Subdued consumption due to prolonged heat waves, election and inflation led to a Rs 22.72 crore consolidated net loss for retail chain Shoppers Stop during the first quarter of this fiscal ended June 2024. The retailer had recorded a net profit of Rs 14.49 crore in the corresponding quarter last year.
The retail chain’s consolidated revenue from operations increased to Rs 1,069.31 crore during the quarter from to Rs 993.61 crore in the same period last year. Its total expenses rose to Rs 1,104.51 crore from Rs 980.92 crore in the previous fiscal year.
To recover from these losses, the retail company plans to enhance focus on premiumisation, increase investment in marketing and set up high-end coffee shops in stores to enhance customers’ shopping experience, says Kavindra Mishra, Managing Director, Shoppers Stop.
The retailer also plans close a few unviable stores and rationalise costs during the year, adds Mishra.
