Future Retail had a net loss of Rs 1,063 crore in the third quarter
16 February 2022, Mumbai:
Future Retail's (FRL) third-quarter net loss increased to Rs 1,063 crore ($141 million), up from Rs 847 crore in the previous quarter. The company's sales for the quarter increased by 87% to Rs 2,815 crore, compared to Rs 1,506 crore a year before.
Future Retail's costs increased by 62 percent to Rs 3,890 crore in the quarter, compared to Rs 2,391 crore in the same time previous year.
Future Retail, whose operations have been hammered severely by the epidemic, recently defaulted on a Rs 3,494 crore payment to its lenders.
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"At this time, the firm is in discussions with lenders about continuing operations after the occurrence of the event of default and seeking to reach an amicable conclusion to the company's current financial situation," it stated.
BigBazaar, FBB, Foodhall, Easyday, and Nilgiris are among the 1,700 Future Group stores, with 900 being small-format stores and the remainder being large-format hypermarkets and fashion outlets.
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*Figures mentioned in the above article have been sourced from Business Standard ET Money control & Fashion Network article.
