Future Lifestyle experiences 33 percent increase in net profit for Q1
Future Group’s Future Lifestyle brand has reported a net profit of 24 crore rupees (approximately 3.4 million dollars) for the current fiscal year’s first quarter (Q1) which is a 33 percent increase from the same quarter last year.
During the first quarter of the last fiscal year, Future Lifestyle, the lifestyle and fashion subsidiary of Future Group, reported 18 crore rupees profit (approximately 2.7 million dollars) but this year has seen sales jump by a third. One reason for the brand’s increased sales is the good performance of their units which include Central malls, Brand Factory, and other Future Lifestyle Fashion brands such as Scullers and Jealous 21.
Future Lifestyle has increased their number of Central brand malls to 36. Some of the fashion brands featured in Central brand malls include Biba, DKNY, Lakmé, Fcuk, Reebok, Adidas, Levis, and Ray Ban. Moreover, Future Lifestyle also brought its total of Brand Factory outlets to 54 this fiscal year.
The business, led by Kishore Biyani, reported that their revenue for April to June saw a 29 percent increase and reached 1,031 crore rupees (approximately 155 million dollars). However, striking as this revenue rise is, some of it could be due to the consumer buying surge the proceeded the government’s introduction of the Goods and Services Tax (GST) at the start of July over fears that the tax would increase the prices of consumer non-durables.
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