Future Lifestyle net profit declines 69.77 percent in Q2

Future Group-owned Future Lifestyle Fashions reported a 69.77 percent decline in its net profit to Rs 2.11 crore for the second quarter ended September 30, 2015. The company had posted a net profit of Rs 6.98 crore in the same period of the previous fiscal, Future Lifestyle Fashions said in a regulatory filing. Net sales during the period were Rs 853.45 crores against Rs 874.12 crores in the year-ago period, down 2.36 percent.

It had reported a 30.33 percent decline in net profit at Rs 2.48 crore for the fiscal first quarter ended on June 30, 2015. Net sales of the company during April-June period this year remained flat at Rs 684.34 crores against Rs 683.06 crores in the quarter ended June 2014, the company had said.

Kishore Biyani-led Future Group that recently announced merger with Bharti Retail, aims to open six new stores of its lifestyle and fashion departmental chain – Central. The company, after recently ramping up its brand portfolio, aims to increase the store count from 30 to 36, this fiscal.