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Spencer’s Retail reports Rs 30 crore net loss in Q3

In Q3 FY2020 ended December 2020, RP-Sanjiv Goenka Group-owned firm Spencer's Retail reported a consolidated net loss of Rs 30 crore as against a net loss of Rs 40 crore in the corresponding quarter a year ago. The company’s revenue for the quarter declined to Rs 672 crore from Rs 700 crore in the previous year. Its total expenses reached Rs 716 crore. However, the company’s sequential revenue grew by 9 per cent during the quarter. It also added seven new stores during the quarter. Spencer’s Retail is currently focusing on sales growth through its 'Out of Store' initiatives such as phone delivery and e-commerce using its 'Stores as Hubs.

The Kolkata-based company currently operates around 160 multi-format stores in over 42 cities in India. It sells a wide range of products including apparel, footwear, cosmetics, home essentials, etc.

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