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Food sales of Spencer’s Retail grow vs last year, Nature’s Basket reports standalone turnover of Rs 87 cr

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 arm Spencer’s Retail Ltd on Thursday reported a consolidated net loss of Rs 29.64 crore for the December 2020 quarter. The company had posted a net loss of Rs 39.50 crore in the corresponding quarter a year ago, Spencer’s Retail said in a regulatory filing.

Its revenue from operations during October-December 2020 stood at Rs 671.99 crore. It was against Rs 699.78 crore in the year-ago period.

The firm’s total expenses were at Rs 716.08 crore during the third quarter of the current financial year. Its results are not comparable pursuant to its acquisition of Nature’s Basket on July 4, 2019, as a wholly-owned subsidiary.

Sector Head Shashwat Goenka was quoted by news agency PTI as saying, “We saw an acceleration in the business recovery, as reflected in a sequential revenue growth of 9 per cent this quarter.”

Food sales of Spencer’s Retail have shown growth versus last year. In particular, the dairy and fresh categories have driven convenience through rapid deliveries. While non-food sales also reached 85 per cent of pre-pandemic levels, led by general merchandise.

“We have also seen sequential improvement in our profitability. The cost savings initiatives are on track. We are focussing on sales growth through our ‘Out of Store’ initiatives such as phone delivery and e-commerce using our ‘Stores as Hubs’,” Goenka was further by PTI as saying.

During the October-December 2020 quarter, Spencer’s Retail has added seven new stores in existing clusters, he said.

Over the business of Nature’s Basket, which it has acquired from Godrej Industries, Spencer’s Retail said it has reported a standalone turnover of Rs 87 crore.

Shares of Spencer’s Retail Ltd on Thursday settled at Rs 78.55 apiece on the BSE, down 2.78 per cent from the previous close