Comments
Spencer’s Retail, a part of the RP Sanjiv Goenka Group, on Wednesday reported widening of its net loss to ₹70.12 crore for the second quarter this fiscal from ₹53.78 crore for the same period last fiscal.
The company’s revenue from operations fell to ₹574.04 crore during the period under review from ₹649.27 crore in the year-ago period, according to a stock exchange filing.
“Our business growth was muted for the quarter as we took some hard decisions on improving profitability through the closure of loss-making stores in non-strategic geographies in South India,” said Chairman Shashwat Goenka.
Goenka said the company witnessed an improvement of 65 basis points in the gross margins despite a hyper-competitive operating environment and stayed committed to driving both top line and profitability in the balance part of the fiscal. “Natures Basket on a Standalone basis, has delivered 8 per cent growth and improvement in Gross Margin percentage by 241bps on a Q-o-Q basis. Our gifting business ‘The Gift Studio’ has been constantly delivering high growth across all the channels whilst delivering healthy margins,” he added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.