On a consolidated basis, Spencer's Retail reported net loss of Rs 54.63 crore in Q1 June 2020, higher than net loss of Rs 2.46 crore in Q1 June 2019.
Consolidated net sales slipped 8.9% to Rs 547.07 crore in Q1 June 2020 over Q1 June 2019. The Q1 earnings were announced after trading hours yesterday, 8 September 2020.
Spencer's Retail's operates with 158 stores with a total trading area of 13.4 lakh square feet as on 30 June 2020. Natures Basket reported standalone turnover of Rs 108 crore and gross margin of 26.2% for the quarter ended 30 June 2020. Natures Basket operates with 31 stores with a total trading area of 0.84 lakh square feet as on 30 June 2020.
Spencer's Retail's results reflect the impact of lockdowns, limited operational hours and restrictions on the selling of higher margin non-essential items such apparel/general merchandise/other non-food items which were not allowed to sell. The loss of business hours was partly offset by the e-commerce business which grew five-fold. The out-of-store business (e-commerce, RWA programs and delivery business) constituted double digit share of sales.
Shashwat Goenka, the sector head of Spencer's Retail, has said: "This has been an extremely challenging quarter for the economy. We are happy that we were able to have over 90% of our stores operational from the first day and throughout the pandemic to serve the people of our nation. We treated the pandemic as an opportunity and responded with agility to treat our stores as hubs to reach out to our customers through our out-of-store program. This includes initiatives such as 'hyper-local customer connect', e-commerce, phone delivery, order-taking chat-bots, as well as quickly tying up with partners to enable quick deliveries. These initiatives we believe will be instrumental for our future growth as well."
"I am delighted to share that Natures Basket has reported positive EBITDA within 1 year of acquisition due to successful integration efforts and has witnessed significant growth despite the challenging conditions by winning the trust of customers," Mr Goenka further added.
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Shares of Spencer's Retail advanced 3.18% to Rs 81.15 on BSE. Kolkata-based Spencer's Retail is primarily engaged in developing, conducting, investing and promoting organized retail and operates departmental and neighborhood stores under various formats.
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