Pantaloons reports Q3 loss of Rs 15.66 cr

Pantaloons Fashions and Retail, now a part of Aditya Birla Nuvo, has reported a net loss of Rs 15.66 crores for

the third quarter ended December 31, 2013 due to decline in net sales and other income. The company had reported profits worth Rs 20 lakh in the corresponding quarter a year ago, the company said in a filing to the BSE. Pantaloons' net sales during the quarter under review declined to Rs 410.75 crores as against Rs 423.11 crores in the same quarter a year ago.

However, slump in economy and low consumer buying has not affected retail expansion plans of the company. It aims to increase its store count from current 77 to 150 in two years. It has also announced double-digit increment to its workforce.

Reports suggest that after picking majority stake in the chain in April 2012, previously owned by Kishore Biyani’s Future Group, the company plans to invest around Rs 20 crores per new store opening. Keeping the growth momentum and rise in consumer awareness in smaller towns in mind, the new stores would focus on Tier II towns across India. Plans are afoot to open independent outlets of its ‘power house brands’.

A fashion council has been established comprising Rakesh Biyani, CEO of the retail business of the Future Group, Kailash Bhatia, head of the fashion business of the group, and Pranab Barua, CEO of apparel and retail of the Aditya Birla group that aids and advice the management of Pantaloon.