17 January 2025, Mumbai
Spencer's Retail lowered its Q3, FY25 loss to Rs 47.34 crore as against a loss of Rs 51.20 crore in the same quarter of the previous fiscal year, according to a regulatory filing.
The company’s revenue from operations decreased by 20.95 per cent to Rs 516.97 crore from Rs 654.01 crore in the same period last year. Its EBITDA rose by 8 per cent Y-o-Y to Rs 13 crore.
Maintaining a consistent like-for-like sales growth, Spencer's achieved revenues of Rs 431 crore during the quarter. The retailer’s online sales grew by 20 per cent while operating costs decreased significantly from Rs 102 crore to Rs 70 crore.
Spencer's specialty food brand, Nature's Basket achieved a 2 per cent growth in revenue to Rs 86 crore during the quarter. It also launched two new Artisan Pantry stores in Bengaluru and Ahmedabad.
Attributes the company’s strong performance to good gross margin delivery, cost control measures, and a focus on key regions, Shashwat Goenka, Chairman, says, this resulted in a positive EBITDA, achieved earlier than the company's initial target of fiscal years 2025-26. The company continues to expand its offline and online business while maintaining focus on productivity and costs, he emphasises.
Spencer’s Retail also launched its new quick delivery proposition ‘Jiffy’ during the quarter. This will not only strengthen the company’s omni-channel consumer proposition but will also be a key growth driver for its business in the coming quarters. The retailer made significant improvements in the tech stack allowing for an enhanced and seamless consumer experience and with a larger fulfillment footprint.
