Spencer’s Retail Q3 loss widens to ₹21 crore

Our Bureau Kolkata | Updated on February 11, 2021 Published on February 11, 2021

Spencer’s Retail, an RP-Sanjiv Goenka Group company, reported a widening of standalone net loss of ₹21 crore for the quarter ended December 31, 2020. The loss in the corresponding quarter last year stood at ₹17 crore.

The company also saw a near four per cent decline in standalone revenue from operations at ₹586 crore for the period under review. Revenues in Q3FY20 stood at ₹586 crore.

Spencer’s operates with 160 stores with a total trading area of 13.52 lakh square feet as on December 31, 2020.

According to Shashwat Goenka, Sector Head, Spencer’s Retail, the company saw an acceleration in business recovery, as reflected in the sequential revenue growth of 9 per cent in Q3FY21 over Q2FY21.

Food sales have shown growth versus last year. Non-food sales, too, reached 85 per cent of pre-pandemic levels, led by general merchandise.

“We have also seen sequential improvement in our profitability. The cost savings initiatives are on track. We are focusing on sales growth through our ‘Out of Store’ initiatives such as ‘Phone Delivery’ and e-commerce using our ‘Stores as Hubs,” Goenka said.

He added that store expansion has resumed and seven new stores were added in the December-quarter; while Natures Basket too opened its second store in Kolkata in January.

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Published on February 11, 2021
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