Spencer’s Retail aims to turn profitable by 2018-19

RP-Sanjiv Goenka Group company Spencer’s Retail, expects to turn profitable in 2018-19, having made a pre-tax profit in the third quarter of 2017-18. Sanjiv Goenka, Group Chairman says for the first time, Spencer’s has become PBDT (profit before depreciation and tax)-positive in the quarter ending December 2017. Its turnover stood at Rs 570 crore for the three-month period with a per square foot revenue of Rs 1,607 and Rs 7-crore profit.

While recalling its strategy of being a food-first retailer, SRL would focus more on apparel and home, work and play segments two high-margin categories. Seven new stores were opened between April and December 2017, and six more were expected to be inaugurated in March. SRL, saw its turnover rise to Rs 2,021 crore in 2016-17 from Rs 1,805 crore in 2015-16 with a reduction in net loss from Rs 142 crore to Rs 129 crore.

Goenka says the recast of CESC, a group company, now seemed to have entered the last lap with the final hearing by the National Company Law Tribunal scheduled for March 26.