Spencer’s Retail Ltd, a part of the RP Sanjiv Goenka Group, reported an increase in its consolidated net loss to Rs 87.18 crore for the second quarter ending September 30, 2024, compared to a net loss of Rs 70.12 crore in the same period last year. The company attributed this performance to softer consumer demand, impacted by a prolonged monsoon season and delays in consignment deliveries, as well as its strategic decision to scale down operations in the NCR and South markets.
Revenue from operations for Spencer’s Retail dropped by 9.75% to Rs 518.03 crore in Q2, down from Rs 574.04 crore in the same quarter last year. Total expenses rose by around 3% to Rs 666.30 crore. However, total income, which includes other income streams, saw a marginal increase, reaching Rs 579.05 crore.
Shashwat Goenka, Chairman of Spencer’s Retail, noted, “Spencer’s delivered a resilient performance amidst a soft trading environment in Q2.” He added that the earlier decision to reduce operations in the NCR and South regions had a direct impact on the company’s top line.
Despite the challenging quarter, Spencer’s Retail’s share price showed modest growth, settling at Rs 93.00 on the Bombay Stock Exchange (BSE), a 0.62% increase from the previous trading day.
