Home Food Spencer’s Retail posts Rs 45.05 cr net loss in Jul-Sep

Spencer’s Retail posts Rs 45.05 cr net loss in Jul-Sep

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The arm Spencer’s Retail Ltd on Thursday reported a consolidated net loss of Rs 45.05 crore for the second quarter ended September 2020.

Spencer's Retail posts Rs 45.05 cr net loss in Jul-Sep

According to a PTI report: The company had posted a net loss of Rs 39.56 crore in July-September period a year ago, Spencer’s Retail said in a regulatory filing.

Revenue from operations stood at Rs 616.65 crore during the quarter under review as against Rs 699.48 crore in the year-ago period.

“As the country is gradually reopening, we are witnessing a revival of business and increase in consumer demand. We have had sequential monthly sales growth,” Sector Head was quoted by PTI as saying.

Share of non-food sale has been gradually recovering and has reached 70 percent of pre-pandemic levels, he said.

On Nature’s Basket, which Spencer’s Retail acquired from Godrej Industries on July 4, 2019, Goenka said it “turned EBITDA positive in the previous quarter” and has sustained the momentum.

Nature’s Basket reported a standalone turnover of Rs 91 crore during the September quarter.

“We continue to remain focused on our core strategy. We are continuously working to strengthen ourselves as a true Omnichannel retailer,” Goenka said.

“Spencer’s will have a strong presence in providing experiential retailing with a wide range of assortment, trusted quality and a strong focus on differentiated offering (including fresh products, imported & gourmet food and gifting) which can cater to evolving customer requirements,” he added.

In a separate filing, Spencer’s Retail said its board of directors, in a meeting held on Thursday, approved a proposal for voluntary delisting of equity shares of the company from the Calcutta Stock Exchange Limited.

“The equity shares of the company will continue to remain listed on National Stock Exchange of India Limited and Bombay Stock Exchange Limited, which have nationwide trading terminals,” it said.