Future Lifestyle Fashion net profit jumps 24 percent to Rs 44 crore
today Feb 6, 2018
Future Group’s fashion entity Future Lifestyle Fashion Limited (FLFL) saw its net profit surge 24 percent to Rs 44 crore (approx $ 7 million) for the quarter ended December 2017. The company had reported a net profit of Rs 36 crore (approx $5.7 million) in the same quarter during the last financial year.
FLF’s revenue also rose to Rs 1237 crore (approx $ 192 million) from the Rs 1066 crore (approx $ 165.7 million) it posted in the corresponding period of the last fiscal.
The company said that it benefited from the successful transition into the Goods and Services Tax regime. The expansion of its various brands and flagship stores across the country also contributed to the success of the company during the quarter.
During the quarter, the company also extended its joint venture with footwear firm Clarks by another 10 years up to 2030. It will also give Future Group access to newer markets like Sri Lanka, Bangladesh and Nepal where it will be the exclusive partner.
Future Group brands Cover Story and Turtle also expanded their retail presence reaching 14 and 100 exclusive brand outlets respectively. It added two Central stores and 3 Brand Factory stores during the quarter.
Future Lifestyle Fashions ended the quarter with a total of 345 retail stores for all its brands across India.
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