Tata Group’s Consumer Electronics Retail Chain Croma Crops Its Losses

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(ET)

Tata Group’s consumer electronics retail chain Croma reduced its losses by 68% in the year ended March 2017 to Rs 61.4 crore, down from Rs 195.6 crore in the previous year, on the back of a 12% jump in revenue.

According to its latest regulatory filings, Infiniti Retail, which owns and operates the Croma stores, posted revenues of Rs 3,268.7 crore for 2016-17 against Rs 2,918.2 crore in the previous year, defying the effects of the government’s demonetisation drive and ecommerce discounts. Infiniti Retail CEO Avijit Mitra said same-store sales grew 13% last fiscal.

“The most tangible change the market can observe is the increase in number of Croma stores — we started FY18 with 97 stores, are currently operational in 105 and are in the process of opening another 10,” he said.

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