Future Lifestyle Fashions net profit improves 23 percent in Q3

Future Lifestyle Fashions registered a 23 percent rise in its net profit touching Rs 37.24 crores for the third quarter ended December 2014 as against Rs 30.24 crores, same period last year. The company’s net sales increased 9.84 percent to Rs 723.47 crores from Rs 658.62 crores, same quarter last year.

All formats under its fold including Central and Brand Factory and Planet Sports witnessed an increase in same-store growth at 4.3 percent across formats. Central reported the highest same-store sales rise at 5.4 percent. The company owns and operates five million square foot of retail space across its fashion formats including its EBOs. It added 40,000 square foot of gross retail space during the third quarter.

Dealing with high debt issue for quite some time, the company is taking various measures to bring it down. As a part of its strategy, it utilized the proceeds from Rs 175 crores preferential allotment to repay a part of its debt. It also earned profit from sale of 16.8 percent stake in Celio Future Fashion during the quarter. The company has informed in its investor update that it plans to further divest 14.7 percent stake in Celio during the last quarter of fiscal 2015.