Spencer's Retail posts Q3 loss of Rs 62 crore

By

Maverick Martins

Published
Feb 15, 2023

RP Sanjiv Goenka Group firm Spencer's Retail Ltd net loss widened to Rs 62 crore ($7.5 million) for the quarter ended December 2022, as against a net loss of Rs 27 crore posted in the year ago period.

The company’s revenue for the quarter rose to Rs 639 crore, as against Rs 624 crore reported in the corresponding period of the previous fiscal year.

Spencer’s total expenses during the quarter stood at Rs 704 crore, as against Rs 669 crore in the same quarter a year ago.

Commenting on the Q3 results, Shashwat Goenka, sector head of Spencer’s Retail in a statement said, “Our consolidated business has grown by 8.6 percent year-on-year basis led by significant growth in the non-food business with sustained omni-channel presence. Continuous investments in making our digital shopping experience seamless for our consumers have helped us sustain the growth in the omni channel business.”

“Spencer’s retail has recently also ventured into a new format - ‘Spencer's Value Market.' There are currently 10 stores operational under this format. The initial consumer response has been very encouraging, which reinforces our confidence in the format,” he added.

Spencer’s Retail specialises in value fashion and lifestyle products ranging from casual and ethnic wear to makeup to food. It operates with 150 Stores with a total trading area of 13.29 lacs square feet.