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Shoppers Stop Q1 FY21 sales dip to ₹61 cr

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Shoppers Stop Ltd, an Indian department store chain, has reported 94.5 per cent decrease in its revenue to ₹60.7 crore in its first quarter (Q1) FY21 that ended on June 30, 2020, compared to the revenue of ₹1099.5 crore in the same period last year. Company’s EBITDA for the quarter registered a loss of ₹132.8 crore compared to earnings of ₹50.1 crore.

 

“This quarter was challenging on the business operations. Even though in some regions malls/stores opened up, it was staggered and slow,” B S Nagesh, customer care associate, non-executive chairman, Shoppers Stop Ltd, said in a press release.

 

The company stated that it is continuously engaging with first citizens on app and website to buy online and with the help of personal shoppers using endless aisle. This has helped improving first citizen mix online by 50 per cent. 

 

“Our focus is now on navigating the new normal by making the company digital, agile and resilient to all these challenges. We are strengthening our omni-channel presence and capabilities. We have initiated a digital transformation journey from mid-July with a leading international consulting company on omni to significantly improve the customer experience and thereby grow the business,” Nagesh said.

Fibre2Fashion News Desk (JL)

Shoppers Stop Ltd, an Indian department store chain, has reported 94.5 per cent decrease in its revenue to ₹60.7 crore in its first quarter (Q1) FY21 that ended on June 30, 2020, compared to the revenue of ₹1099.5 crore in the same period last year. Company’s EBITDA for the quarter registered a loss of ₹132.8 crore compared to earnings of ₹50.1 crore.



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