In an interview to CNBC-TV18, Govind Shrikhande, managing director, Shoppers Stop shares the company’s Q3 performance with Sonia Shenoy & Ekta Batra on CNBC-TV18.
Below is the edited transcript of the interview.
Sonia: It has been a stable quarter for you though a little weaker than the strong performance we saw last time but I want to come to the like-to-like growth that you have seen in this quarter and more important the volume growth. How has it panned out this time around?
A: In the department store, the like-to-like growth is 5.5 percent, the volume has not grown in the department store. In Hypercity, we have seen a volume degrowth because food prices have been up by almost 15 percent, so there we have seen 7 percent like-to-like growth but volume has degrown by 6 percent.
Sonia: Can you tell us more about the category performance – Q3 was touted as the biggest festive quarter with Diwali sales bunched in, in fact when we spoke to you the last time, you had highlighted that the quarter had begun fairly strong. What went wrong then because these volume numbers are telling us a different story?
A: One of the categories which is the biggest category in this quarter is fine jewellery and that has degrown in double digit in the department store. That has definitely impacted both volume and like-to-like growth in the department store category otherwise there is no big difference there.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
