Shoppers Stop posts Rs 15.85 crore quarterly loss

Retail chain Shoppers Stop Ltd on Thursday reported narrowing of its consolidated net loss to Rs 15.85 crore for the fourth quarter ended March 2022.The company had posted a net loss of Rs 24.10 crore in the January-March quarter a year ago, according to a regulatory filing.Its revenue from operations was up 4.83 per cent to Rs 713.34 crore during the period under review as against Rs 680.46 crore in the corresponding quarter of the previous fiscal.Post the Omicron wave in January, the company has seen a sharp recovery in footfalls.

Retail chain Shoppers Stop Ltd on Thursday reported narrowing of its consolidated net loss to Rs 15.85 crore for the fourth quarter ended March 2022.

The company had posted a net loss of Rs 24.10 crore in the January-March quarter a year ago, according to a regulatory filing.

Its revenue from operations was up 4.83 per cent to Rs 713.34 crore during the period under review as against Rs 680.46 crore in the corresponding quarter of the previous fiscal.

''Post the Omicron wave in January, the company has seen a sharp recovery in footfalls. March revenue is up by 40 per cent over FY21,'' the filing said.

During the quarter, the Average Selling Price (ASP) and Average Transaction Value (ATV) rose 17 per cent each.

Shoppers Stop MD & CEO Venu Nair said the company ended the quarter on a satisfactory note despite Q4/FY22 getting disrupted due to the partial lockdowns caused by the Omicron wave in January. ''The underlying demand continued to be strong across all businesses with most segments posting a Y-o-Y growth over a very strong Q4 FY21 base.'' The network expansion and campaigns have continued to progress well in anticipation of an upbeat FY23 -- expected to be a normal year after a gap of two years of lockdowns, he said.

Shoppers Stop's total expenses were at Rs 782.63 crore, up 7.36 per cent in the latest fourth quarter.

For the fiscal year 2021-22, Shoppers Stop reported a net loss of Rs 47 crore. It had reported a net loss of Rs 267.16 crore in the year-ago period.

Its revenue from operations for the entire fiscal was up 44.01 per cent at Rs 2,518.75 crore.

''Shoppers Stop has witnessed a strong recovery due to easing of restrictions, the return-to-office trend and the higher customer footfalls,'' it said.

For the apparel segment, recent months have been strong and encouraging compared to the last 2-3 years and we are optimist that this growth is highly sustainable, according to the company.

While January had concerns around the Omicron variant, the company said it believes that consumers will continue to spend as normalcy returns along with ensuing wedding season that would help stabilise the demand further.

''We believe that the robustness in the consumer demand has offset rising costs, driving the margins higher. We expect to grow in line with the retail industry at a double-digit pace, this fiscal,'' it said.

Shoppers Stop operates 88 department stores in 46 cities. It also operates 11 premium home concept stores and 136 specialty beauty stores of M.A.C, Estée Lauder, Bobbi Brown, Clinique, Jo Malone, Too Faced, SS Beauty and 24 Airport doors.

Share of Shoppers Stop Ltd on Thursday settled at Rs 540.75 on BSE, up 8.39 per cent from the previous close.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)