Spencer’s Retail reports Q1 net loss of Rs 47 crore

By

Maverick Martins

Published
Sep 9, 2020

Spencer’s Retail Ltd reported a net loss of Rs 47 crore ($6.4 million) for the first quarter ended June 30, as compared to a net profit of Rs 1 crore it had reported in the year-ago period.
 

The company’s revenue for the quarter under review was down 27 percent at Rs 439 crore, as a result of the Covid-19 pandemic and subsequent lockdowns.
 
Spencer’s Retail attributed the losses to the lockdown, limited operational hours, and restrictions on selling higher margin non-essential items such apparel, general merchandise, and other non-food items.

Commenting on the results, Shashwat Goenka, sector head of retail for RP-Sanjiv Goenka Group, in a statement said: “The past quarter was an extremely challenging one for the economy. We treated the pandemic as an opportunity and responded with agility to treat our stores as hubs to reach out to our customers through our out-of-store program. These initiatives, we believe will be instrumental for our future growth as well.”
 
The Kolkata-based Spencer's Retail currently operates close to 190 multi-format stores in over 42 cities in India. It sells a wide range of products including apparel, footwear, cosmetics, home essentials, and more.