Spencer's Retail Q3 net loss widens to Rs 39.05 crore

Spencer's Retail Ltd on Tuesday reported consolidated net loss of Rs 39.05 crore in the third quarter ended December 31.

The company had posted consolidated net loss of Rs 11 lakh in the same period last fiscal, Spencer's Retail said in a regulatory filing.

Revenue from operations during the period under review stood at Rs 699.78 crore. It was at Rs 573.49 crore in the year-ago period, it added.

Total expenses in the third quarter were higher at Rs 746.43 crore as compared to Rs 579.60 crore in the corresponding period last fiscal, it said.

However, the company said results of the quarter and nine months ended December 31, 2019 include results of Natures Basket Ltd, which it had acquired from Godrej Industries in July 2019, and hence are not comparable with the results of corresponding periods of the previous year.

Business integration of Nature's Basket acquisition is underway, it said, adding the company is working on cultural integration, ensuring continuity of customer experience and business, business synergies and cross synergies identification.

It is also working on store profitability actions, while three loss making stores have been shut, the company added.