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02 December 2021, Mumbai:
Future Retail’s revenue was up by 66 per cent in the second quarter. The company’s overall expenses in the quarter were up 60 per cent. Operating loss was Rs 339 crores as compared with an operating profit of Rs 47 crores in the year-ago quarter.
Future Retail is India’s second largest retailer with more than 1,700 stores and runs Big Bazaar outlets in India. Among its other businesses are Fashion Big Bazaar, Easyday, and Ezone, among others. Future Retail will continue to focus on the expansion of its Big Bazaar and Fashion Big Bazaar stores. Currently, Big Bazaar and FBB contribute around 85 per cent to the company’s overall revenue. Future Retail is also working on plans to improve its supply chain network. Much progress has been made on the omni channel platform as it is providing an online shopping facility to customers.
Future Retail is currently embroiled in a legal battle with Amazon. The company had agreed last year to sell retail and other operations to India’s biggest retail group Reliance Industries. However Amazon had argued that its own deal with one of Future Group’s businesses contained clauses prohibiting the Indian entity from selling retail assets to anyone on a restricted persons list that included Reliance. Future Retail denies having violated any contractual agreements with Amazon.
