Latest News | Spencer's Retail Q2 Loss Widens to Rs 70 Cr
Get latest articles and stories on Latest News at LatestLY. Spencer's Retail's second-quarter ending September 2023 loss widened to Rs 70 crore, as against Rs 54 crore reported in the same period last year, on account of higher interest and lower sales.
Kolkata, Nov 8 (PTI) Spencer's Retail's second-quarter ending September 2023 loss widened to Rs 70 crore, as against Rs 54 crore reported in the same period last year, on account of higher interest and lower sales.
Consolidated revenue from operation during the quarter declined by 11.6 per cent to Rs 574 crore from Rs 649 crore a year ago.
Interest cost stood at Rs 36 crore during the quarter against Rs 27 crore in the corresponding quarter of FY'23.
"Our business growth was muted for the quarter as we took some hard decisions on improving profitability through closure of loss-making stores in non-strategic geographies in South India.
"We have witnessed an improvement of 65 bps in the gross margins despite a hyper-competitive operating environment and stay committed to driving both top line and profitability in the balance part of the fiscal," company chairman Shashwat Goenka said in a statement.
Spencer's Retail operates 135 stores with a total trading area of 12.56 lakh square feet as of September 30, 2023. It also has two subsidiaries - Nature's Basket and OMNI channel company ORIPL.
The company added two stores during the quarter having a trading area of 16,800 sq ft in Spencer's in existing geographies.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)