MUMBAI : Avenue Supermarts Ltd, which operates the popular supermarket chain DMart, on Saturday said its sales declined over 45% in the month of April due to the nationwide lockdown imposed in the wake of coronavirus. "Our revenue for April was down by more than 45% as compared to April 2019.
Our margins have also seen erosion as regulations did not permit us to sell any Apparel and General Merchandise products," the company said while announcing its earnings for the quarter ended 31 March.
During April more than half of the company's stores either remained closed or operated for extremely restricted hours, the company said. "Significantly large EBITDA declines are to be expected due to lower sales, lower gross margins, higher cost of