Spencer's Retail net down to Rs 149.9 cr

The company said the loss after considering deferred tax credit of Rs 62.01 crore was Rs 89.30 crore.    

Sources said these operating losses are largely due to the company's expansion spree.    
Spencer's had planned to invest Rs 2,500 crore to ramp up its total number of stores by 2010. "We will invest Rs 1,000 crore by March 2009 and another Rs 1,500 crore by 2010," RPG Group Vice-Chairman Sanjiv Goenka had earlier said.     

Spencer's Retail, which owns Spencer's stores, RPG Cellucom, Books & Beyond, and Music World, is now a subsidiary of group's energy company CESC Ltd.     

Currently, there are 400 Spencer's stores across 65 cities in the country with a total area of 2 million sq ft, which get annual footfall of 48 million people. The company plans to add 30 to 40 stores per month to take on the competition.     

He said Spencer's had achieved Rs 100 crore sales per month and this would go up to Rs 250 crore per month in 2008-09.     

The company had targeted  a revenue of Rs 1,800 crore during the current fiscal year.     
Spencer's Retail has several formats, Spencer's Express, Daily, Super and hyper depending on the location and size. Other RPG's retail brand stores, include RPG Cellucom, Books & Beyond, and Music World.