The company also added that its consolidated operating revenue for the quarter under review stood at Rs 1,06,931 crore as against Rs 9,936.1 crore in the corresponding period last year.
The company said total expenses in the first quarter were Rs 1,104.51 crore, up from Rs 980.92 crore in the same period last year.
“The industry is witnessing slow consumption due to prolonged heatwave, elections, fewer weddings and inflation. This has impacted our margins, but we have a strong recovery plan,” Shoppers Stop managing director and CEO Kavindra Mishra said.
Mishra added that the recovery plan includes a continued focus on premiumisation, investments in marketing to drive customer acquisition, enhancing customer experience with premium coffee shops in several stores and increasing the number of personal shoppers, especially during the festive season. “We also plan to close some unprofitable stores this year and rationalise costs,” Mishra said.
