Spencer’s Retail Q3 loss widens to Rs 61.75 cr

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The company’s revenue from operations for the December quarter 2022-23 under review stood at Rs 638.91 crore as compared to Rs 624.07 crore in the year-ago period

New Delhi: RP Sanjiv Goenka Group firm Spencer’s Retail Ltd on Tuesday reported widening of consolidated loss after tax at Rs 61.75 crore for December quarter 2022-23, impacted by higher expenses.

The company had posted a loss after tax of Rs 26.77 crore for the same quarter last fiscal year, Spencer’s Retail said in a regulatory filing.

Revenue from operations in the quarter under review stood at Rs 638.91 crore as compared to Rs 624.07 crore in the year-ago period, it added.

Total expenses were higher at Rs 703.89 crore as compared to Rs 669.49 crore in the same quarter a year ago.

Spencer’s Retail Sector Head Shashwat Goenka said at a consolidated level the company’s business has grown led by significant growth in the non-food business and also from the food business with sustained omni-channel presence.

“Continuous investments in making our digital shopping experience seamless for our consumers have helped us sustain the growth in the omni-channel business,” he added.

Spencer’s Retail has also recently ventured into a new format – ‘Spencer’s Value Market’ — and there are currently 10 stores operational under this format, Goenka said adding, the initial consumer response has been very encouraging.

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