RP-Sanjiv Goenka Group’s Spencer’s Retail Q4 loss widens to Rs 42 cr


RP-Sanjiv Goenka Group firm Spencer’s Retail Ltd reported a net loss of Rs 42.47 crore. 

RP-Sanjiv Goenka Group firm Spencer’s Retail Ltd on Thursday reported a widening of consolidated net loss to Rs 42.47 crore for the fourth quarter ended March 31, 2022.

The company had posted a net loss of Rs 34.53 crore for January-March period a year ago, Spencer’s Retail said in a regulatory filing. Revenue from operations was down at Rs 541.84 crore during the quarter under review from Rs 592.36 crore in the year-ago period.

Total expenses were at Rs 607.25 crore as against Rs 650.73 crore. On the business of Nature’s Basket, which it had acquired from Godrej Industries, the company said it clocked a standalone turnover of Rs 66 crore.

Nature’s Basket operates with 36 stores with a total trading area of 1.08 lakh square feet as on March 31, 2022. “Nature’s Basket continues to be EBITDA positive on quarter-on- quarter basis driven by sustained higher margin and stricter cost controls on a year-to-date basis,” it said.

In 2021-22, Spencer’s Retail narrowed down its consolidated net loss to Rs 121.46 crore from Rs 163.85 crore in 2020-21. Revenue from operation was at Rs 2,299.68 crore in 2021-22, down 5.28 per cent from Rs 2,428.07 crore in the previous year.

“We continue to focus on sales growth, cost savings initiatives, and network expansion. Our robust performance in OMNI Channel business continues to grow both on QoQ and YoY basis… We will continue to leverage our OMNI Channel business through better consumer insights and by sharpening our communication,” sector Head Shashwat Goenka said.

Spencer’s operates 154 stores with a total trading area of 13.57 lakh square feet as of March 31, 2022. The company’s stock on Thursday settled at Rs 73.15 on BSE, down 3.18 per cent from the previous close.

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