24SEVEN’s gross sales have dropped by 13.5 percent to Rs 355 crore in the pandemic-hit FY21. The retail store chain has also put its store expansion plan on hold currently.
24SEVEN has reduced operating costs and brought in more operating efficiency in the pandemic-hit year.
KK Modi Group venture Godfrey Phillips India, which owns 24SEVEN, was operating a total number 93 of 24SEVEN stores spread across Delhi-NCR and Chandigarh, as of March 31, 2021.
RA Shah, Chairman of Godfrey Phillips India, said, "During FY21, gross sales value dropped 13 percent to Rs 355 crore, from Rs 410 crore during the previous year, owing to reduced operating days and restricted operating hours."
Bina Modi, Managing Director, Godfrey Phillips, stated, "Our store expansion plans are currently on hold and we continue to implement a cost rationalization program to further improve store-level profitability in the near term."
"During the lockdown, 24SEVEN stores serviced the consumers by providing essential products by ensuring minimum personal contact at the point of sale. The company's 24SEVEN retail business will continue to focus on meeting customer needs while delivering greater convenience, value, and quality," she further added.