The company had a “soft festive quarter concerning consumer spending,” said Spencer’s Retail in its investor presentation
New Delhi: Spencer’s Retail Ltd on Thursday reported a narrowing of consolidated net loss to Rs 47.34 crore for the December quarter.
The company posted a net loss of Rs 51.20 crore in the October-December period a year ago, according to a regulatory filing from Spencer’s Retail, an RP Sanjiv Goenka firm.
However, its revenue from operations was down 20.9% at Rs 516.97 crore during the quarter under review. It was at Rs 654.01 crore in the year-ago period.
The company had a “soft festive quarter concerning consumer spending,” said Spencer’s Retail in its investor presentation.
Total expenses of Spencer’s Retailweres were down 20.2% to Rs 567.44 crore in the December quarter as against Rs 711.54 crore a year ago.
Spencer’s Retail’s total income, which includes other income, was marginally down 21.23% to Rs 520.03 crore in the December quarter.
“Despite a soft festive trading environment wherein LFL sales growth was flat, Spencer’s delivered a very strong operational performance on the back of good delivery (19.7%), strong control on all operational cost lines resulting in a milestone EBITDA positive achievement,” Chairman Shashwat Goenka said.
“This is a strong validation of our decision to focus on core geographies, exit from loss-making, non-strategic regions & drive improvement across all operating metrics such as margins, sales productivity, and costs and bring the business to operational profitability,” he added.
Spencers started its quick delivery proposition JIFFY and opened two stores during the quarter for Natures Basket.
Its total store count, along with Natures Basket, is 131 with a total of 10.34 lakh square feet in over 27 cities in India.
Shares of Spencer’s Retail Ltd on Thursday were trading at Rs 86.76 on the BSE, down 6.48% from the previous close.
