Spencer’s Retail Q3 loss narrows to Rs 47 crore

Spencer’s Retail Ltd narrowed its fiscal third quarter loss to Rs 47 crore ($5.5 million) as compared to Rs 51 crore in the corresponding quarter of the previous fiscal year.

The company’s revenue for the quarter was down by 21 percent to Rs 517 crore, as against Rs 654 crore in the year-ago quarter.

During the October-December quarter, Spencer’s recorded significant operating costs reduction to Rs 70 crore, as against Rs 102 crore in Q3 last fiscal.

Commenting on the results, Shashwat Goenka, chairman of Spencer’s Retail in a statement said, “Despite a soft festive trading environment wherein LFL sales growth was flat, Spencer’s delivered a very strong operational performance. This is a strong validation of our decision to focus on core geographies, exit from loss making, non-strategic regions & drive improvement across all operating metrics such as margins, sales productivity, and costs and to bring the business to operational profitability.”

“We are happy that we have been able to achieve this ahead of earlier committed timeline of FY 25-26 and going forward we will prioritize & focus on growing both our offline & online business whilst keeping the same level of rigor and attention on productivity metrics and costs,” he added.

During the quarter, the company opened two new stores for Nature’s Basket with a trading area of 14,000 sq ft.