In Q2, Shoppers Stop reported 116% year-on-year (YoY) growth in revenue at Rs 631.60 crore against Rs 321 crore in the previous year quarter. The company said it witnessed strong recovery in demand after the second wave across the formats, with sales moving swiftly close to pre-pandemic levels in August and September. All the stores are now fully operational, with overall store operation days at 87% for the quarter.
This led to sales growth of over 100% and earnings before interest, tax, depreciation and amortization (Ebitda) growth of 387%. The company posted Ebitda of Rs 138 crore against Rs 28 crore in Q2FY21. PBT losses narrowed down to Rs 4.1 crore from Rs 136.4 crore in the previous year quarter.
The company has witnessed a strong volume growth of 59% (overall value growth of 90%), primarily led by apparels, the management said. The company achieved operational cost savings worth Rs 62 crore (vs. Q2FY20 levels), which reduced the quarterly cash burns, to a certain extent. The management indicated that the festive season has begun on a strong note and sales have recovered more than 100% in the East, followed by North.