New Delhi: Market veteran Radhakishan Damani-led Avenue Supermarts took a hit with the outbreak of the coronavirus pandemic.In its recent business update on Friday, the company said nearly 50 per cent of its stores remain closed for operations based on directive by the local authorities.Footfalls are also significantly lower, Avenue Supermarts said in a regulatory filing, while adding that it is selling essential items such as grocery and FMCG products.However, it has stopped the sale of non-essential items like general merchandise and apparel.We have just commenced e-commerce home delivery and bulk deliveries to large housing complexes across the 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, the company said.Shares of the company have managed to outperform the market since the beginning of the 21-day nationwide lockdown.The scrip climbed nearly 27 per cent to Rs 2,408.30 on April 9 from Rs 1,903.70 on March 25.
On the other hand, the benchmark BSE Sensex gained 9.19 per cent during the same period.