Evaluation of a Company’s Performance by using Common-Size Statements-An Application (A Case Study)

Dr. Vikas Garg¹, Mr. Shiv Ranjan², Dr. Shalini Srivastav³

^1,2,3Assistant Professor,Amity Business school,Amity University, Greater Noida

*Corresponding Author E-mail:vgarg@gn.amity.edu, sranjan@gn.amity.edu, ssrivastav@gn.amity.edu

ABSTRACT:

Today people are embracing and enjoying the benefits and facilities of e- retailing to the maximum. Majorly the popular portals like Shoppers Stop and Amazon are spreading the awareness all over the world and helping and encouraging people to understand the usage of online portals which is subsequently helping them to convert from offline shopping to online shopping.

This case provides a comparative study of Amazon and Shoppers Stop which helps students to have a better understanding and enhance the knowledge about online shopping resulting in enriching the customer needs and requirements .It also examines the impact of competition on Amazon India and its comparison with Shoppers Stop .Since, these two companies varies in size and also in terms of growth students will require to use common size financial statements.

KEY WORDS:Common size financial statements, Amazon, Shoppers stop, online shopping, e-retailing.

INTRODUCTION:

It was a Thursday Afternoon, and at Angel Investment ltd, a group of analysts was working on alarming updates about online shopping who is looking and evaluating the current sharp decline in Amazon Seller services.The main India unit of Amazon saw its losses to more than double to Rs.3,572cr in the financial year 2016.The increase in losses from Rs.1,723 in the previous  financial year indicates that Amazon Seller services lost about Rs.300 crore per month during the last financial year.

Mr. Advik, the chief analyst in the company asked the analysts to prepare a report on the competition in the industry and to calculate the possible effect of this competition on the Amazon India.

Joe, a graduate from IIM Ahmadabad, was selected to lead the team. He was willing to start working on the task immediately. His objective was to present the report possibly by next week at the weekly departmental meeting. “Mr.Advik will not wait for too long or this report, so in that case we need to hurry up guys”.

“Fine, in that case we all can start now and then try to complete it by Monday, by working during the weekend, Bani said.” We can start today and then tomorrow we walk through on the online Amazon portal.”  Said Sid.

“O.K.then, that’s the plan” Joe responds. “Mr.Advik wants us to find out the main competition for Amazon India ltd, but in order to generate that report we need to study the online competition of Amazon India with Shopper stop. For doing so, we need to do comparative analysis of Amazon India with Shopper stop”.Bani checked a file in the middle of the table, “Here are the financial statements of both the online companies for year 2013, 2014, 2015, 2016 (see exhibits 1- 4).

“Amazon profit is much higher than Shoppers stop so as per the statistics Amazon was doing much better, I guess, with respect to profitability”, Bani said.

We just cannot compare these companies on the basis of their numbers .Amazon is a much bigger online company then Shoppers stop , so we need to use common–size statements to compare them ” Joe responded. “Yeah, I know common size statements. We learned about them in our Finance class, but it was few years back, so I need to brush on my concepts. ”said Sid.

Competition:

Amazon is majorly known for its major quarterly profit in the second fiscal year of 2016 which created a history as the best ever earnings in the history of the company. It online retail growth is one of the major vision of its founder Mr. Jeff Bezos.Many of the company’s business ,mainly in the areas of Cloud Computing has enhanced Amazon to reach great heights in this quarter. On the other hand Shoppers Stop, also one of India largest e-commerce player reported a loss of Rs.1555.91 crore in year ended March 31^st, 2016.The CEO of Jabongsaid , “ In the last couple of quarters, all the online retailers are focusing on  lowering the discount levels as the investors are asking to earn profits and turn their business profitable .In Jan- march ,we have reduced the discount levels to10 % - 15% and in the month of October – November it reduced to 6%. “Women clothing and footwear categories discount levels have reduced sharply”, said Nitin Agarwal, AVP, marketing, Shopclues.Xerion retail, which runs Jabong declared a loss of 46.3 crore on sales of Rs.1,082.9 crore.

Anurag Mathur, PWC stated that the discount levels have declined and all big players including Flipkart and Amazon have reduced discounts.

Flipkart, Amazon and Shoppers Stop, all of them have increased their investments or of approximately $1 Billion or more. This money is being used to acquire new customers, offer discounts and pump up all the products which they need to offer. While we are all aware that these companies are earning losses, and still trying to strive and maintain a respectable position in the market.

Questions:

1. Do you think Shopper stop can continue to be successful with coming days of competition to come from Amazon? Explain your answer.

2. Elaborate on whether e –retailing can beat the intellect of two online companies from the competitive market?

3. If you are a consultant then what do you suggest to both companies to be successful in E-retailing.

The following financial statements are giving a detailed picture about the position of Amazon and Shoppers Stop.

AMAZON.COM, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

Year Ended December 31,

2013 2012 2011

Net income (loss) $ 274 $ (39) $ 631

Other comprehensive income (loss):

Foreign currency translation adjustments, net of tax of $(20), $(30),
and $20	63	76	(123)
Net change in unrealized gains on available-for-sale securities:
Unrealized gains (losses), net of tax of $3, $(3), and $1	(10)	8	(1)
Reclassification adjustment for losses (gains) included in “Other
income (expense), net,” net of tax of $(1), $3, and $1	1	(7)	(2)
Net unrealized gains (losses) on available-for-sale securities
	(9)	1	(3)
Total other comprehensive income (loss)	54	77	(126)
Comprehensive income	$ 328	$ 38	$ 505

See accompanying notes to consolidated financial statements.

AMAZON.COM, INC.

CONSOLIDATED BALANCE SHEETS

(in millions, except per share data)

December 31,

2013 2012

ASSETS Current assets: Cash and cash equivalents	$ 8,658	$ 8,084
Marketable securities	3,789	3,364
Inventories	7,411	6,031
Accounts receivable, net and other	4,767	3,817
Total current assets	24,625	21,296
Property and equipment, net	10,949	7,060
Goodwill	2,655	2,552
Other assets	1,930	1,647
Total assets	$ 40,159	$ 32,555
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:
Accounts payable	$ 15,133	$ 13,318
Accrued expenses and other	6,688	4,892
Unearned revenue	1,159	792
Total current liabilities	22,980	19,002
Long-term debt	3,191	3,084
Other long-term liabilities Commitments and contingencies	4,242	2,277
Stockholders’ equity:

Preferred stock, $0.01 par value: Authorized shares — 500

Issued and outstanding shares — none — —

Common stock, $0.01 par value:

Authorized shares — 5,000
Issued shares — 483 and 478
Outstanding shares — 459 and 454	5	5
Treasury stock, at cost	(1,837)	(1,837)
Additional paid-in capital	9,573	8,347
Accumulated other comprehensive loss	(185)	(239)
Retained earnings	2,190	1,916
Total stockholders’ equity	9,746	8,192
Total liabilities and stockholders’ equity	$ 40,159	$ 32,555

See accompanying notes to consolidated financial statements.

AMAZON.COM, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

Year Ended December 31,

2014 2013 2012

Net income (loss) $ (241) $ 274 $ (39)

Other comprehensive income (loss):

Foreign currency translation adjustments, net of tax of $(3), $(20), and
$(30)	(325)	63	76
Net change in unrealized gains on available-for-sale securities:
Unrealized gains (losses), net of tax of $1, $3, and $(3)	2	(10)	8
Reclassification adjustment for losses (gains) included in “Other
income (expense), net,” net of tax of $(1), $(1), and $3	(3)	1	(7)
Net unrealized gains (losses) on available-for-sale securities	(1)	(9)	1
Total other comprehensive income (loss)	(326)	54	77
Comprehensive income (loss)	$ (567) $	328 $	38

See accompanying notes to consolidated financial statements.

AMAZON.COM, INC.

CONSOLIDATED BALANCE SHEETS

(in millions, except per share data)

December 31,

2014 2013

ASSETS Current assets: Cash and cash equivalents	$ 14,557	$ 8,658
Marketable securities	2,859	3,789
Inventories	8,299	7,411
Accounts receivable, net and other	5,612	4,767
Total current assets	31,327	24,625
Property and equipment, net	16,967	10,949
Goodwill	3,319	2,655
Other assets	2,892	1,930
Total assets	$ 54,505	$ 40,159
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:
Accounts payable	$ 16,459	$ 15,133
Accrued expenses and other	9,807	6,688
Unearned revenue	1,823	1,159
Total current liabilities	28,089	22,980
Long-term debt	8,265	3,191
Other long-term liabilities Commitments and contingencies (Note 8)	7,410	4,242
Stockholders’ equity:

Preferred stock, $0.01 par value: Authorized shares — 500

Issued and outstanding shares — none — —

Common stock, $0.01 par value:

Authorized shares — 5,000
Issued shares — 488 and 483
Outstanding shares — 465 and 459	5	5
Treasury stock, at cost	(1,837)	(1,837)
Additional paid-in capital	11,135	9,573
Accumulated other comprehensive loss	(511)	(185)
Retained earnings	1,949	2,190
Total stockholders’ equity	10,741	9,746
Total liabilities and stockholders’ equity	$ 54,505	$ 40,159

See accompanying notes to consolidated financial statements.

AMAZON.COM, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions)

			Year Ended December 31,
	2015				2014		2013
Net income (loss)
		$	596	$	(241)	$	274
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $10, $(3), and
$(20)			(210)		(325)		63
Net change in unrealized gains (losses) on available-for-sale securities:
Unrealized gains (losses), net of tax of $(5), $1, and $3			(7)		2		(10)
Reclassification adjustment for losses (gains) included in “Other
income (expense), net,” net of tax of $0, $(1), and $(1)			5		(3)		1
Net unrealized gains (losses) on available-for-sale securities
			(2)		(1)		(9)
Total other comprehensive income (loss)
			(212)		(326)		54
Comprehensive income (loss)
		$	384	$	(567)	$	328

See accompanying notes to consolidated financial statements.

AMAZON.COM, INC.

CONSOLIDATED BALANCE SHEETS (in millions, except per share data)

			December 31,
			2015			2014
ASSETS
Current assets:
Cash and cash equivalents	$		15,890	$		14,557
Marketable securities			3,918			2,859
Inventories			10,243			8,299
Accounts receivable, net and other			6,423			5,612
Total current assets
			36,474			31,327
Property and equipment, net			21,838			16,967
Goodwill			3,759			3,319
Other assets			3,373			2,892
Total assets
		$	65,444		$	54,505
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$		20,397	$		16,459
Accrued expenses and other			10,384			9,807
Unearned revenue			3,118			1,823
Total current liabilities
			33,899			28,089
Long-term debt			8,235			8,265
Other long-term liabilities			9,926			7,410
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.01 par value:
Authorized shares — 500
Issued and outstanding shares — none			—			—
Common stock, $0.01 par value:
Authorized shares — 5,000
Issued shares — 494 and 488
Outstanding shares — 471 and 465			5			5
Treasury stock, at cost			(1,837)			(1,837)
Additional paid-in capital			13,394			11,135
Accumulated other comprehensive loss			(723)			(511)
Retained earnings			2,545			1,949
Total stockholders’ equity
			13,384			10,741
Total liabilities and stockholders’ equity
		$	65,444		$	54,505

See accompanying notes to consolidated financial statements.

AMAZON.COM, INC.

CONSOLIDATED BALANCE SHEETS (in millions, except per share data)

			December 31,
			2015			2016
ASSETS
Current assets:
Cash and cash equivalents	$		15,890	$		19,334
Marketable securities			3,918			6,647
Inventories			10,243			11,461
Accounts receivable, net and other			5,654			8,339
Total current assets
			35,705			45,781
Property and equipment, net			21,838			29,114
Goodwill			3,759			3,784
Other assets			3,445			4,723
Total assets
		$	64,747		$	83,402
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$		20,397	$		25,309
Accrued expenses and other			10,372			13,739
Unearned revenue			3,118			4,768
Total current liabilities
			33,887			43,816
Long-term debt			8,227			7,694
Other long-term liabilities			9,249			12,607
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.01 par value:
Authorized shares — 500
Issued and outstanding shares — none			—			—
Common stock, $0.01 par value:
Authorized shares — 5,000
Issued shares — 494 and 500
Outstanding shares — 471 and 477			5			5
Treasury stock, at cost			(1,837)			(1,837)
Additional paid-in capital			13,394			17,186
Accumulated other comprehensive loss			(723)			(985)
Retained earnings			2,545			4,916
Total stockholders’ equity
			13,384			19,285
Total liabilities and stockholders’ equity		$	64,747		$	83,402

See accompanying notes to consolidated financial statements.

Balance Sheet as at 31 March 2013			Shoppers Stop Ltd.
		(All amounts in lacs)
	Notes	Mar-13		Mar-12
EQUITY AND LIABILITIES
SHAREHOLDERS’ FUNDS
Share capital	3	4,148.98	4,128.11
Reserves and surplus	4	65,233.22	61,721.66
		69,382.20	65,849.77
NON CURRENT LIABILITIES
Long-term borrowings	5	11,250.00	3,500.00
Deferred tax liabilities (net)	6	625.43		23.48
		11,875.43	3,523.48
CURRENT LIABILITIES
Short-term borrowings	7	19,433.71	18,406.87
Trade payables	8	28,467.66	23,607.54
Other current liabilities	9	13,609.86	14,234.41
Short-term provisions	10	1,028.07	928.08
		62,539.30	57,176.90
		143,796.93	126,550.15
ASSETS
NON CURRENT ASSETS
Fixed assets
Tangible assets	11	44,298.28	40,618.34
Intangible assets	11	1,293.32	1,063.34
Capital work in progress		2,744.86	2,977.07
		48,336.46	44,658.75
Non-current investments	12	33,094.74	28,421.29
Long-term loans and advances	13	27,540.34	25,028.65
Other non-current assets	14	790.45			—
		109,761.99	98,108.69
CURRENT ASSETS
Inventories	15	24,382.49	21,204.01
Trade Receivables	16	2,036.36	1,916.92
Cash and cash equivalents	17	1,172.13	714.62
Short-term Loans and advances	18	5,857.36	3,892.48
Other current assets	19	586.60	713.43
		34,034.94	28,441.46
		143,796.93	126,550.15

.

Statement of Profit and Loss
				Shoppers Stop Ltd.
for the year ended 31 March 2013
			(All amounts in lacs)
	Notes	Mar-13			Mar-12
INCOME
Revenue from operations	20	225,588.92		192,970.51
Other income	21	1,721.47		1,868.76
Total revenue		227,310.39		194,839.27
EXPENSES
Purchase of stock-in-trade	22	143,936.81		127,093.82
		(3,178.48)		(6,090.35)
Employee benefits expense	24	16,106.41		12,764.04
Finance costs	25	3,188.14		2,503.60
Depreciation and amortisation expense	11	5,074.71		3,772.24
Other expenses	26	56,083.11		45,015.22
Total expenses
		221,210.70			185,058.56
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX		6,099.69		9,780.70
Exceptional Item (Note 40)		74.06			—
PROFIT BEFORE TAX		6,025.63		9,780.70
Tax expense	27	2,108.78		3,354.78
PROFIT FOR THE YEAR		3,916.85		6,425.92
EARNINGS PER EQUITY SHARE
Equity shares of face value ` 5 each	28
Basic (`)		4.73		7.80
Diluted (`)		4.71		7.75

Balance Sheet as at 31 March 2014			Shoppers Stop Ltd.
		(All amounts in lacs)
	Notes	Mar-14		Mar-13
EQUITY AND LIABILITIES
SHAREHOLDERS’ FUNDS
Share capital	3	4,160.79	4,148.98
Reserves and surplus	4	68,706.47	65,233.22
		72,867.26	69,382.20
NON-CURRENT LIABILITIES
Long-term borrowings	5	19,983.33	11,250.00
Deferred tax liabilities (net)	6	996.19	625.43
		20,979.52		11,875.43
CURRENT LIABILITIES
Short-term borrowings	7	17,480.71	19,433.71
Trade payables	8	30,969.50	28,174.92
Other current liabilities	9	22,521.30	13,609.86
Short-term provisions	10	1,066.26	1,028.07
		72,037.77	62,246.56
		165,884.55	143,504.19
ASSETS
NON-CURRENT ASSETS
Fixed assets
Tangible assets	11	52,679.08	44,298.28
Intangible assets	11	2,223.70	1,293.32
Capital work in progress		3,187.17	2,744.86
		58,089.95	48,336.46
Non-current investments	12	38,759.92	33,094.74
Long-term loans and advances	13	30,119.38	27,540.34
Other non-current assets	14	—	790.45
		126,969.25	109,761.99
CURRENT ASSETS
Inventories	15	29,553.57	24,382.49
Trade Receivables	16	2,600.30	2,036.36
Cash and cash equivalents	17	873.40	1,172.13
Short-term Loans and advances	18	4,397.49	4,702.71
Other current assets	19	1,490.54	1,448.51
		38,915.30	33,742.20
		165,884.55	143,504.19

Statement of Profit and Loss
				Shoppers Stop Ltd.
for the year ended 31 March 2014
			(All amounts in lacs)
	Notes	Mar-14			Mar-13
INCOME
Revenue from operations	20	271,357.32		225,422.36
Other income	21	1,338.88		1,721.47
Total revenue		272,696.20		227,143.83
EXPENSES
Purchase of Stock-in-Trade	22	174,215.93		143,770.25
Changes in Inventories of Stock-in-Trade – (increase)	23	(5,171.08)		(3,178.48)
Employee benefits expense	24	20,444.50		16,106.41
Finance costs	25	4,189.10		3,188.14
Depreciation and amortisation expense	11	6,177.89		5,074.71
Other expenses	26	66,501.92		56,083.11
Total expenses
		266,358.26			221,044.14
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX		6,337.94		6,099.69
Exceptional Item (Note 40)		67.40			74.06
PROFIT BEFORE TAX		6,270.54		6,025.63
Tax expense	27	2,570.07		2,108.78
PROFIT FOR THE YEAR		3,700.47		3,916.85
EARNINGS PER EQUITY SHARE
Equity shares of face value ` 5 each	28
Basic (`)		4.46		4.73
Diluted (`)		4.45		4.71

Balance Sheet as at 31 March 2015			Shoppers Stop Ltd.
		(All amounts in lacs)
	Notes	Mar-15		Mar-14
EQUITY AND LIABILITIES
SHAREHOLDERS’ FUNDS
Share capital	3	4,168.39	4,160.79
Reserves and surplus	4	72,360.41	68,706.47
		76,528.80		72,867.26
NON-CURRENT LIABILITIES
Long-term borrowings	5	22,535.71	19,983.33
Deferred tax liabilities (net)	6	955.75	996.19
		23,491.46		20,979.52
CURRENT LIABILITIES
Short-term borrowings	7	23,255.26	17,480.71
Trade payables	8	33,135.40	30,969.50
Other current liabilities	9	21,443.70	22,521.30
Short-term provisions	10	1,175.42	1,066.25
		79,009.78		72,037.76
		179,030.04	165,884.55
ASSETS
NON-CURRENT ASSETS
Fixed assets
Tangible assets	11	57,173.37	52,679.08
Intangible assets	11	2,457.76	2,223.70
Capital work-in-progress		1,424.62		3,187.17
		61,055.75	58,089.95
Non-current investments	12	40,649.47	38,759.92
Long-term loans and advances	13	34,229.16		30,119.38
		135,934.38	126,969.25
CURRENT ASSETS
Inventories	14	32,961.33	29,553.57
Trade Receivables	15	2,233.52	2,600.30
Cash and cash equivalents	16	490.47	873.40
Short-term loans and advances	17	6,255.25	4,397.49
Other current assets	18	1,155.09		1,490.54
		43,095.66		38,915.30
		179,030.04	165,884.55

Statement of Profit and Loss
					Shoppers Stop Ltd.
for the year ended 31 March 2015
				(All amounts in lacs)
	Notes	Mar-15				Mar-14
INCOME
Revenue from operations	19		304,198.80		271,357.32
Other income	20		1,765.49				1,338.88
Total revenue			305,964.29		272,696.20
EXPENDITURE
Purchase of Stock-in-Trade	21		191,051.05		174,215.93
Changes in Inventories of stock-in-trade – (increase)	22		(3,407.76)		(5,171.08)
Employee benefits expenses	23		22,703.29		20,444.50
Finance costs	24		5,122.23		4,189.10
Depreciation and amortisation expenses	11		8,580.71		6,177.89
Other expenses	25		74,958.52				66,501.92
Total expenses			299,008.04				266,358.26
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX			6,956.25		6,337.94
Exceptional Item			—				67.40
PROFIT BEFORE TAX			6,956.25		6,270.54
Tax expense	26		2,882.72		2,570.07
PROFIT FOR THE YEAR			4,073.53		3,700.47
EARNINGS PER EQUITY SHARE
Equity shares of face value ` 5 each	27
Basic (`)			4.89		4.46
Diluted (`)			4.88		4.45

Balance Sheet as at 31 March, 2016			Shoppers Stop Ltd.
		(All amounts in lacs)
EQUITY AND LIABILITIES	Notes	Mar-16		Mar-15
SHAREHOLDERS’ FUNDS
Share capital	3	4,173.10	4,168.39
Reserves and surplus	4	74,340.75	72,360.41
Money received against employee share options		28.75			–
NON-CURRENT LIABILITIES		78,542.60		76,528.80
Long-term borrowings	5	32,321.43	22,535.71
Deferred tax liabilities (net)	6	167.90	955.75
		32,489.33		23,491.46
CURRENT LIABILITIES
Short-term borrowings	7	14,448.87	23,255.26
Trade payables	8
(i) Total outstanding dues of micro enterprises and small		423.36	479.59
enterprises
(ii) Total outstanding dues of creditors other than micro enterprises		36,640.67	32,655.85
and small enterprises
Other current liabilities	9	27,804.07	21,443.70
Short-term provisions	10	468.08		1,175.42
		79,785.05	79,009.82
		190,816.98	179,030.08
ASSETS
NON-CURRENT ASSETS
Fixed assets
Tangible assets	11	58,234.18	57,173.37
Intangible assets	11	4,913.02	2,457.76
Capital work-in-progress		2,796.15		1,424.62
		65,943.35	61,055.75
Non-current investments	12	40,471.15	40,649.47
Long-term loans and advances	13	36,664.03	34,229.20
CURRENT ASSETS		143,078.53		135,934.42
Inventories	14	38,587.11	32,961.33
Trade receivables	15	2,367.30	2,233.52
Cash and cash equivalents	16	528.22	490.47
Short-term loans and advances	17	5,469.96	6,255.25
Other current assets	18	785.86	1,155.09
		47,738.45		43,095.66
		190,816.98	179,030.08

Statement of Profit and Loss
				Shoppers Stop Ltd.
for the year ended 31 March, 2016
			(All amounts in lacs)
	Notes	Mar-16			Mar-15
INCOME
Revenue from operations	19	341,320.46		304,997.66
Other income	20	2,130.37			1,765.49
Total revenue		343,450.83		306,763.15
EXPENSES
Purchase of stock-in-trade	21	218,103.27		191,051.05
Changes in Inventories of stock-in-trade – (increase)	22	(5,625.78)		(3,407.76)
Employee benefits expenses	23	24,546.04		22,703.29
Finance costs	24	5,732.91		5,122.23
Depreciation and amortisation expense	11	9,766.40		8,580.71
Other expenses	25	82,571.48			75,757.38
Total expenses		335.094.32			299,806.90
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX		8,356.51		6,956.25
Exceptional item		2,381.00			–
PROFIT BEFORE TAX		5,975.51		6,956.25
Tax expense	26	3,457.89		2,882.72
PROFIT FOR THE YEAR		2,517.62		4,073.53
EARNINGS PER EQUITY SHARE
Equity shares of face value ` 5/- each	27
Basic (`)		3.02		4.89
Diluted (`)		3.02		4.88

REFERENCES:

1. http://www.business-standard.com/article/economy-policy/flipkart-s-losses-double-to-rs-2-306-crore-in-fy16-on-hand-of-amazon-116112800242_1.html

2. http://www.financialexpress.com/photos/business-gallery/229958/ecommerce-in-india-flipkart-loss-rs-2000-cr-amazon-india-loss-rs-1723-6-cr-snapdeal-loss-rs-1328-01-cr-discounts-fall/6/

3. http://economictimes.indiatimes.com/news/international/business/australian-retailers-to-wage-war-against-amazon/articleshow/58

4. http://economictimes.indiatimes.com/shopper's-stop-ltd/stocks/companyid-2646.cms

5. http://economictimes.indiatimes.com/news/industry/services/retail/shoppers-stop-to-shut-unprofitable-outlets/articleshow/57544878.cms

6. http://economictimes.indiatimes.com/topic/Shoppers%27-Stop

7. http://phx.corporate-ir.net/phoenix.zhtml?c=97664&p=irol-reportsannual

8. https://corporate.shoppersstop.com/investors/annual-report.aspx

Received on 16.06.2017                Modified on 18.07.2017

Accepted on 15.09.2017                © A&V Publications all right reserved

Asian J. Management; 2017; 8(4):1412-1420.

DOI:  10.5958/2321-5763.2017.00216.5