Future Retail Net Jumps 110% in June Quarter
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.