Shoppers Stop’s Stock Went up 15% after Reporting Profit
The stock of Shoppers Stop surged 15% amid reporting a profit for the first time in 10 months. The department store chain, which sells almost everything from apparel to cosmetics reported consolidated revenue of Rs.972 crore for the third quarter of the financial year. It also noted that the return to profitability came with zero net debt.
The director and CEO of Shoppers Stop, Venu Nair said that they are witnessing positive signs from the strategy that the company initiated within the last two years. He also said that they are able to capture the demand as the fashion and beauty retail is seeing encouraging early trends from the Wardrobe Reboot.
The CEO also said that customers feedback is positive with the double vaccinations, fewer restrictions related to Covid-19 and overall improvement in safety protocols. Its sales have seen growth by 34% during the festive season of October to December, compared to last year.