Future Retail posts Rs 12 crore loss
The company recorded same sales growth of 10.4% in value retail in June quarter of 2013
Kishore Biyani led Future Retail posted a loss of Rs -12 crore in its core business for the quarter ending June 2013 as compared to Rs 6 crore profit before tax it posted in corresponding quarter of previous financial year.
The company said both figures were not comparable as June 2013 quarter had the impact of demerger of its fashion format Pantaloons to Pantaloons Fashion and Retail which and Central and Brand Factory to Future Lifestyle Fashion.
The company’s net sales Rs 2,217 crore in June quarter of 2013 as compared to Rs 2902 crore in June 2012 quarter.
The company recorded same sales growth of 10.4% in value retail in June quarter of 2013, which was the highest growth in the last five quarters. Home retail saw a turnaround in same stores sales growth after seven quarters and saw a growth at 3.7%.
The company added a space of 0.14 million sq ft including two Big Bazaars 5 eZones, it closed 0.37 million sq ft of space, which included 6 Big Bazaars, 4 eZones among others.
Source: Business Standard
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