Spencer’s Retail reports Q4 net loss of Rs 35 crore

By

Maverick Martins

Published
Jun 16, 2021

Spencer’s Retail Ltd has managed to lower its net loss for the fourth quarter ended March 2021 to Rs 35 crore ($5 million), as against a net loss of Rs 49 crore it reported in the year-ago period.

The company’s revenue for the quarter also dropped by 6 percent to Rs 616 crore, as against a revenue of Rs 686 crore it reported in the corresponding quarter of the previous fiscal year.
 
“We were witnessing a month-on-month recovery for the last several months which continued well into this quarter. Though we were impacted due to the resurgence of the pandemic towards the second half of the quarter, this recovery gives us a lot of confidence in the resilience of our business model,” sector head for Spencer’s Retail, Shashwat Goenka, said in a statement.

“Even though recovery in non-food business did not fully happen in Q4, the company’s profitability on a consolidated basis has improved demonstrating strong operational efficiencies,” he added.
 
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.