Future Lifestyle Fashions posts Q1 net loss of Rs 353 crore
Future Lifestyle Fashions (FLF) reported a consolidated net loss of Rs 353 crore ($48.1million) for the first quarter ended June 30, 2020, as against a net profit of Rs 25 crore it had reported in the corresponding period last year.
The company attributed the losses to lower-income as a result of closure of its stores, due to the Covid-19 pandemic across India.
The company’s revenue for the quarter under review stood at Rs 96 crore, as compared to Rs 1,551 crore in the corresponding period a year ago.
Despite the poor results in the first quarter, FLF remains optimistic about the future as it has opened 95 percent of its offline stores across India and also expects a surge in online sales during the festive season.
Commenting on the outlook, Vishnu Prasad, managing director at Future Lifestyle Fashions, in a statement said: “All our stores are getting ready with new fashion for the festive, as well as the wedding season. To scale this up further, we will use our strong database of 6 million customers to create initiatives that will cater to their online and in-store needs.”
“In June 2020, the company was able to reach only 12 percent of the sales it had posted in June 2019. This percentage has steadily increased every month and crossed 50 percent in August. The month of October marks the beginning of the festive season across the country and a critical step towards getting back to the normal,” he added.
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.
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