Shoppers Stop reports Q4 net loss of Rs 24 crore
Retail chain Shoppers Stop Ltd reported a consolidated net loss of Rs 24 crore ($3.4 million) for the fourth quarter ended March 2021, as against a net loss of Rs 127 crore it had reported in the year-ago period.
The company’s revenue for the quarter declined by 4 percent to Rs 705 crore, as against Rs 732 crore in the corresponding quarter of the previous fiscal.
For fiscal 2020-21, the firm's net loss widened to Rs 267 crore, as compared to a net loss of Rs 142 crore in the previous fiscal while its revenue declined 44 percent to Rs 1,973 crore from last year’s Rs 3,498.
“Business recovery till mid-March had been very encouraging. However, with the surge in Covid cases, we witnessed a decline in footfall resulting in a drop in our revenue," Shoppers Stop managing director and CEO, Venu Nair, said in a statement.
“We expect the business to remain resilient amidst uncertainty in the near term and see through the current health crisis. Over the medium term, the company will continue to prioritise maintaining volume-driven growth momentum, expanding inorganically and continue to sustain costs to grow the overall profitability,” 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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