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30th November 2021, Mumbai:
Future Retail’s (FRL’s) losses widened in the July-September quarter to Rs 1,117 crore ($149.2 million), as compared with a loss of Rs 692 crore in the corresponding quarter a year ago.
However, the retailer’s revenue was up by 66 percent in the quarter at Rs 2,369 crore. The company’s overall expenses in the quarter were up 60 percent at Rs 3,500 crore.
The company also reported an operating loss of Rs 339 crore, as compared with an operating profit of Rs 47 crore in the year-ago quarter. Future Retail, India's second-largest retailer with more than 1,700 stores 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, which runs popular Big Bazaar outlets in India, denies having violated any contractual agreements with Amazon.
FASHION NETWORK (The news article has not been edited by DFU Publications staff)
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