Spencer's Retail Narrows Net Loss Amid Festive Challenges

Spencer's Retail reported a consolidated net loss of Rs 47.34 crore for the December quarter, an improvement from Rs 51.20 crore a year prior. Revenue fell by 20.9% to Rs 516.97 crore, attributed to a 'soft festive quarter.' The company focused on operational metrics to achieve profitability.

Spencer's Retail has shown improvement by narrowing its consolidated net loss to Rs 47.34 crore for the December quarter, compared to Rs 51.20 crore in the same period last year. This comes despite a 20.9% decline in revenue to Rs 516.97 crore, as stated in the company's regulatory filing.

The company described the period as a 'soft festive quarter,' marked by subdued consumer spending. Total expenses decreased by 20.2%, reaching Rs 567.44 crore, down from Rs 711.54 crore a year earlier. Total income, including other income, saw a marginal decline of 21.23% to Rs 520.03 crore.

Chairman Shashwat Goenka highlighted the strong operational performance, driven by improved delivery and cost control, leading to a positive EBITDA milestone. Spencer's is focusing on core geographies and enhancing operational metrics like margins and sales productivity. The new quick delivery service, JIFFY, was launched, and the company opened two new stores, bringing its total store count with Natures Basket to 131 across 27 cities.

(With inputs from agencies.)