Spencer's Retail posts Q3 loss of Rs 27 crore
Spencer's Retail Ltd narrowed its consolidated net loss to Rs 27 crore ($3.6 million) for the third quarter ended December 2021, from Rs 30 crore it reported in the year-ago period.
The company’s revenue for the quarter was down 7 percent to Rs 624 crore, as against Rs 672 crore in the corresponding period of the previous fiscal year.
Spencer’s expenses during the quarter stood at Rs 669 crore, as compared to Rs 716 crore in the year-ago period.
Commenting on the Q3 results, Shashwat Goenka, head of Spencer’s Retail in a statement said, “We witnessed 7 percent sequential growth in both of our businesses Spencer's and Nature's Basket although the latter part of December month remained challenging with subdued consumer sentiments and increase in cases of new Covid variant.”
Revenue from the non-food category, led by general merchandise and apparel, has started growing both on year-on-year and quarter-on-quarter basis. We continue to witness momentum in our omni channel business for the third quarter with 1.3x growth over last year,” Goenka added.
The Kolkata-based Spencer's Retail owns the fashion brand 2Bme and currently operates around 190 multi-format stores in over 42 cities in India.
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