SPENCERS

What Spencer's Retail promised, and what happened

Every commitment management made on a call, tracked from the quarter it was made — reaffirmed, revised, diluted or quietly dropped.

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 0 delivered 7 missed 8 open
  • Operational EBITDA Breakeven missed said Q4 FY25 Promised: By the end of FY26 at an EBITDA level both businesses (Spencer's & NB) will break even. Q1 FY27: Promise was for FY26 and was missed. Superseded by new FY27 targets.
  • Spencer's New Store Additions (FY27) revised down said Q4 FY26 Promised: So, you will see 3-4 stores of Spencer's coming up in this year. Some of them might be new to the network. Some of them could be relocating an underperforming store... Q1 FY27: Management reversed guidance, stating 'not in this fiscal, we are not adding' stores, a direct contradiction to the 3-4 store target set last quarter.
  • Spencer's Store EBITDA on track said Q4 FY26 Promised: Going forward in FY'27, we will be able to achieve that 8% store EBITDA. Q1 FY27: Management reports significant improvement from 2.5% last year, making good progress towards the 7.5-8% aspiration for FY27.

The rest of the ledger

Above is what the last two calls moved. Pro opens all 15 tracked commitments for Spencer's Retail — every quarter's revision, the source quote behind each one, and the topics management has stopped answering.

See what Pro opens