Future Retail Q2 net profit down 7 percent at Rs 165 crore
today Nov 14, 2019
Kishore Biyani-led Future Retail Ltd saw its net profit decline 7 percent to Rs 165 crore ($23 million) for the second quarter ended September 30, 2019. The company had posted a net profit of Rs 177 crore in July-September quarter a year ago.
The company reported strong sales in the fashion segment during the quarter at its Big Bazaar and Fashion Big Bazaar stores resulting in overall revenue growth.
Future Retail’s revenue for the quarter rose by 10 percent to Rs 5,449 crore as against Rs 4,965 crore it posted in the corresponding quarter last year.
The company's total expenses for the July-September period also rose 11 percent to Rs 5,305 crore as against Rs 4,794 crore in the year-ago quarter.
Future Retail plans on shutting down its unprofitable stores across all formats within the next three months to cut down on its losses and improve margins in the coming quarters.
Future retail ended the quarter with a store count of 1,550 spread across 432 stores for its brands Big Bazaar, FBB, Easyday, Ezone among others.
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