Even though the company posted a double-digit rise in the top line, the Avenue Supermarts’ revenue growth slowed down on a sequential basis in the Q3 of FY ’23.
According to the provisional figures shared by the retailer, its revenue rose by 25 per cent year-on-year (Y-o-Y) in the period of October-December to Rs. 11,305 crore.
In the September quarter, the company’s revenue grew 36 per cent year-on-year to Rs. 10,385 crore. The growth in the top line in the December quarter is the lowest since the March quarter of FY ’22.
The company, owned by Radhakishan Damani, operates D-Mart chain of supermarkets. As of 31st December, the total number of stores stood at 306 while the same were 302 a quarter ago. Apparel and home furnishing is an important category for the retailer.
In the last quarter, the company had said sales of discretionary items in the non-FMCG segment were recovering, but are yet to match pre-pandemic levels.
Footfalls to the stores were also low and according to Avenue, this has been due to some negative impact on the more profitable non-FMCG categories. Since the last quarter and the festive season happened at the same time, footfall should have improved.
The Street will watch out the commentary on this front, when the company announces its earnings. Avenue Supermarts is yet to disclose the date for announcing the quarterly results.
