Shoppers Stop reports Q2 net loss of Rs 98 crore
Shoppers Stop reported a consolidated net loss of Rs 98 crore ($13.3 million) for the second quarter ended September 2020, as against a net loss of Rs 8 crore it had posted in the corresponding quarter last year.
The company’s revenue for the quarter was down 66 percent to Rs 297 crore, as against Rs 866 crore in Q2 of the last fiscal year.
Shoppers Stop said that the performance of the company was impacted, due to the Covid-19 disruptions and intermittent lockdowns across the country.
Commenting on the Q2 results, B S Nagesh non-executive chairman of Shoppers Stop, in a statement said: "Within the operative constraints, our company has performed better than expectations in all KPI's. Overall, easing of lockdown and festive season ahead, we expect better footfall, sales, and performance in Q3.
"The silver lining in these dark clouds is our progress in e-commerce. Our journey for a complete digital transformation and strengthening our omni business continues. Our e-commerce sales grew by 50% year or year, contributing to 7.8% of the total revenue. We continue our journey to make Shoppers Stop a truly omnichannel organization,” he added.
Shoppers Stop is the nation's leading premier retailer of fashion and beauty brands established in 1991 with 89 department stores in 44 cities.
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