Future Lifestyle Fashions posts Q1 net loss of Rs 136 crore
Future Lifestyle Fashions Ltd (FLFL) reported a consolidated net loss of Rs 136 crore ($17 million) in the April-June quarter, as against Rs 348 crore it posted in the corresponding quarter a year ago.
The company’s revenue for the quarter was down by 8 percent to Rs 273 crore, as against Rs 298 crore it reported in the corresponding period last fiscal.
FLFL's total expenses for the first quarter ended June 30 was down by 33 percent at Rs 436.56 crore, as against Rs 656 crore a year ago.
“The company has incurred loss before tax during the quarter ended June 30, 2022, amounting to Rs 142.40 crore primarily owing to lower sales volumes, finance costs and depreciation,” said FLFL in its earnings statement.
“Further, the Company has initiated the process for the monetisation of some of the assets to repay the debts and to manage the working capital requirements as part of the same plan. the management is confident that they will be able to arrange sufficient liquidity through monetisation of its assets, increase in operations and other strategic initiatives,” added FLFL.
FLFL has in-house retail chains Central and Brand Factory, exclusive brand outlets (EBOs) and other multi-brand outlets housing apparel labels including Lee Copper, Champion, Indigo Nation, Giovani, John Miller, Scullers, Converse, and Urbana among others.
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