Future Lifestyle & Fashions Q3 profit at Rs 93.39 crore

Future Lifestyle and Fashions has reported a net profit of Rs 93.39 crores for Q3 ended

December 31, 2013-14. The company did not have operations in the corresponding quarter of the previous fiscal, 2012-13. During the October-December, its net sales stood at Rs 658.62 crore, the company said in a BSE filing.

After selling majority stake in its fashion business Pantaloon to Aditya Birla Nuvo, Future Retail demerged its fashion business in November 2012 and formed a new company called Future Lifestyle and Fashions. It has a portfolio of over two dozen fashion and lifestyle brands.

Continuing its aim of strengthening its fashion business portfolio, the newly formed venture under the Kishore Biyani-led Future Group recently bought 27.5 percent stake in Resource World Exim, a company engaged in women’s fashion apparel business under the brand 'Desi Belle' in India, as per a stock market disclosure.

Before that the group had picked 11 percent stake for Rs 55 lakh in Eclat Lifestyle, which runs footwear business under Famozi label. Experts attribute group’s shift in focus towards lifestyle businesses to substantially higher margins this segment earns compared to other retailing categories. Future Lifestyle currently operates four million square feet of retail space.