The June 2024 quarter saw a combined financial loss of Rs. 22.72 crore for retail chain Shoppers Stop Ltd., which was impacted by inflation, extended heat waves, and slower-than-expected consumer spending.
According to a regulatory filing by Shoppers Stop, the firm reported a consolidated net profit of Rs. 14.49 crore for the same time in the previous fiscal year.
It further stated that the combined revenue from operations for the quarter under review was Rs. 1,069.31 crore, compared to Rs. 993.61 crore for the same period last year. According to the corporation, total expenses increased to Rs. 1,104.51 crore in the first quarter from Rs. 980.92 crore in the same time the previous fiscal year.
“The industry witnessed subdued consumption due to prolonged heat waves, elections, fewer weddings and inflation. This has impacted our profits, however, we have a strong recovery plan,” Shoppers Stop Managing Director and CEO Kavindra Mishra said.
Some of the recovery plans include a continuous focus on premiumisation, investment in marketing to improve customer entry, elevating customer experience through high-end coffee shops in several stores and increase in personal shoppers, particularly during the festive season, he added.
