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Spencer’s Retail Ltd., a subsidiary of Sanjiv Goenka Group, has announced a consolidated net loss of Rs. 64 crore for Q1 of June 2023.
The company’s revenue for the quarter witnessed an 8 per cent decline, reaching Rs. 570 crore, in contrast to Rs. 621 crore for the same quarter in the previous year. Spencer’s Retail managed to curtail its total expenses for the April-June quarter by 4 per cent, amounting to Rs. 646 crore.
The financial report for Q1 2023, highlights the challenges faced by the company, evident in the decrease in revenue and the increased net loss compared to the previous year’s figures.
Shashwat Goenka, chairman of Spencer stated, “Our revenue from operations grew by 5 per cent on a consolidated basis for the quarter despite a challenging operating environment. We continue to focus on our business initiatives which include reducing the controllable costs, enhancing our gross margin, driving a higher share of the non-food business mix, and sharpening our pricing.”
