Spencer's Retail Limited, originally incorporated as RP-SG Retail Limited in February 2017 and renamed in December 2018, is a prominent multi-format omni-channel retailer headquartered in Kolkata and part of the prestigious RP-Sanjiv Goenka Group. The company's shares are traded on the National Stock Exchange (NSE) under the symbol SPENCERS and on the Bombay Stock Exchange (BSE) with scrip code 542337. The International Securities Identification Number (ISIN) is INE020801028.
Spencer's Retail operates as a comprehensive multi-format retailer, offering an extensive array of products spanning FMCG, fashion, food, staples, general merchandise, personal care, home essentials, electricals, and electronics. The company is dedicated to developing, conducting, and promoting organized retail, managing departmental and neighborhood stores across various formats throughout India.
Its operational structure is designed with specialized retail sections to cater to diverse customer needs. These include offerings like Spencer's Gourmet, Patisserie, Wine & Liquor, Epicuisine, and L'exclusif for healthy alternatives. The retailer provides a full range of products across food, personal care (including face wipes, tissues, baby needs, hand wash), fashion, home essentials (detergents, dishwashing soaps, toilet cleaners, floor cleaners), and electricals and electronics.
As of FY24, Spencer's Retail, inclusive of its subsidiary Nature's Basket (NBL), operated 167 stores, with 34 of those belonging to NBL. The company expanded its footprint by opening 9 new stores during FY24. With a presence in over 42 Indian cities, the total store count reaches approximately 190, including 36 Nature's Basket stores.
The company employs two primary retail formats: small format stores (up to 5,000 sq. ft.) designed for daily and weekly top-up shopping, and large-format stores (over 5,000 sq. ft.). Following the acquisition of Nature's Basket in July 2019, which became a wholly owned subsidiary, Spencer's Retail initiated its expansion into Western India.
Spencer's Retail has cultivated a robust private label portfolio aimed at enhancing profit margins and fostering customer loyalty. Key private brands include 2Bme, Smart Choice, Healthy Alternatives, BESSER, doubletick, Kitch, Tasty Wonders, Clean Home, Hands-on, and Inscapes. The company offers apparel and accessories under its own brands, featuring both contemporary and classic styles, covering casual wear, loungewear, leisurewear, formal wear, and accessories like leather items, casual jewelry, and footwear.
For the third quarter ending December 2024, Spencer's Retail reported a consolidated net loss of Rs 47.34 crore, a slight improvement from the Rs 51.20 crore loss recorded in the same period the previous year. However, consolidated revenue from operations saw a decline of 20.9%, dropping to Rs 516.97 crore from Rs 654 crore in Q3 FY24, attributed to a "soft festive quarter."
Despite the revenue dip, the company achieved positive EBITDA during the quarter through diligent operational metric optimization, including margin improvements and cost controls. In Q3 FY25, facing a challenging retail environment that resulted in a slight decrease in like-for-like sales, operational enhancements led to a record margin of 19.7% and positive EBITDA for the first time in 22 quarters.
The company has implemented significant strategic restructuring to bolster profitability, including the closure of over 40 stores in non-core markets and exiting loss-making regions such as Kerala, Tamil Nadu, and Andhra Pradesh. This strategic shift allows Spencer's Retail to concentrate its efforts on West Bengal and Uttar Pradesh, aiming for improved profitability.
Spencer's Retail has also ventured into the quick commerce space, leveraging 89 existing stores (47 in Bengal) to serve this segment without additional capital expenditure, utilizing a third-party delivery system for logistics. This quick commerce initiative is planned to expand into Uttar Pradesh, aligning with the company's focus on core markets.
Strategic store closures and a concentrated focus on core markets have positively impacted financial performance. Concurrently, a substantial shift towards e-commerce has driven online sales growth, supported by investments in rapid delivery services. The company actively engages in online retail, positioning itself to capitalize on India's growing digital commerce landscape.
The market capitalization of Spencer's Retail Ltd (SPENCERS) stood at ₹588.59 Cr as of May 14, 2025. The 52-week trading range for Spencer's Retail Ltd (SPENCERS) was between a high of ₹115.90 and a low of ₹55.15. The Price-to-Earnings (P/E) ratio for Spencer's Retail Ltd (SPENCERS) was -2.21.
The Chairman of Spencer's Retail Limited is Shashwat Goenka, and the Managing Director is Anuj Singh. Promoter holding is at 58.8%, reflecting strong confidence from the promoters in the business.
Spencer's Retail continues to navigate the dynamic retail environment through strategic market focus, enhancements in operational efficiency, and dedicated digital transformation initiatives. The achievement of positive EBITDA after 22 quarters marks a significant operational milestone, positioning the company for potentially sustainable growth within its key markets of West Bengal and Uttar Pradesh.
