Future Lifestyle Fashion reports Q2 net loss of Rs 258 crore
Future Lifestyle Fashion Ltd (FLFL) reported a consolidated net loss of Rs 258 crore ($35 million) for the quarter ended September, as against a net profit of Rs 12 crore it had posted in the corresponding period last fiscal.
The company’s revenue for the quarter was down to Rs 424 crore, as against Rs 1,583 crore it had posted in the year-ago period.
Future Lifestyle’s total expenses for the second quarter was at Rs 682 crore as compared with Rs 1,562 crore of the previous financial year.
The company attributed the drop in revenue and loss for the quarter to the Covid-19 pandemic and resultant lockdowns that led to the closure of its stores across the country.
However, FLF remains optimistic about the future as it has opened 100 percent of its offline stores across India and also expects demand to pick up during the upcoming festive season.
FLFL is India’s largest integrated fashion company with a diversified portfolio spanning 30 fashion brands (both owned and licensed) such as Lee Cooper, Indigo Nation, Jealous 21, Bare, and All, among others.
Copyright © 2021 FashionNetwork.com All rights reserved.