Shoppers Stop Posts Q1 Net Loss of Rs 22.72 Cr - Heat, Elections Hit Sales

New Delhi, Jul 18 (PTI) Retail chain Shoppers Stop Ltd on Thursday reported a consolidated net loss of Rs 22.72 crore in the June 2024 quarter, hit by subdued consumption due to prolonged heat waves, elections and inflation.

The company posted a consolidated net profit of Rs 14.49 crore in the corresponding period last fiscal, Shoppers Stop said in a regulatory filing.

Consolidated revenue from operations in the quarter under review stood at Rs 1,069.31 crore as against Rs 993.61 crore in the year-ago period, it added.

Total expenses were higher at Rs 1,104.51 crore in the first quarter compared to Rs 980.92 crore in the same period last fiscal, the company said.

"The industry witnessed subdued consumption due to prolonged heat waves, elections, fewer weddings and inflation... This has impacted our profits, however, we have a strong recovery plan," Shoppers Stop Managing Director and CEO Kavindra Mishra said.

Some of the recovery plans include continuous focus on premiumisation, investment in marketing to improve customer entry, elevating customer experience through high-end coffee shops in several stores, increase in personal shoppers, particularly during the festive season, he added.

"We are also planning to close a few unviable stores and rationalise costs during the year," Mishra said.