Spencer’s Retail posts Q2 net loss of Rs 40 crore
today Nov 14, 2019
Spencer’s Retail, the retail arm of RP-Sanjiv Goenka Group reported a consolidated net loss of Rs 40 crore ($5.6 million) for the quarter ended September 30, 2019, as compared to a profit of Rs 5 lakh it reported in the year-ago period.
Despite the market slowdown, the company’s revenue for the quarter increased by 23 percent to Rs 699 crore, as against Rs 566 crore it had reported in the same period last year.
During the quarter, Spencer’s acquired Natures Basket Limited (NBL) from Godrej Industries Limited. The company also strengthened its retail presence during the quarter by opening three new outlets.
With strong sales in the July-September period, Spencer’s remains optimistic about the future and expects to finish the year strong, on the back of its retail expansion.
Commenting on the results, Shashwat Goenka, sector head of the retail business of the RP-Sanjiv Goenka Group said: “Spencer’s Retail had focused on building all major consumer events during the quarter which helped to connect with many new customers and sustain margins in this flagging economy.”
“We are investing significantly in new stores which have a temporary initial investment with a long term prospect,” he added.
The Kolkata-based Spencer's Retail currently has a presence in over 35 cities in India. It sells a wide range of products including apparel, footwear, cosmetics, home essentials and more.
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