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Pruning operating costs helps Future Retail hike EBITDA

February 14, 2014 (India)

Future Retail announced its financial results for quarter ending December 31, 2013. 
 
The company’s standalone business, reported a total income from operation of Rs 2,323 crore and EBITDA of Rs 235 crore for the quarter ended December 2013. The company reported EBITDA margin’s of 10.1%, an expansion of around 100bps largely due to optimization of operating cost including rent and promotions.
 
The company reported a total income from operations of `9,232 crore and EBITDA of 8.9% for the 12 months ending December 2013. The standalone business includes Big Bazaar, Food Bazaar, FBB, Home Town and eZone. The financial numbers for December 2013 are not comparable with December 2012 quarter due to the demergers of its lifestyle fashion businesses that included Central, Brand Factory, Pantaloons, among others.
 
The Same Store Sales Growth for value business that primarily operates Big Bazaar is 3.3%, while that for home and consumer durables chains Home Town and eZone is 2%.
 
Store Additions
The total gross addition during the quarter was 0.22 million sq feet space and total operational area increased to 10.32 million sq ft. During the quarter, Big Bazaar established its presence in cities of Gulbarga and Davangere in Karnataka and Hosur in Tamil Nadu. Big Bazaar also opened its 6th store in Hyderabad strengthening its presence in the city. FBB opened its 2nd store in Kolkata and HomeTown Express opened its first store in Raipur.
 
Ezone expanded its network through cut-in stores in Big Bazaar and HomeTown in Chennai, Raipur, Bengaluru and Pune. Ezone also opened its 11th store in Mumbai and 1st in Gurgaon.
 
Corporate Actions
Future Retail Ltd has extended its financial period of the Company by three months from December 31, 2013 to March 31, 2014. Accordingly, the current financial period shall be a period of 15 months beginning from January 01, 2013 and ending on March 31, 2014. This decision would enable the Company to comply with the requirements of uniform financial period as contained in the Companies Act, 2013.
 
On January 31, 2014, the Hon'ble High Court has sanctioned the Revised Scheme of Amalgamation of Future Value Retail Limited ("FVRL") with Future Retail Limited ("FRL“). Hence, the FRL standalone financials for the December 2013 quarter and the 12 months ending December 2013 will reflect value retail and home / electronic retail businesses.
 
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