Spencer's Retail Faces Increased Loss Amid Market Challenges

Spencer's Retail Ltd reported a larger consolidated net loss of Rs 87.18 crore for Q2 ending September 30, 2024, affected by weaker consumption and operational scale-back in the NCR and South markets. Revenue from operations decreased by 9.75%, further highlighting the company's challenges amid adverse weather and delayed deliveries.

Spencer's Retail Ltd announced a widened consolidated net loss of Rs 87.18 crore for the second quarter ending September 30, 2024. The loss reflects challenges such as reduced consumption and downsized operations in the NCR and Southern regions.

In the corresponding period last year, the company had reported a net loss of Rs 70.12 crore, according to a regulatory filing from Spencer's Retail, part of the RP Sanjiv Goenka Group. Operational revenue declined by 9.75% to Rs 518.03 crore, down from Rs 574.04 crore in the previous year.

The company's earnings statement cited softer consumption due to heavy monsoons and a delay in consignment delivery impacting business growth. Despite a rise in total expenses to Rs 666.30 crore, Spencer's Retail's total income slightly increased to Rs 579.05 crore this quarter.

(With inputs from agencies.)