Spencer's Retail Reports Q2 Net Loss at Rs 28.66 Cr
Spencer's Retail Reports Q2 Net Loss at Rs 28.66 Cr

Spencer's Retail Ltd said its consolidated net loss narrowed to Rs 28.66 crore for the second quarter ended September 30. The company had posted a net loss of Rs 45.05 crore a year ago, as per its regulatory filing.

The company’s revenue from operations fell 5.66 percent to Rs 581.76 crore during the quarter under review, against Rs 616.65 crore in the year-ago period.  Its total expenses declined 6.89 percent to Rs 623.37 crore in Q2 FY2021-22 from Rs 669.47 crore a year earlier.    

On the business of Nature Basket, which it has acquired from Godrej Industries, Spencer's Retail said it has reported a standalone turnover of Rs 75 crore. 

Natures Basket operates 35 stores with a total trading area of 1.03 lakh square feet as of September 30, 2021.

"Natures Basket continues to be EBITDA positive on a quarter-on-quarter basis," the company said.

"The lockdown was eased in September quarter and our operational hours also improved as compared to the previous quarter," Shashwat Goenka, Sector Head at Spencer’s Retail said.

Spencer's standalone performance witnessed sales growth of 7 percent compared to Q1, owing to improvement in sales of non-food category led by general merchandise and apparel.  

"We also continue to see a strong momentum in our OMNI Channel business for the second quarter with 1.7x growth over last year," Goenka added.

Meanwhile, the company has further informed that its board has approved the reappointment of its CEO, Devendra Chawal for a further three years effective from February 11, 2022, subject to approval from the members of the company.  It has also reappointed Rahul Nayak as Whole-time Director for another three years, effective from November 14, 2021.

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