Shoppers Stop recently announced June quarter (Q1FY22) results show recovery is in progress. Standalone revenues have increased by as much as 273% year-on-year. Of course, the sharp growth comes on a favourable base considering the first lockdown had adversely impacted Shoppers Stop’s performance in the June quarter last year. For perspective: Q1FY22 revenues are still nearly 76% lower than Q1FY20’s revenues. Online growth has been impressive with digital sales accounting for 18% of last quarter’s revenues. In Q1FY22, the company’s stores were operational for 28% of the quarter. With the second wave lockdown easing, Shoppers Stop’s overall recovery in the month of June stood at 49% versus financial year 2020. This recovery improved to 71% in July, said the company. Gross margin came in at 39%, lower than Q4FY21 (41%) but better than 32% seen in Q1FY21.