Retail Hits: 1491

Spencer’s retail reports Q1 loss amid revenue decline

Retail Hits: 1491
Spencer’s retail reports Q1 loss amid revenue decline
Retail Hits: 1491

Spencer’s Retail Ltd., a part of the RP-Sanjiv Goenka Group, disclosed a widened consolidated net loss of Rs 64.13 crore for Q1 2023. This marks an increase from the Rs 33.63 crore loss in the corresponding period last year, as stated in a regulatory filing.

Declining revenue and expenses

The company's Q1 revenue from operations dropped by 8.18%, amounting to Rs 570.17 crore compared to Rs 621 crore in the previous year. Total expenses for the first quarter of FY2023-24 stood at Rs 646.34 crore, down 4%.

Total income and store operations

Total income during the June quarter witnessed a decline of 8.94%, reaching Rs 582.11 crore. Spencer's Retail currently operates 152 stores encompassing a trading area of 13.29 lakh square feet as of June 30, 2023.

Nature's basket performance

Spencer's Retail also provided insights into the performance of Nature's Basket, acquired from Godrej Industries. The standalone turnover of Nature's Basket stood at Rs 67 crore, with the brand operating 34 stores over a trading area of 1.03 lakh square feet as of the quarter ending June 30, 2023.

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