Spencer’s Retail, one of the oldest retail chains in India (formerly Foodworld and part of RPG Retail) grew it’s e-commerce revenues by 250% during FY 20-21 compared to the same period in FY 19-20. The growth is largely attributed to many of their loyal consumers turning to their app instead of physically travelling to the stores, thanks to fear of virus spread as well as intermittent lockdowns all through the year.
Nature’s basket, the retain chain which sells premium Food and Grocery products turned profitable during this period for the first time with an EBITDA of 7.6% compared to a negative margin of 8.1% during FY 19-20. The Mumbai-based chain was acquired by Spencer’s from the Godrej Group to strengthen it’s premium product portfolio and also to elevate many of their in-store experiences with growing appetite for premium and imported products by consumers.
Total Revenues for the FY 20-21 reduced 8% to Rs. 2,428 as against Rs. 2,645 during the same period last FY, while gross margin also reduced to 20.4% from 21.4% during the respected periods. The company added 12 new Spencer’s stores during FY 20-21 to take the total count to 164 stores across India and added 2 new Nature’s Basket stores to take the tally to 33 stores. After acquiring Nature’s Basket, Spencer’s improved Gross Margin significantly to 26.9% compared to 21.7% when it was acquired in 2019. Full details of the Annual report can be accessed here.