Future Lifestyle Fashions reports Q3 net loss of Rs 174 crore
Future Group-owned Future Lifestyle Fashions Ltd (FLFL) reported a consolidated net loss of Rs 174 crore ($24 million) for the third quarter ended December 31, 2020, as against a profit of Rs 59 crore in the year-ago period.
The company’s revenue for the quarter was down 45 percent to Rs 950 crore, as against Rs 1,742 crore in the corresponding period of the previous fiscal year.
Future Lifestyle’s total expenses during the October-December period stood at Rs 1,135 crore as compared to Rs 1,664 crore last year.
The company attributed the losses and lower-income to the Covid-19 related restrictions across India.
Despite the poor results in the first quarter, FLFL remains optimistic about the future as it has opened majority of its offline stores across India and expects sales to recover in the coming quarters.
In its quarter update, FLFL also stated that it has appointed Dharmesh Jain as the chief financial officer of the Company with effect from 11 February 2021.
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, All, among many others.
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