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Retail chain Shoppers Stop has recorded a net profit of Rs 12.06 crore in the September quarter as against a loss of Rs 11.02 crore in the year-ago period, due to a change in its depreciation policy that came into effect at the beginning of the financial year.Govind Shrikhande, president & CEO of Shoppers Stop, said: “The net profit was due to a combination of cost reduction, maintained margins and increase in sales.” The company gained 600 basis points from various cost reductions, including pay cuts. Though it did not retrench people, it did not fill in vacancies.
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