RP-Sanjiv Goenka Group-owned hypermarket chain Spencer's Retail on Thursday said its gross loss for 2014-15 widened to Rs. 114 crore from the previous loss of Rs. 111 crore during 2013-14 although the company registered a growth in its net revenues.
The net revenue during the period under review stood at Rs.1,688 crore - up by 14.5 percent as compared to its earning of Rs.1,474 crore during 2013-14.
"E-commerce is impacting the trade and is slowing the growth in the retail business segment. The level of growth in e-commerce wasn't anticipated a year ago," group chairman Sanjiv Goenka told media persons here while announcing the annual financial results of CESC Ltd.
Spencer's Retail is a subsidiary of CESC Ltd.
He said despite the loss widening in its retail business, its sales per square feet grew. "The sales per square feet was at Rs.1,380 against Rs.1,306 in 2013-14," he said.
The amount of capital deployed for the retail chain during 2014-15 also declined by 4.54 percent at Rs.231 crore against Rs.242 crore during 2013-14.