India’s multi-format retailer providing a wide range of quality products across categories including apparel and fashion – Spencer’s Retail Limited recently posted a consolidated net loss of Rs. 47 crore (US $ 6.4 million) for the first quarter ended 30 June 2020.
The brand reported a net profit of Rs. 1 crore during the corresponding period last fiscal.
The global pandemic of COVID-19, leading to lockdowns, has impacted every sector and business, and the results can clearly be seen on Spencer’s Retail’s revenue from operations for the quarter under review too – which was noted to have declined 27 per cent at Rs. 439 crore.
Reduced operational hours and the shift in consumer demands for only essential items were hugely responsible for the plummeting sales.
Shashwat Goenka, Sector Head – Retail, Spencer’s Retail, shared in a statement that the economy was faced with severe challenges during the past quarter. However, he maintained that the company is optimistic of a brighter future.
“We treated the pandemic as an opportunity, and responded with agility to treat our stores as hubs to reach out to our customers through our out-of-store programme,” he highlighted, further adding that the company is hopeful of reaching growth in the times to come through these initiatives.
Headquartered in Kolkata, Spencer’s Retail has nearly 190 multi-format stores in more than 42 cities in India.
