Future Lifestyle posts 30.33 percent loss in Q1

Future Lifestyle Fashion Ltd (FLFL), part of the Kishore Biyani-led Future Group has reported a 30.33 percent decline in net profit at Rs 2.48 crore for Q1 ended on June 30, 2015. The company had posted a net profit of Rs 3.56 crore for the corresponding period a year ago, the company said in a BSE filing.

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, it added. During the quarter, FLFL's overall expenses increased 2.85 percent to Rs 674.88 crores compared to Rs 656.15 crores in the same quarter a year ago.

The Future Group has decided to pump in over Rs 500 crores in 2015-16 to grow it retail network. The company aims to open 20 stores of Big Bazaar, six to seven stores of Central and 10 Brand Factory stores, while increasing the store count of its convenience format chains such as Big Apple, KB’s and Nilgiris from 350 to 750.