Shoppers Stop NSE -0.19 % 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 scal, Shoppers Stop said in a regulatory ling. 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. 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.
This Article was published in The Economic Times (Source PTI) - https://economictimes.indiatimes.com/markets/stocks/earnings/shoppers-stop-q3-results-net-loss-widens-to-rs-25-11-cr/articleshow/80290808.cms
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