Shoppers Stop reported a Rs 20.59 crore loss in Q2 FY25 due to muted demand, despite an increase in revenue. The company attributed the decline to fewer wedding dates, extended rains, and weak discretionary spending.
New Delhi, Oct 22 (PTI) Retail chain Shoppers Stop on Tuesday reported a consolidated net loss of Rs 20.59 crore in the second quarter ended September 30, 2024 on account of muted demand.
The company had posted a net profit of Rs 2.73 crore in the July-September period a year ago, according to a regulatory filing from Shoppers Stop.
However, its total income was up 7.13 per cent to Rs 1,124.62 crore during the quarter under review. It was Rs 1,049.70 crore a year ago.
The company's total expenses in the September quarter stood at Rs 1,151.31 crore.
During the July-September quarter, it added 25 stores, 19 INTUNE, 1 Department and 5 HomeStop Stores.
"Demand was muted in July and August, impacted by fewer wedding dates, extended rains, and overall weak discretionary spending," Shoppers Stop Executive Director and CEO Kavindra Mishra said.
Shoppers Stop operates 112 department stores.
Besides, the Raheja family-promoted retail firm, also operates 11 premium home concept stores, 87 Specialty Beauty stores of M.A.C, Estée Lauder, Bobbi Brown, Clinique, Jo Malone, Too Faced, SS Beauty, 50 Intune stores and 20 Airport doors.
Shoppers Stop shares on Tuesday settled at Rs 712.05 on the BSE, down 2.32 per cent.
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