Published
May 23, 2023
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Spencer’s Retail Q4 net loss widens to R 48 crore

Published
May 23, 2023

Spencer’s Retail, a part of RP-Sanjiv Goenka Group (RPSG) standalone net loss for the fourth quarter widened to Rs 48 crore ($5.8 million), as against a net loss of Rs 28 crore in the year-ago period.


Spencer’s Retail Q4 net loss widens to R 48 crore - 2Bme - Facebook


The company’s revenue for the quarter rose by one percent to Rs 482 crore, as against Rs 476 crore reported in the corresponding period of previous fiscal year.

For the financial year ended March 31, 2023, the company’s net loss stood at Rs 153 crore, as against Rs 85 crore reported in the last financial year.

Commenting on the results, Shashwat Goenka, chairman of Spencer’s Retail in a statement said, “Our sales continue to grow by 6.6 percent on consolidated basis for FY23 on year-on-year, driven by our initiatives which includes higher share of non-food mix, growing omnichannel business and increasing our footprint in existing clusters.”

“During the year we have added 9 stores in our existing clusters.We continue to measure the performance of our new format ‘Spencer's Value Market', basis the stabilisation of these stores we shall decide the way forward. The initial consumer response has been encouraging,” he added.

Spencer’s Retail sells a wide range of products including clothing, accessories, personal care goods, and lifestyle products.

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