Spencer’s Retail Ltd Q1 net profit drops 58 percent

By

Maverick Martins

Published
Aug 16, 2019

Spencer’s Retail Ltd, part of the RP Sanjeev Goenka Group saw its net profit drop 58 percent to Rs 93 lakh ($1,15,921) for the first quarter as against Rs 2 crore it had reported in the corresponding period of last fiscal.
 

The company’s revenue for the April-June quarter rose by 15 percent to Rs 601 crore as against Rs 524 crore it had reported in the year-ago period.
 
Commenting on the results, Shashwat Goenka, sector head, said, "We continue to make decent progress despite dynamic business environment for retail Industry at large. Major drivers for the company's growth this quarter are increased number of bill cuts, positive SSSG, and steady gross margins.

“Spencer's continues to grow in existing clusters with more value-added products, with a focus on increasing in private label presence and on increasing apparel sales mix."
 
The company further expanded its retail presence with the addition of four new stores during the quarter.
 
The Kolkata-based Spencer's Retail currently has a presence in over 35 cities in India.  It sells a wide range of products including apparels, footwear, cosmetics, home essentials and more.