RP-Sanjiv Goenka Group firm Spencer Retail Ltd reported a net loss of Rs 42.47 crores.
RP-Sanjiv Goenka Group firm Spencer Retail Ltd on Thursday reported widening consolidated net loss to Rs 42.47 crore for the fourth quarter ended March 31, 2022.
The company reported a net loss of Rs 34.53 crore in the January-March period a year ago, Spencer Retail said in a regulatory filing. Revenue from operations during the quarter under review declined to Rs 541.84 crore from Rs 592.36 crore in the year-ago period.
The total expenditure was Rs 607.25 crore as against Rs 650.73 crore. On Nature’s Basket business, which it acquired from Godrej Industries, the company said it had a standalone business of Rs 66 crore.
Nature’s Basket operates with 36 stores with a total business area of 1.08 lakh square feet as of March 31, 2022. “Nature’s Basket remains positive EBITDA on a quarter-on-quarter basis, driven by sustained higher margins and tighter cost controls on a year-to-date basis,” it said.
In 2021-22, Spencer Retail reduced its consolidated net loss to Rs 121.46 crore from Rs 163.85 crore in 2020-21. Revenue from operations stood at Rs 2,299.68 crore in 2021-22, down 5.28 per cent from Rs 2,428.07 crore in the previous year.
“We continue to focus on sales growth, cost savings initiatives and network expansion. Our strong performance in the OMNI Channel business continues to grow on both a QoQ and YoY basis… We are driving our OMNI Channel business through improved consumer insights. We will continue to take advantage of this and by accelerating our communication,” said Sector Head Shashwat Goenka.
Spencer operates 154 stores with a total business area of 13.57 lakh square feet as of March 31, 2022. The company’s stock closed at Rs 73.15 on the BSE on Thursday, down 3.18 per cent from the previous close.