Spencer’s Retail reports Q3 net loss of Rs 51 crore

Spencer’s Retail has reported a net loss of Rs 51 crore ($6.3 million) for the third quarter ended December 2023, as against a net loss of Rs 62 crore in the year-ago period.

The company’s revenue for the quarter rose by 2 percent to Rs 654 crore, as against Rs 639 crore during the previous quarter ended December 2022.

Commenting on the results, Shashwat Goenka, chairman of Spencer’s Retail in a statement said, “Spencer’s has delivered strong business growth of 6 percent on LFL in the quarter driven by festive traction, sharpened communication, and expansion in e-commerce. Natures Basket continues to report a robust growth both sequentially and year on year.”

“The company remains focused on driving profitable growth with stringent focus on driving efficiencies over the next 2 quarters to accelerate its path to profitability,” he added.

During the quarter, the company opened two stores in existing geographies to take its store count to 137 stores.