Spencer's Retail sees net loss widen to Rs 42.47 crore in Q4

By

Isabelle Crossley

Published
May 13, 2022

Spencer’s Retail reported a net loss of Rs 42.47 crore in the fourth quarter of the 2022 financial year. Both the business’ revenue and expenses were also down year-on-year. 

The business’ fourth quarter results demonstrated a year-on-year increase in net loss from the Rs 34.53 crore it reported in the fourth quarter of the 2021 financial year, according to regulatory filings accessed by the Press Trust of India. Revenue for the fourth quarter totalled Rs Rs 541.84 crore which represented a decrease from the Rs 592.36 crore it reported in the year-ago period. 

“We continue to focus on sales growth, cost savings initiatives and network expansion,” said Spencer’s Retail’s sector head Shashwat Goenka, the Press Trust of India reported. “Our robust performance in omni-channel business continues to grow both on [a] quarter-on-quarter and year-on-year basis... We will continue to leverage our omni-channel business through better consumer insights and by sharpening our communication.”

Expenses were cut to Rs 607.25 crore in the fourth quarter of the 2022 fiscal compared to Rs 650.73 crore in the same time period a year before. The business did however reduce its consolidated net loss to Rs 121.46 crore in the 2022 fiscal, down from Rs 163.85 crore in the 2021 fiscal year. 
 
Spencer’s Retail is part of the RP- Sanjiv Goenka Group of companies which is based in Kolkata. As of March 31, 2022, Spencer’s Retail operates a total of 154  brick-and-mortar stores with a total retail area of 13.57 lakh square feet. The business retails a wide product selection from apparel and accessories, to books, electronics, and food.