crossword"" have been handed over to CBL with effect from October 1, 2010 at book values.
(Increase)/ decrease in inventories includes transfer of inventory to CBL aggregating to Rs 2,345.11 lacs as on October 1,2010.Accordingly, the results for the prior periods/year are not comparable with those of the current periods/year.
5. The Board of Directors and shareholders of the Company at their meetings held on October 29, 2010 and December 23, 2010 respectively had approved sub division of equity share of Rs.10/- each into two equity shares of Rs. 5/- each. The Company has
fixed January 13, 2011 as the Record Date, for the said sub division and as on date, the equity shares of the company are sub divided. Accordingly, the basic and diluted EPS for the current and prior periods/year have been reworked to give the effect of the
said subdivision in accordance with Accounting Standard 20 on Earnings Per Share.
6. Three investor complaints were received and disposed off during the quarter. There were no complaints pending at the beginning of the quarter.
7. Figures of the previous period/year have been regrouped / reclassified where necessary.
8. The standalone and consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on January 24, 2011. The auditors of the Company have carried out a limited review
of the above standalone financial results for the quarter and nine months ended December 31,2010 in compliance with Clause 41 of the listing agreement.
9. Disclosure in terms of clause 43 of the Listing Agreement : The funds raised by way of preferential issue of shares to the Promoters have been used in accordance with the object as stated in the explanatory statement to the Notice of the preferential issue.

By order of the Board of Directors

For Shoppers Stop Limited

Place: Mumbai Govind S Shrikhande

Date : 24 January, 2011 Customer Care Associate & Managing Director

Regd. Off.: “Eureka Towers”, 9th Floor, B Wing, Mindspace, Link Road, Malad (West), Mumbai 400 064. Tel: (+91 22) 42497000 ; Fax: (+91 22) 28808877, Website : www.shoppersstop.com. E-mail : investor@shoppersstop.co.in

WE THANK ALL OUR CUSTOMERS, ASSOCIATES & PARTNERS FOR THEIR CONSTANT SUPPORT
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