Avenue Supermarts Ltd.’s quarterly profit missed estimates due to a strong second wave of Covid infections, which led to restrictions across a number of states and impacted store operations.
Despite lesser hours of operations, this time we had more customer footfalls than in the same period last year and this has translated into higher sales (year-on-year).Neville Noronha, CEO & MD, Avenue Supermarts Ltd.
The company said that there have not been any severe supply disruptions.
“We have not seen any significant impact on our supply chain during the quarter. Our inventory is also gradually moving towards normal levels. Construction activity has also commenced at all our sites,” Noronha said in a press release.
The hypermarket and supermarket chain said that a store needs at least 45 days of unhindered operations to get back to the pre-Covid sales momentum.
During the quarter, Avenue Supermarts added 22 new stores taking its total store count to 238 stores across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and Punjab.
'DMart Ready', which includes online sales and the pick-up counter business, continued to expand across the Mumbai Metropolitan Region, Ahmedabad, Pune, Bangalore and Hyderabad. The second wave has given further impetus to the business, the release said.
RECOMMENDED FOR YOU
POPULAR