Shoppers Stop Ltd is planning to add more than 20 stores across large and small formats in FY22. The retail chain’s store expansion was deferred due to the Covid impact in FY21.
Shoppers Stop’s consolidated net loss narrowed to Rs 24.10 crore for the fourth quarter ended March 2021. The company had posted a net loss of Rs 127.22 crore in the January-March quarter a year ago.
The firm’s total income declined 3.7 percent to Rs 704.70 crore during the period under review as against Rs 731.76 crore in the corresponding quarter of the previous fiscal. Business recovery till Mid-March had been very encouraging. However, with the surge in Covid cases, Shoppers Stop witnessed a drop in footfall resulting in a drop in revenue.
The business rapidly recovered from the pandemic in Q4 FY21. The recovery in footfalls and sales had begun in Q3 vs preceding quarters and it continued in Q4. For the quarter, we had 90 percent of FY20 sales, the strongest recovery in the last 4 quarters, Shoppers Stop said in a post-earnings statement.
Venu Nair, MD and CEO, Shoppers Stop, said, “Business recovery till Mid-March had been very encouraging. However, with the surge in Covid cases, we witnessed a drop in footfall resulting in a drop in revenue. Despite the covid impact, we had our strong performance in all our strategic pillars. Our Omnichannel grew by 188 percent (3 times), private brands volume grew by 38 percent, beauty outperforming with the start of make-up from mid-January.”
“Specifically, on omnichannel, our dream run continues. During the quarter, we did the first phase of the upgrade of the home page and continued to add new brands. We also improved our fulfillment parameters by changing the allocation logic which improved the turnaround time. We are investing heavily in this channel and have begun the second phase of the upgrade of our App, with a complete redesign of UI/UX, analytics, and personalization,” he further added.