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TMI BlogSpencer's Retail narrows Q3 loss to Rs 47cr, forays into quick commerce to boost growthX X X X Extracts X X X X X X X X Extracts X X X X ..... Spencer's Retail narrows Q3 loss to Rs 47cr, forays into quick commerce to boost growth X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs 51.20 crore in the year-ago period. Consolidated revenue from operations, however, declined by 20.9 per cent to Rs 516.97 crore in the October-December period from Rs 654 crore in the same quarter last year. The revenue was impacted by a "soft festive quarter", the company said. Amid efforts to revive growth and enhance profitability, the RP Sanjiv Goenka Group company announced its entr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y into quick commerce under the brand name 'Jiffy'. The service, launched in West Bengal, aims at delivering orders within 20-30 minutes using Spencer's existing store network. "Our 89 stores, including 47 in Bengal, will cater to the quick commerce segment without any additional capital expenditure. A third-party delivery system will manage logistics, and we will evaluate the need for dark stor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es if demand warrants," Spencer's Retail Chairman Shashwat Goenka said. A dark store refers to a retail distribution centre or outlet that caters exclusively to online shopping. The company plans to expand the quick commerce initiative to Uttar Pradesh, aligning with its strategy to focus on core markets after exiting the South and the NCR regions. It has closed over 40 stores in these markets. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Goenka did not divulge any restructuring for its subsidiary Nature's Basket which is a premium retail chain. "We have exited loss-making markets, including Kerala, Tamil Nadu, and Andhra Pradesh, and will now focus entirely on West Bengal and Uttar Pradesh to improve profitability," Goenka added. Spencer's is targeting a two-fold increase in daily online orders in the next three quarters with a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... push from quick commerce, he said. Currently, online orders contribute 10-11 per cent of its revenue. The retailer also plans to open 10-11 new stores in Bengal and Uttar Pradesh next year to strengthen its network, he said. Despite the decline in revenue, the company said it achieved a positive EBITDA during the quarter by optimising operational metrics, including margins and cost controls. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "This validates our decision to focus on core geographies and exit non-strategic regions," Goenka noted.
Shares of Spencer's Retail closed 7.11 per cent lower at Rs 85.5 on Thursday. PTI BSM KRH BDC X X X X Extracts X X X X X X X X Extracts X X X X
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