The brand had witnessed a net loss of Rs 97.70 crore in the July-September period a year ago
Indian retail chain Shoppers Stop has claimed to narrow its consolidated net loss to Rs 3.68 crore for the September quarter, which is said to be facilitated by a comeback in sales. The brand 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 were at Rs 714.25 crore, up 45.06 percent from Rs 492.36 crore earlier.
Venu Nair, MD and CEO, Shoppers Stop said, "The demand postponement triggered by the second wave of the pandemic witnessed a strong comeback in Q2. While July was muted with multiple lockdowns and Maharashtra completely closed, August and September witnessed a sharp recovery. Our sales more than doubled and EBITDA quadrupled against last year."
Moreover, the festive sales have been extremely reassuring, Nair 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. Omni Channel contribution sustained at 8 percent, despite stores opening in Q2, the company claimed.
"This reflects the strong trust amongst digitally savvy young customers with Shoppers Stop. Our investments continue to be higher on Omni-front, as we believe it enhances availability, drives sales and traffic, and integrates digital touchpoints. Our performance has been very good across all segments, with omni, private and beauty outperforming. We have witnessed a strong volume growth of 59 percent (overall value growth of 90 percent), primarily led by apparel," Nair further added.
Shares of Shoppers Stop on Wednesday settled at Rs 280.55 on BSE, down 0.76 percent from the previous close.