Shoppers Stop Limited, an Indian department store chain, has posted 31.9 per cent revenue decline to ₹884.6 crore in its third quarter (Q3) FY21 that ended on December 31, 2020 compared to the revenue of ₹1,299.5 crore in the same quarter previous fiscal. Company’s EBITDA for the reported period slipped to ₹20.9 crore (Q3 FY20: ₹102.2 crore).
“Business recovery during the festival period has been encouraging. The festive period helped footfall into stores and also generated higher digital sales. Our focus on digital initiatives such as, White Glove Service, Yellow Messenger services, Appointment Services, etc has engaged customers to a new level and contributed to our growth in Q3,” Venu Nair, customer care associate, managing director & chief executive officer at Shoppers Stop Limited, said in a press release.
Company’s profit before tax reported a loss of ₹29 crore (profit: ₹71 crore). Post lockdown, Shoppers Stop experienced sequential growth month on month, accentuating its digital journey, while its omni-channel sales grew 3 times year-on-year.
“Our private brands performed better than before with 4 per cent volume growth. Our mix has increased to 13.4 per cent in Q3, with better product offerings and sharp price-points,” Nair said. “We also added loungewear, sleepwear and athleisure categories during this period, based on the changing consumer preferences.”