Shoppers Stop net loss widens to Rs 25 crore in December quarter
Shoppers Stop Ltd reported widening of its consolidated net loss to Rs 25 crore ($3.5 million) for the third quarter ended December 31, 2020, as against a net loss of Rs 7 crore it had posted in the corresponding period last year.
The company’s total income for the quarter declined 27 percent to Rs 746 crore, as against Rs 1,025 crore it had reported in the October-December quarter last fiscal.
Shoppers Stop’s expenses during the quarter under review was down 19 percent to Rs 779 crore, as against Rs 964 crore in the year-ago period.
Commenting on the third-quarter results, Shoppers Stop managing director and CEO, Venu Nair, in a statement said: “Business recovery during the festival period has been encouraging. The festive period helped footfall into stores and generated higher digital sales."
“Its digital initiatives such as white-glove services (video-assisted initiative), yellow messenger services (chat enabled) and appointment services (through website and app) have engaged customers to a new level and contributed to our growth in the third quarter,” he added.
Shoppers Stop is the nation's leading premier retailer of fashion and beauty brands established in 1991, with around 89 department stores in 44 cities.
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