Spencer’s Retail Q2 loss widens to Rs 70 crore

Spencer’s Retail’s loss for the second quarter ending September 2023 widened to Rs 70 crore, as in opposition to Rs 54 crore reported within the year-ago interval.

The corporate’s income for the quarter declined by 12 p.c to Rs 574 crore, as in opposition to Rs 649 crore posted within the corresponding interval of the earlier fiscal 12 months.

Commenting on the outcomes, Shashwat Goenka, chairman of Spencer’s Retail in a press release stated, “Our enterprise progress was muted for the quarter as we took some arduous selections on enhancing profitability by way of closure of loss-making shops in non-strategic geographies in South India.”

“We now have witnessed an enchancment of 65 bps within the gross margins regardless of a hyper-competitive working atmosphere and keep dedicated to driving each prime line and profitability within the steadiness a part of the fiscal,” Goenka added.

Throughout the quarter, the corporate added two shops in current geographies. Spencer’s Retail operates 135 shops with a complete buying and selling space of 12.56 lakh sq. ft as of September 30, 2023.

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