Future Retail Q1 net rises 5 percent to Rs 159 crore
Future Retail, the retail entity of the Future Group witnessed a 5 percent rise in its net profit to Rs 159 crore ($23.1 million) for the quarter ended June as compared to Rs 152 crore it had reported in the corresponding quarter for the last fiscal year.
The company’s revenue for the quarter also jumped 13 percent to Rs 5,206 as against Rs 4,593 it had reported in the year ago period.
During the April-June period, Future Retail opened 82 new small format stores across the country and shut 38 of its loss making stores.
Future Retail is the highest revenue generator for the Future Group and currently has a network of 1,557 stores in 437 cities across its brands including Big Bazaar, Easyday, WH Smith, FBB and Ezone.
The company has been on an expansion spree and has earmarked an investment of Rs 200 crore (28.6 million) to strengthen the retail presence of its Big Bazaar stores in the eastern region of India.
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