Published
Jun 16, 2020
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Shoppers Stop reports Q4 loss of Rs 127 crore

Published
Jun 16, 2020

Retail chain Shoppers Stop Ltd reported a consolidated loss of Rs 127 crore ($16.8 million) for the fourth quarter ended on March 31, as against a net profit of Rs 6 crore in reported in the year-ago period.

Shoppers Stop reports Q4 loss of Rs 127 crore - Shoppers Stop - Facebook


The company’s revenue for the quarter was down 10 percent to Rs 724 crore from Rs 813 crore in the same period of 2018-19. Shoppers Stop attributed the loss and drop in revenue to the coronavirus pandemic.
 
For the fiscal year 2019-20, the company reported a consolidated net loss of Rs 142 crore, as compared to net profit of Rs 65 crore in 2018-19, while its revenue dropped to Rs 3,464 crore during the period as against Rs 3,578 crore last year.

Commenting on the results, Rajiv Suri, managing director and CEO of Shoppers Stop, in a statement said: “This year and particularly this quarter have been unprecedented due to the impact of Covid-19. The year started with an exceptional pace of expansion and growth but closed on a sombre note as the world faced a one-of- its-kind crisis in the outbreak of Covid-19.
 
"The complete lockdown in March impacted the quarter performance as the full chain of 252 stores were shut down whilst all fixed costs remained in the books. The company added 11 department stores, 22 beauty stores, and five airport stores during this year, investing Rs 212 crore from its internal accruals to set us up for exponential growth in the coming years,” Suri added.
 
Shoppers Stop is part of the K Raheja Group. It operates over 300 stores in 50 cities across India.

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