Retail in Asia

In Sectors

India’s Spencer’s Retail posts USD22.5m loss

RP-Sanjiv Goenka controlled Spencer’s Retail has ended the last fiscal with a net loss of approximately INR120 crore (INR1.2 billion, USD22.5 million).

According to the Group Chairman, Sanjiv Goenka, the CESC subsidiary is showing improvement in financial health and will turn the corner by mid-2013.

"The retail business will break even in five quarters from now," he said.