15 November 2021, Mumbai:
For the second quarter Spencer’s Retail’s revenue was down by six per cent. However, total expenses declined seven percent.
Spencer’s standalone performance witnessed a sales growth of seven per cent compared to the previous quarter owing to an improvement in sales of non-food category led by general merchandise and apparels.
With lockdown easing in the September quarter, the company’s operational hours also improved as compared to the previous quarter. The company also continues to see strong momentum in its omnichannel business for the second quarter.
The Kolkata-based Spencer's Retail currently operates around 190 multi-format stores in over 42 cities in India. During the quarter, the company added two new Spencer’s stores. Spencer’s has moved a part of its portfolio to value-added, differentiated products. Private labels now consist of about 13 percent of the portfolio.
Apparel margins have gone up by six percent and apparel sales are going up. In general merchandise, the company’s margins have gone up by three percent and the ratio of general merchandise sales to total sales is also going up.
Spencer’s is working on cultural integration, ensuring continuity of customer experience and business, business synergies, and cross synergies identification.
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