The fashion and lifestyle retail division of Kishore Biyani-led Future Group, Future Lifestyle Fashions Ltd, reported a 53.7% drop in net profit for first quarter ending June 30, 2014.
First fiscal quarter ending June 301, 2014 net profit slipped to Rs 3.56 crore from Rs.7.69 crore in corresponding quarter of last fiscal year.
Future Lifestyle attributed the sharp drop in net profit to increase in depreciation and other costs.
For the June 2014 quarter, net sales went up 11.7% to Rs 683.06 crore from Rs 611.38 crore from a year earlier.
During the quarter under review, Future Lifestyle opened four IamIn stores, one Brand Factory store, two Planet Sports stores, three aLL stores and 18 exclusive brand outlets (EBOs).
Meanwhile, it also closed one Brand Factory store, five Planet Sports stores and five EBOs.
Future Lifestyle Fashions is an integrated fashion company with presence across key segments and has a portfolio of fashion brands that cover the entire gamut of fashion sub-categories.
Future Lifestyle Fashions also has invested in companies, which own or manage fashion brands like Turtle, Celio, Clarks, Mother Earth, Tresmode, Mineral, etc.