Future Lifestyle suffers net loss of Rs 187 cr in Q4

Future Group’s fashion and lifestyle retail arm, Future Lifestyle Fashions, has reported fourth-quarter loss

of Rs 187 crores. This is because of a one-time depreciation cost of Rs 392 crores. However, during the quarter, the firm reported same-store-sales growth of 10.5 percent for Central format and 8.2 percent for the entire retail business.

Its operational profit stood at Rs 68 crores and total income from operations stood at Rs 720 crores. The firm added 5,10,000 square foot of retail space in the first half of the fiscal. The new stores are expected to contribute to the growth and profit of the company in the new fiscal. For the full year, the company had reported a net profit of Rs 24 crores and revenues of Rs 2,744 crores.

Recently, Future Lifestyle announced its plans to raise Rs 300 crores on a preferential basis to carry out its expansion plans. The funds would also be utilized to bring down debt. The company informed the Bombay Stock Exchange that its board will meet and approve issue of equity shares or debentures to one or more persons on preferential basis.

Over a year ago, Future Retail tried to simplify its business structure by creating three different entities: Future Retail incorporating value retail (hypermarkets and supermarkets); Future Lifestyle Fashions for fashion and lifestyle retail; and Future Ventures India for the consumer products businesses.