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Indian retailer Spencer’s Retail Q3 net revenue up 7%

Spencer's Retail

Spencer’s Retail, a chain of retail stores headquartered in Kolkata, West Bengal having presence in more than 35 cities in India, has revealed its financial results for the third quarter of the current financial year.

The retailer’s revenue from operations increased by 7 percent to Rs. 573 crore as against Rs. 538 crore during the corresponding quarter of the previous fiscal.

The profit of the retail company stood at Rs. 1.46 crore for the reporting period.

Tapping on the physical retail presence, Spencer’s opened nine new retail outlets in the Indian retail market. Currently, the company has around 146 stores in the country.

During the quarter, the company also bolstered its e-commerce delivery operations to 8 cities. The retailer is also using the e-commerce channel as an adjunct to physical sales.

“I am delighted to share that company has reported positive EBITDA, or earnings before interest, taxes, depreciation and amortization, and PAT (Profit After Tax) for the quarter under review with consistent growth. The surge in revenue and profits of the company is driven by new store additions and focus on gross margin expansion,” Shashwat Goenka, Sector Head, Spencer’s Retail.

In the recent time, Spencer has notably added 19 new stores so far.

The Indian retailer has carried on to grow with more value-added products and new private labels.

The company posted a Rs. 5.2 crore profit in the nine month long period that ended in December 2018 as against a Rs. 2.5 crore loss in the corresponding months of the previous fiscal year.

In another development, Spencer’s roped in Devendra Chawla as its Managing Director and CEO. The post was lying vacant since 2017. Chawla (45) was the Chief Operating Officer of Walmart India, which owns and operates 23 Best Price Modern Wholesale stores in 9 Indian states, in his previous role.

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