Fu­ture Re­tail Net Jumps 110% in June Quar­ter

The Economic Times - - Brands: Creating Desire - Our Bureau

New Delhi: Kishore Biyani-owned Fu­ture Re­tail, which op­er­ates Big Bazaar su­per­mar­ket chain, said net profit soared 110% to .₹ 148 crore in the quar­ter to June on higher sales.

Sales rose 18% year-on-year to .₹ 4,707 crore, the com­pany said on Tues­day.

It said same-store-sales for its flag­ship Big Bazaar and Food Bazaar su­per­mar­ket chains stood at 16% for the quar­ter while Fu­ture Re­tail’s like-to­like growth for the pe­riod was 11.8%.

The com­pany said it has suc­cess­fully mi­grated to the goods and ser­vices tax. "The com­pany is now look­ing for­ward to sev­eral eco­nomic ben­e­fits and higher ef­fi­cien­cies on its pan-In- dia net­work of stores," it said in an in­vestors pre­sen­ta­tion.

Fu­ture Re­tail op­er­ates 893 stores across Big Bazaar, FBB, Easy­day, Food­hall, Ezone and Home Town, which to­gether oc­cupy re­tail space of 13.5 mil­lion sq ft.

It has shut about 69 stores of elec­tron­ics chain Ezone and added nearly 200 Easy­day stores since last year.

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