16 June 2020
The Weekly

Shoppers Stop reported consolidated net loss of Rs 127.22 crore (US$ 24mn) in Q4 March 2020 as against a net profit of Rs 6.47 crore (US$ 1mn) in Q4 March 2019. Total income fell 10.6% to Rs 731.76 crore (US$ 102mn) in Q4 March 2020 over Q4 March 2019. The retail industry as a whole has been adversely impacted by the spread of COVID-19. The company faces significant challenges due to COVID-19, which has impacted the operations of the company adversely starting from the month of March 2020 onwards, particularly by way of store closures due to complete lockdown. Shoppers Stop is the nation's leading premier retailer of fashion and beauty brands established in 1991. Spread across 89 department stores in 44 Cities, the company also operates premium home concept stores (11 Stores), 132 Specialty Beauty stores of M.A.C, Est Lauder, Bobbi Brown, Clinique, Smash box, Jo Malone and Arcelia, occupying an area of 4.5mn ft2 (418,064m2). Shoppers Stop also announced that it is planning to lay off over 1,100 employees as well as shutting some of its lower-performing stores owing to the drop in sales.s