Spencer’s Retail posts Q4 loss of Rs 81 crore

Spencer’s Retail Ltd reported a net loss of Rs 81 crore ($9.7 million) for the fourth quarter ended March 31, as against net loss of Rs 61 crore in the year-ago quarter.

The company’s revenue for the quarter rose marginally by one percent to Rs 547 crore, as against Rs 543 crore in the corresponding quarter of the previous fiscal year.

For the full financial year 2024, the company’s net loss stood at Rs 266 crore on a revenue of Rs 2,345 crore.

Commenting on the results, Shashwat Goenka, chairman of Spencer’s Retail in a statement said, “Spencer’s has delivered a resilient performance for the year despite subdued demand coupled with the closure of stores in non-strategic locations.”

“The company remains focused on driving topline growth through a focused category, cluster, channel and customer approach whilst keeping rigorous control on operating costs over the next 4 quarters to accelerate its path to profitability,” he added.

Spencer’s Retail Limited, part of RP-Sanjiv Goenka Group, is a multi-format retailer providing a wide range of products across categories such like fashion, personal care, home essentials among others.