Future Retail Q3 net profit down 17 percent to Rs 165 crore
today Feb 14, 2020
Kishore Biyani-led Future Retail Ltd witnessed a 17 percent slump in its consolidated net profit at Rs 165 crore ($23.2 million) for the third quarter ended December, as against a net profit of Rs 198 crore it reported in the quarter a year ago.
The company’s revenue for the October-December quarter dropped 3 percent to Rs 5,209 crore, as compared to Rs 5,374 crore it had posted in the corresponding quarter last year.
Future Retail’s total expenses for the quarter were down 3 percent at Rs 5,042 crore, as compared with Rs 5,177 crore it had reported in the year-ago period.
The company had seen a drop in footfalls in some markets during the quarter and prolonged winters also impacted business for the group. The company’s sales also slumped due to ongoing public unrest with some recent laws passed by the Indian government.
Despite the slowdown, the company expects to see single-digit growth in the current fiscal 2019-2020 at like-to-like growth of 6-7 percent.
Future Retail operates more than 1,550 for its brands Big Bazaar, FBB, Easyday, Ezone among others. Majority of its revenue is driven by the group’s supermarket chain, Big Bazaar, and fashion retail chain, Fashion at Big Bazaar.
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