Shoppers Stop reports Q1 net loss of Rs 105 crore
Leading fashion and beauty retail chain Shoppers Stop Ltd reported a net loss of Rs 105 crore ($14.2 million) for the first quarter ended June 2021, as against a net loss of Rs 120 crore it reported in the year-ago period.
The company’s revenue for the quarter rose by 269 percent to Rs 205 crore, as against Rs 56 crore it reported in the corresponding period of the previous fiscal year.
Commenting on the Q1 results, Venu Nair, managing director and CEO of Shoppers Stop in a statement said: “As we said before, Covid impacted most of the quarter. Customers will get back to living their normal lives and our business will bounce back strongly in the coming quarters. Post opening, we observe the recovery is encouraging.
“During the quarter, despite lockdown, our sales grew by 306 percent. I am very happy to say that our performance is significantly better in all our strategic pillars. Our omnichannel grew by 295 percent, private brands volume grew by 96 percent, beauty outperforming with and recorded highest ever mix,” he added.
Shoppers Stop is the country's leading premier retailer of fashion and beauty brands established in 1991, with around 89 department stores in 44 cities. It plans to open over 20 stores across large and small formats in the coming quarters this fiscal year.
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