Future Retail net profit at Rs 73 crores

Future Retail’s standalone net profit for the second quarter was Rs 73.63 crores. Net sales during the second quarter were Rs 4,129.85 crores as against Rs 359.86 crores during the corresponding quarter last fiscal. Total expenses during the quarter stood at Rs 4,071.46 crores.

The company had reported a net loss of Rs 56.69 crores during the July-September quarter a year-ago. For the first half of 2016-17, net profit on a standalone basis was Rs 144.18 crores. The company had a net loss of Rs 143.64 crores in the year-ago period. Net sales in the first half of the current fiscal were at Rs 8,021.36 crores compared to Rs 769.27 crores a year ago.

Future Retail is the flagship company of the Future Group. It operates multiple retail formats in both the hypermarket, supermarket and home segments of the Indian consumer market including Big Bazaar, fbb, Food Bazaar, Home Town. It serves customers in more than 240 cities across the country through over 11 million square feet of retail space.

The retailer has a multi-pronged strategy to boost profitability by expanding its small store network, increasing margins in the food and fast-moving consumer goods portfolio, building an omni-channel network, increasing stock velocity and leveraging its customer data across group companies to increase sales per customer.