Senior Correspondent, IndianRetailer.com & Retailer Magazine Nov 10, 2014 / 2 MIN READ
Retail giant, Future Lifestyle and Fashions Ltd (FLFL) reported net profit of Rs 6.98 crore for the second quarter of 2014-15 fiscal.
The company has recorded a net profit of Rs 108.90 crore in corresponding of the previous fiscal, 2013-14 on the account of other income of Rs 190.82 crore.
During July-September 2014, FLFL's net sales stood at Rs 874.12 crore, up 26.68 per cent as against Rs 690.01 crore in the corresponding period a year ago, the company said in a BSE filing.
In corresponding quarter of the previous year, FLFL had divested its 25.8 per cent stake in BIBA Apparels in favour of a private equity (PE) fund for Rs 190 crore.
Future Retail demerged its fashion business in November 2012 and formed a new company called Future Lifestyle Fashions (FLFL). FLFL has a portfolio of over 40 fashion and lifestyle brands.
Unveiling India's Retail Revolution: Tech Disruptions, Consumer Shifts, and the Future of E-CommerceGiven this divergence, industry projections indicate Tier II and III cities will continue dramatically outpacing their Tier I counterparts in online order growth rates over the next decade.
During Mumbai Tech Week, Chandok also emphasized that those who do not embrace AI, risk falling behind in the rapidly evolving technological landscape.
In the dynamic arena of retail, departmental stores stand tall as monuments of progress, convenience, and diverse offerings.
But the winds began to shift in the mid-2010s. Mounting debt, fueled by ambitious expansion plans and a competitive landscape increasingly dominated by e-commerce players like Amazon and Flipkart, put immense pressure on Future Retail.
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