Spencer’s Retail has reported a net loss of Rs. 51 crore for the third quarter ended December 2023, as against a net loss of Rs. 62 crore in the year-ago period.
Compared to the preceding quarter, which concluded in December 2022, the company’s revenue increased by 2 per cent to Rs. 654 crore.
Commenting on the results, Shashwat Goenka, chairman of Spencer’s Retail in a statement said, “Spencer’s has delivered strong business growth of 6 per cent on LFL in the quarter driven by festive traction, sharpened communication, and expansion in e-commerce. Natures Basket continues to report a robust growth both sequentially and year on year.”
“The company remains focused on driving profitable growth with stringent focus on driving efficiencies over the next 2 quarters to accelerate its path to profitability,” he added.
During the quarter, the company opened two stores in existing geographies to take its store count to 137 stores.
