On Thursday, Spencer’s Retail Ltd, a subsidiary of the RP-Sanjiv Goenka Group, announced that its combined net loss for the initial quarter of June 2023 had expanded to INR 64.13 crore. This is in comparison to the net loss of INR 33.63 crore incurred during the same April-June period in the previous year, as stated in a regulatory disclosure by Spencer’s Retail.
During the reviewed quarter, the revenue from operations experienced a decline of 8.18 percent, amounting to INR 570.17 crore, in contrast to the INR 621 crore recorded in the corresponding period of the previous year.
In the initial quarter of FY2023-24, the company’s cumulative expenses amounted to INR 646.34 crore, marking a 4 percent decrease.
In the quarter ending June, the total income experienced a decline of 8.94 percent, settling at INR 582.11 crore.
Spencer’s operates 152 stores with a total trading area of 13.29 lakh square feet as of June 30, 2023.
On the business of Nature’s Basket, acquired from Godrej Industries, Spencer’s Retail said it has reported a standalone turnover of INR 67 crore.
Nature’s Basket operates 34 stores with a total trading area of 1.03 lakh square feet as of the quarter ended June 30, 2023.
Share of Spencer’s Retail Ltd on Thursday ended 5.59 per cent lower at INR 62.28 apiece on the BSE.
