Kolkata, Nov 8 (PTI) Spencer’s Retail’s second-quarter ending September 2023 loss widened to Rs 70 crore, as against Rs 54 crore reported in the same period last year, on account of higher interest and lower sales.
Consolidated revenue from operation during the quarter declined by 11.6 per cent to Rs 574 crore from Rs 649 crore a year ago.
Interest cost stood at Rs 36 crore during the quarter against Rs 27 crore in the corresponding quarter of FY’23.
“Our business growth was muted for the quarter as we took some hard decisions on improving profitability through closure of loss-making stores in non-strategic geographies in South India.
“We have witnessed an improvement of 65 bps in the gross margins despite a hyper-competitive operating environment and stay committed to driving both top line and profitability in the balance part of the fiscal,” company chairman Shashwat Goenka said in a statement.
Spencer’s Retail operates 135 stores with a total trading area of 12.56 lakh square feet as of September 30, 2023. It also has two subsidiaries – Nature’s Basket and OMNI channel company ORIPL.
The company added two stores during the quarter having a trading area of 16,800 sq ft in Spencer’s in existing geographies. PTI BSM NN
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.