Mumbai: India-based Future Lifestyle has announced financial results for the first quarter of the current fiscal ended in June. During the quarter under review, the fashion retailer noted a whopping 33 per cent increase in its net profit to Rs. 24 crores against Rs. 18 crores during the same quarter of the previous fiscal.
Strong same stores sales (up 30 per cent) at its units including Central malls, Brand Factory and other Future Lifestyle Fashion brands collectively helped the company record a 29 per cent increase in revenue to settle at Rs. 1,031 crores. Revenue in the first quarter of 2016 stood at Rs. 800 crores. Net sales too soared 17.5 per cent to Rs. 3,877 crores for the fiscal year ended March 2017.
In the 2016-17 financial year, Future Lifestyle surpassed its rival and the country’s largest departmental store chain Shoppers Stop in terms of fashion retail sales last fiscal. It appears the retailer is continuing to capitalize on the momentum gained last year. At present, the company runs around 360 retail stores across the country.