Shoppers Stop reports Q2 net loss of Rs 4 crore
Retail chain Shoppers Stop Ltd narrowed its net loss to Rs 4 crore ($534,759) for the September quarter, as against a net loss of Rs 98 crore it had reported in the corresponding period last year.
The company’s revenue during the quarter rose to Rs 642 crore, as against Rs 297 crore it had reported in the year-ago period.
Shoppers Stop total expenses were up 45 percent during the quarter to Rs 714 crore, as against Rs 492 crore it reported in the July-September quarter last year.
Commenting on the Q2 results, Venu Nair, managing director and CEO of Shoppers Stop, in a statement 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.”
“Our performance has been very good across all segments, with omni, private and beauty (categories) outperforming. We have witnessed a strong volume growth of 59 percent (overall value growth of 90 percent), primarily led by apparel,” 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 current fiscal year.
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