Spencer’s reports net profit in its first result since listing

Our Bureau Kolkata | Updated on February 11, 2019 Published on February 11, 2019

Shashwat Goenka, Sector Head, Spencer’s Retail

Spencer’s Retail Limited, the multi-format retailer from the RP-SG Group, reported a standalone net profit of ₹1.46 crore for the quarter ending December 31, 2018. The company had reported a net loss of ₹2.20 crore in the year-ago period.

During the quarter its standalone revenue from operations stood at around ₹573 crore , a 7 per cent increase over the ₹538 crore it reported in corresponding period last fiscal.

In a statement to the bourses, Spencer’s said the results are not comparable with previous periods.

This incidentally is the first financial results of the company post its listing following a mirror image demerger from CESC Ltd.

On a consolidated basis the company reported a net loss of ₹11 lakh for the period under review, while revenue from operations stood at ₹573 crore.

The company has an e-commerce presence across eight cities; and it added nine new stores in Q3FY19. Total store count stood at 146.

According to Shashwat Goenka, Sector Head, Spencer’s Retail witnessed consistent growth in revenue and profits driven by same-store sales growth, new store additions and a focus on gross margin expansion.

“Spencer’s continue to grow in existing three clusters with more value added products, increase in private labels and emphasis on increasing the apparel sales mix,” Goenka was quoted in a company press release.

In a separate notification to the bourses, the company said Devendra Chawla has been appointed as the MD and CEO.

He takes charge for a three-year -period beginning February 11. He was previously Chief Operating Officer and Executive Vice President, Global Officer/Board member of Walmart India.

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Published on February 11, 2019
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