"Demerger issue will be taken forward after we register profit," Group's sector head-retail, Shashwat Goenka told PTI. When asked when the retail chain was expected to post break-even, Goenka said, "Very soon," without giving any timeline adding that targets are internal.
Spencer's had posted a net loss of Rs 166 crore from a revenue of Rs 1,458 crore during FY14. Group Chairman Sanjiv Goenka had said that the de-merger model was certain for unlocking value and it was only a matter of time.
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Pathik Retail, the holding company of Spencer's was merged with CESC in 2007 to leverage the balance sheet of the the power utility to fund the expansion plan.
Spencer's officials were expecting to post profit onwards of third (October-December) quarter of 2013-14.
Spencer's Retail had said it will open 10-15 stores every year focusing at hyper format over the next few years.
"We plan to open 10-15 stores, mostly in hyper format each year over the next few years. We will open nine stores this year, against 11 stores in FY14," Shashwat said.
The retail arm currently operates 126 stores including 33 in large format in 40 cities of the country. Spencer's had closed several small format stores in the past across places it operates.