Spencer’s Retail Ltd on Thursday announced its fiscal third quarter earnings with loss at Rs 47.34 crore, narrowed from a loss of Rs 51.20 crore recorded during the third quarter of FY24. It posted revenue from operations at Rs 516.97 crore, reporting a drop of 20.95 per cent as against Rs 654.01 crore during the same period of previous financial year. The company EBITDA stood at Rs 13 crore, up 8 per cent on-year
The company opened 2 stores during the quarter for Nature’s Basket with a trading area of 14 k sqft, it said in a regulatory filing.
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Shashwat Goenka, Chairman, said, “Despite a soft festive trading environment wherein LFL sales growth was flat, Spencer’s delivered a very strong operational performance on the back of good GM% delivery (19.7 per cent), strong control on all operational cost lines resulting in a milestone EBITDA (pre-INDAS) positive achievement. This is a strong validation of our decision to focus on core geographies, exit from loss making, non-strategic regions & drive improvement across all operating metrics such as margins, sales productivity, and costs and to bring the business to operational profitability. We are happy that we have been able to achieve this ahead of earlier committed timeline of FY 25-26 and going forward we will prioritize & focus on growing both our offline & online business whilst keeping the same level of rigor and attention on productivity metrics and costs.”
Spencers posted a revenue of Rs 431 crore with consistent LFL (continuing regions) growth. It posted online growth of 20 per cent for the quarter in review. The company recorded significant operating costs reduction from Rs 102 crore in Q3 LY to Rs 70 crore in Q3 CY.
Meanwhile, Nature’s Basket recorded Q3 revenue at Rs 86 crore, up 2 per cent. The company launched two new Artisan Pantry stores in Bangalore MG Road and Ahmedabad Palladium Mall.
Shashwat Goenka added, “We are also excited to announce the launch of our new quick delivery proposition JIFFY which will not only strengthen our omni-channel consumer proposition but will also be a key growth driver for the business in the coming quarters. We have made significant improvements in the tech stack allowing for an enhanced and seamless consumer experience and with a larger fulfillment footprint we will offer our consumers an instant delivery proposition.”
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