Gross sales of retail store chain 24SEVEN dropped 13.5 per cent to Rs 355 crore in the pandemic-hit FY21, and its store expansion plan is on hold currently.
The retail chain has reduced operating costs and brought in more operating efficiency in the pandemic-hit year, according to the latest annual report of Godfrey Phillips India Ltd, which owns 24SEVEN.
As on March 31, 2021, K K Modi Group venture Godfrey Phillips India was operating a total number 93 of 24SEVEN stores spread across Delhi-NCR and Chandigarh.
Godfrey Phillips India Chairman R A Shah said, "During FY21, gross sales value dropped 13 per cent to Rs 355 crore, from Rs 410 crore during the previous year, owing to reduced operating days and restricted operating hours," the company said.
Godfrey Phillips Managing Director Bina Modi said, "Our store expansion plans are currently on hold and we continue to implement a cost rationalisation programme to further improve store-level profitability in the near term."
She added that during the lockdown, 24SEVEN stores serviced the consumers by providing essential products by ensuring minimum personal contact at the point of sale.
"The company's 24SEVEN retail business will continue to focus on meeting customer needs while delivering greater convenience, value and quality," said Modi.
According to the company, in 2020-21, it had introduced some new products under its private label, which had an "encouraging" response from the customers.