Spencer’s Retail’s loss for the second quarter ending September 2023 widened to Rs 70 crore, as against Rs 54 crore reported in the year-ago period.

The company’s revenue for the quarter declined by 12 percent to Rs 574 crore, as against Rs 649 crore posted in the corresponding period of the previous fiscal year.

Commenting on the results, Shashwat Goenka, chairman of Spencer’s Retail in a statement said, “Our business growth was muted for the quarter as we took some hard decisions on improving profitability through closure of loss-making stores in non-strategic geographies in South India.”

“We have witnessed an improvement of 65 bps in the gross margins despite a hyper-competitive operating environment and stay committed to driving both top line and profitability in the balance part of the fiscal,” Goenka added.

During the quarter, the company added two stores in existing geographies. Spencer’s Retail operates 135 stores with a total trading area of 12.56 lakh square feet as of September 30, 2023.