The flagship fashion business of Future Group, Future Lifestyle Fashions (FLF) posted a consolidated net loss of Rs 258 crore for the second quarter ended September 30, 2020. It had posted a net profit of Rs 12 crore during the corresponding period last year. The company’s revenue for the quarter under review declined to Rs 424 crore from Rs 1,583 crore in the last fiscal. Its expenses for the quarter were reported to be Rs 682 crore, as against Rs 1,562 crore it registered last year.
The COVID-19 pandemic and subsequent lockdowns leading to closure of company’s stores across India has led to a drop in company’s revenues and resultant loss for the quarter. However, FLF is optimistic about the future as it has opened 100 per cent offline stores across the country. It has a diversified portfolio spanning 30 fashion brands, FLF has more than 300 stores in over 90 cities.
