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Future Lifestyle posts `187 crore loss in Q4

LiveMint logoLiveMint 19-05-2014 Sapna Agarwal

Mumbai: Future Lifestyle Fashions Ltd, the fashion and lifestyle retail arm of Kishore Biyani’s Future Group, reported a fourth-quarter loss of `187 crore because of a one-time depreciation cost of `392 crore.

Its operational profit stood at `68 crore. This is the first year of operations of Future Lifestyle and, hence, there are no comparative figures.

For the fourth quarter, total income from operations stood at `720 crore.

During the quarter, the firm reported same-store-sales growth of 10.5% for the Central format and 8.2% for the entire retail business. Same-store sales growth measures comparable sales at stores that have been operational for over a year. It does not take into account growth due to opening of new stores.

The firm added 510,000 sq. ft of space in the first half of the fiscal. The new stores should add to the growth and profit of the company in the new fiscal, the company said in its investor update.

Same-stores sales growth across the retail sector has been better than last year during the March quarter because of a longer sales period.

Also, the movies pipeline was better. Whenever, movies do well, visitors to malls increase and, hence, sales improve.

For the full year, the company had a net profit of `24 crore and a revenue of `2,744 crore.

On Monday, shares of Future Lifestyles Fashions gained 3.53% to close at `93.90 on BSE, while the exchange’s benchmark Sensex gained 1% to 24,363.05 points.

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