By BS Reporter
Future Retail's (formerly Pantaloon Retail ) net profit more than halved in the quarter ending March as the company's sales dwindled during the quarter.
The firm posted a standalone net profit of Rs 2.5 crore in the quarter under review, compared to Rs 5.4 crore in the year-ago period, a drop of 54.51 per cent. Its net sales went down 17 per cent during the quarter at Rs 911.5 crore, against Rs 1,105 crore during the corresponding quarter of the previous year.
Net profit from core operations fell 83 per cent to Rs 2 crore for the quarter, compared to Rs 12 crore in the year-ago period. Net sales fell 4.22 per cent at Rs 2,834 crore, compared to Rs 2,959 crore in last year.
However, the company saw improvement in same-store sales growth in the value segment. The value segment, which includes Big Bazaar, Food Bazaar and others, saw same-store sales growth of 8.1 per cent in the March quarter, compared to 5.1 per cent in the December quarter.