21st October 2021, Mumbai:
Retail chain Shoppers Stop narrowed its consolidated net loss to Rs 3.68 crore for the September quarter, helped by a comeback in sales. The company had posted a net loss of Rs 97.70 crore in the July-September period a year ago.
Revenue from operations rose over two-fold to Rs 642.07 crore from Rs 296.98 crore in the corresponding quarter of the previous fiscal. Total expenses increased toRs 714.25 crore from Rs 492.36 crore earlier.
Venu Nair, Managing Director & CEO, Shoppers Stop said, while July was muted with multiple lockdowns and Maharashtra completely closed, August and September witnessed a sharp recovery. Sales more than doubled and EBITDA quadrupled against last year," he noted.
Moreover, the festive sales have been extremely reassuring, he said, adding sales recovered more than 100 percent in East, followed by North.
During the July-September quarter, sales from omnichannel grew by 103 percent. The omnichannel contribution sustained at 8 percent, despite stores opening in Q2. This reflects the strong trust amongst digitally savvy young customers with Shoppers Stop.