Shoppers Stop Ltd. a leading beauty and fashion department store reported a net loss of Rs 23 crore ($2.8 million) for the first quarter ended June 30, as against a net profit of Rs 15 crore in the year-ago quarter.
The company’s revenue for the quarter rose by 5 percent to Rs 1,034 crore, as against Rs 982 crore in the corresponding quarter of the previous fiscal year.
Total expenses were higher at Rs 1,104 crore in the first quarter compared to Rs 981 crore in the same period last fiscal.
Commenting on the results, Kavindra Mishra, managing director CEO of Shoppers Stop Ltd in a statement said, “The industry witnessed subdued consumption due to prolonged heat wave, elections, fewer weddings and inflation. This has impacted our profits, however, we have strong recovery plan that includes focus on premiumization and investment in marketing among others.”
“We are also planning to close a few unviable stores and rationalize costs during the year. On private brand portfolio, we aim to provide aspirational fashion at affordable prices. Further we aim to drive higher growth in beauty through engagement, expression and education and expanding distribution portfolio,” he added.
During the quarter, the company invested Rs 45 crore to open 2 department stores and 9 Intune stores to end the quarter with 259 stores across all formats.
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