Future Retail to expand network of small format stores
Future Group’s Future Retail arm is looking to expand the network of its Big Bazaar and small format stores across the country during the current financial year.
The company plans to open 20 Big Bazaar stores this year and will be adding almost 100 small format stores in the current year.
“The company is planning to open 20 Big Bazaar stores across the country. Right now we are opening 2 small format stores a day; next month onwards we would increase the pace and open 3 stores a day," CP Toshniwal, Executive Director, Future Lifestyle Fashions and Chief Financial Officer of the company was quoted as saying by Moneycontrol.
“The company's overall business is expected to grow at 20 percent in FY19,” he added.
Future Retail had posted a net profit of Rs 153 crore ($22.3 million) for the quarter ended June 30, 2018, with a revenue of Rs 4,542 crore.
Future Retail is the retail entity of the Future Group and the highest revenue generator for the company. It operates 2,500 stores across various formats and brands like Big Bazaar, Easyday, Brand Factory and HyperCity, among others.
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