Avenue Supermarts business operations update amid Coronavirus; stock slips 5%

Footfall at stores that are open, depends on movement and timing restrictions enforced by the local authorities. Overall, they are significantly lower than usual footfalls.

Apr 13, 2020 09:04 IST India Infoline News Service

Avenue Supermarts informed the exchanges via a press release Friday on the comapny's business updates. The stock is trading lower by 5% in trade today on the NSE.

"As we continue to monitor the impact of Coronavirus (Covid-19), we would like to recognize the efforts of all health care officials and local authorities across the country in these difficult times. Our efforts continue to be directed in ensuring that all our customers receive their daily essential items", the company informed.

Given below is a brief update of Avenue Supermarts business operations:
  • Nearly 50% of the company's stores remain closed for operations based on directive by the local authorities
  • Footfall at stores that are open, depends on movement and timing restrictions enforced by the local authorities. Overall, they are significantly lower than usual footfalls
  • The company continues to sell daily use essential items such as grocery and FMCG products from all our stores and have stopped sale of non-essential items (General Merchandise and Apparel).
  • The company has just commenced E-Commerce Home Delivery and Bulk Deliveries to large housing complexes across majority of our stores during the first week of April
  • Customers who have used the service have deeply appreciated these initiatives, however the sales from these channels are inconsequential.
  • E-Commerce and bulk deliveries to societies are initiatives implemented to only manage the current lockdown situation.
Avenue Supermarts Ltd is currently trading at Rs2,287.90 down by Rs120.4 or 5% from its previous closing of Rs2,408.30 on the BSE.

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