Leading apparel retailer Shoppers Stop’s net loss widened during the third quarter (October to December) of the current fiscal and reached Rs. 25.11 crore. A year ago during the same period, the company incurred a loss of Rs. 6,521 crore.
As per the regulatory filing by the company, its total income of the company declined by 27.2 per cent to Rs. 746.45 crore during the period under review as against Rs. 1,025.53 crore in the corresponding quarter of the previous fiscal.
At the same time, its total expenses were down by 19.2 per cent as the expenses in Q3 of the current financial year were Rs. 778.78 crore compared to Rs. 963.90 crore during the same period of last fiscal.
“Business recovery during the festival period has been encouraging. The festive period helped footfall into stores and also generated higher digital sales,” Venu Nair, MD and CEO of the company commented.
He further added that the digital initiatives by the company such as white-glove services (video assisted initiative), yellow messenger services (chat enabled) and appointment services (through website and app) have engaged customers to a new level and contributed to the growth during Q3.
Owned by K. Raheja Corp., Shoppers Stop is one of the largest chains of department stores in India, and it has spread across 85 department stores in 47 cities.
