Spencer’s net loss widens to Rs 114 cr in FY14-15

Spencer's Retail has reported a net loss of Rs 114 crores for fiscal year 2014-15. The company had reported a net loss of Rs 111 crores during the previous financial year. The loss widened despite registering higher revenue of Rs 1,688 crores during the year under review as against Rs 1,474 crores in 2013/14, the company said in a statement.

*Shashwat Goenka,* son of RP-Sanjiv Goenka, Group Chairman Sanjiv Goenka, who now leads the Spencer's Retail chain is also in the process of firming up ecommerce plans. The company is taking a planned and well-researched route before actually launching an online platform of Spencer’s.

By the end of March 2015, Spencer’s plans to achieve a revenue target of Rs 1,800 crores and plans to cross one billion dollar mark (over Rs 6,200 crores) in next five years. Operating 123 stores at the moment, by next year, the company wants to open 15 more, of which 13 will be hypermarts and two will be large format stores, predominantly in the north, east and south.