Spencer’s Retail reports Q1 net loss of Rs 43 crore

Spencer’s Retail Ltd narrowed its net loss to Rs 43 crore ($5.2 million) for the first quarter ended June 30, as against net loss of Rs 64 crore in the year-ago quarter.

The company’s total income was down by 1 percent to Rs 576 crore, as against Rs 582 crore posted in the corresponding period of the previous fiscal year.

Commenting on the results, Shashwat Goenka, chairman of Spencer’s Retail in a statement said, “Spencer’s continues to be focused on improving profitability and key metrics like margin, operating costs and driving omni-channel growth. These are reflected in the Q1 performance where there has been an improvement in the operating EBITDA and the mix of the online business driven by the express delivery value proposition in Kolkata, Varanasi, and Lucknow.”

“The company remains focused on improving profitability and has approved ramping down of operations in South and NCR region for Spencer’s. We strongly believe this move allows the business to focus and expand in its core, profitable & higher growth geographies of East & North and accelerate its journey toward profitability,” Goenka 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 as fashion, general merchandise, personal care, home essentials among others.