Spencer’s Retail Limited, an RPG group company, is targeting to achieve a turnover of Rs 1,200 crore by the end of this financial year.
Last year, the company recorded a turnover of Rs 1,050 crore and in the previous year this was Rs 950 crore. “By seeing the previous years growth rate, we expect to reach around Rs 1,200 crore turnover by the end of this financial year,” said Sanjay Gupta, executive director (marketing and business development), Spencer’s Retail.
The company is also planning to add four large format stores (hyper stores) — two in Bangalore and one each in Uttarakhand and Kurnool — by the end of this year with an investment of around Rs 5-6 crore each, said DV Ram Kumar, executive director (agri business and consumer durables). Spencer’s on Thursday launched its second large format store here with an investment of Rs 6 crore.
It currently has 225 stores across the country, including 35 hyper stores. In Andhra Pradesh, it has 46 stores, including 2 hyper stores. “In the next two years, we are planning to add two more large stores,” he added.
Meanwhile, the company hopes to break-even by 2014-15. “At the store-level, we are already profitable. On the opening day itself, the store starts making profits. At the company level, we expect to break-even by 2014-15 and by the time we will have presence in 2 million sft from the now 1 million sft,” Gupta said.