- Meenakshi Kumar |
Departmental store chain, Shoppers Stop has narrowed its losses by 72.64 per cent to Rs 3.71 crore in Q1 ended June 30, 2017. The K Raheja-promoted company had reported a net loss of Rs 13.56 crores in the same period last year. Total income in Q1, however grew 21.40 per cent to Rs 946.44 crores as against Rs 779.60 crores in June quarter of previous fiscal, the retailer has said in its BSE filing.
As per Govind Shrikhande, Customer Care Associate and Managing Director, Shoppers Stop, the year began on a positive note with sales growth at 22 per cent. Post GST, there has been supply challenges and they are expecting things to settle down before the Big Festive Season. Omni channel execution is on track to be ready by Q3 FY17-18.
Meanwhile Shoppers Stop expanded its membership base adding 158,894 new members to the First Citizen Loyalty Program in Q1 FY18. The program now has a total First Citizen base of over 48 lakh members. Shoppers Stop along with its subsidiaries Crossword Bookstores and Hypercity Retail India and joint venture companies Timezone Entertainment and Nuance Group operates more than 58.46 lakh square feet retail space in the country.