Shoppers Stop Limited recently posted a consolidated net loss of Rs. 98 crore (US $ 13.3 million) for the second quarter ended September 2020.
In comparison, the company had reported a net loss of Rs. 8 crore in the corresponding quarter of the previous year.
So far as India’s oldest department store chain’s revenue in this quarter is concerned, it fell 66 per cent to Rs. 297 crore, while it stood at an impressive Rs. 866 crore in the same quarter of the last fiscal year.
Quite clearly, the COVID-19 pandemic and subsequent lockdowns – responsible for creating disruptions across the country – are to be blamed for the current negative figures reported by Shoppers Stop.
However, BS Nagesh, Non-Executive Chairman of the company, is hopeful of recovering from the losses in the third quarter.
“Within the operative constraints, our company has performed better than expectations in all KPIs. Overall, easing of lockdown and festive season ahead, we expect better footfall, sales and performance in Q3,” he commented.
He further highlighted that their progress in e-commerce has indeed helped the company pick up the pace, “Our e-commerce sales grew by 50 per cent year-on-year, contributing to 7.8 per cent of the total revenue. We continue our journey to make Shoppers Stop a truly omnichannel organisation,” he added.
The company recently announced the appointment of Venu Nair as its MD and CEO, effective 6 November 2020.