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.