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Thursday, 01 July 2010 |
Spencer’s Retail the nationwide supermarket chain had reported a dip in both sales as well
as losses in the fiscal year April 2009-March 2010, stating it improved its operating performance in the last fiscal year as the loss reduction outstripped the sales downward spin. The report informed of a 9.8 per cent fall in revenue at Rs 965 crores against Rs 1,071 crores in the fiscal year April 2008-March 2009. The supermarket chain was able to contain its losses by 2.11 per cent.
The company has resolved to break even by the end of fiscal year April 2010-March 2011. One of its loss reduction strategies towards achieving this goal has been the closure of some of the smaller retail outlets and focusing on the bigger stores, which was implemented last year.
Spencer’s is the retail arm of Kolkata-based RPG Enterprises and a wholly owned subsidiary of CESC (Calcutta Electricity Supply Corporation). It has multiple retail formats across the country in the metros and cities. It sells food, apparel and consumer durables and is one of the leading supermarket chains in India. Spencer’s parent company CESC posted a consolidated profit after tax of Rs 157 crores during 2009-10 against Rs 77 crores a year ago. |
