Future Retail reports 24.8% hike in Q3FY16 sales

Kishore Biyani led Future Retail reported a 24.85% year over year steep rise in net sales for the third fiscal quarter ended December 31, 2015.

In a BSE filing, the retailer said its net sales totaled Rs 3,266.32 crore in the third quarter of fiscal 2016, compared to Rs 2,276.3 crore in the fiscal ago period, up 24.86 per cent.

Meanwhile, on back of higher sales, its standalone net profit nearly trebled over the prior fiscal’s second quarter to Rs 14.68 crore for the three months to December 31, 2016.

For the October to December 2014 period, Future Retail had posted a net profit of Rs 5.32 crore.

However, overall expenses during the reporting quarter too surged 28.43 per cent to Rs 3,177.89 crore as against Rs 2,474.36 crore in the comparable period of the earlier fiscal.