Shoppers Stop net loss widens in December quarter.
Shoppers Stop Ltd on Friday reported widening of its consolidated net loss to Rs 25.11 crore for the third quarter ended December 31, 2020. The company had posted a net loss of Rs 6.51 crore in the October-December quarter a year ago.
Its total income declined 27.2 per cent to Rs 746.45 crore during the period under review as against Rs 1,025.53 crore in the corresponding quarter of the previous fiscal, Shoppers Stop said in a regulatory filing.
Shoppers Stop's total expenses stood at Rs 778.78 crore during the quarter as against Rs 963.90 crore a year ago, down 19.2 per cent.
ALSO READ | HCL Tech Q3 net up 31% to Rs 3,982 crore
Shoppers Stop MD and CEO Venu Nair said, "Business recovery during the festival period has been encouraging. The festive period helped footfall into stores and also generated higher digital sales."
Its digital initiatives such as white-glove services (video-assisted initiative), yellow messenger services (chat enabled) and appointment services (through website and app) have engaged customers to a new level and contributed to our growth in the third quarter, he added.
Share of Shoppers Stop on Friday settled at Rs 206.75 on the BSE, down 2.75 per cent from the previous close.
ALSO READ | Snapdeal, four Indian shopping complexes figure in US Notorious Markets List
