Spencer's Retail net loss widens to Rs 114 cr in 2014-15

The loss has been incurred despite a higher revenue of Rs 1,688 cr during the year under review

Spencer's Retail, a subsidiary of CESC Ltd, has reported a net loss of Rs 114 crore for 2014-15 fiscal.

The company had reported a net loss of Rs 111 crore during the previous financial year.

The loss was incurred despite a higher revenue of Rs 1,688 crore during the year under review as against Rs 1,474 crore in 2013-14, the company said in a statement.

Commenting on the results, CESC chairman Sanjiv Goenka said heavy discounts by a few e-commerce portals had affected its business but sales expanded despite that.

"The sales per square feet were at Rs 1,380 against Rs 1,306 in 2013-14," he said.

The regions which were more affected are cities like Mumbai and Bangalore and segments including garments and appliances, he added.