Home / Knowledge / News / Apparel/Garments / Future Lifestyle Fashions slips into profit in Q4FY15
Future Lifestyle Fashions slips into profit in Q4FY15
01
Jun '15
Driven by massive reduction in expenses, Future Lifestyle Fashions Ltd (FSFL) slipped in to profits in the fourth fiscal quarter ended March 31, 2015 as against a steep loss in the same quarter of previous fiscal.

In a BSE filing, the fashion division of the Future Group said its net profit amounted to Rs 6.14 crore in the fourth quarter of fiscal 2015 compared to a loss of Rs 186.66 crore in the quarter ended March 31, 2104.

Net profit at the Kishore Biyani led company was driven by huge reductions in depreciation and amortisation expenses as well as stock in trade and inventories.

In the reporting quarter, depreciation and amortisation expense slid 88.39 per cent to Rs 35.08 crore from Rs 302.24 crore in the corresponding quarter of last fiscal.

Change in inventories of finished goods and stock in trade too slipped 76 per cent to Rs 48.17 crore as against Rs 119.80 crore in the prior fiscal fourth quarter.

Rent expense however rose 18.16 per cent year over year to Rs 92.32 crore. Correspondingly, overall expenses dipped to Rs 767.61 crore from Rs 953.99 crore, down 19.53 per cent.

According to the filing, net sales at FSFL grew at 11.72 per cent to Rs 782.95 crore in the quarter under review compared to Rs 700.80 crore in the fourth quarter of fiscal 2014.

With operating income being nearly flat at 18.26 crore, total income from operations ascended to Rs 801.21 crore for the fourth quarter of fiscal 2015 as against Rs 719.52 crore in the same quarter of last fiscal.

Profit from operations before other income, finance costs and exceptional items touched Rs 33.60 crore compared to a loss of Rs 234.47 crore.

In the fourth quarter of fiscal 2015, FSFL reported an exponential hike in other income at Rs 7.77 crore as against just Rs 36 lakhs in the same period of previous fiscal.

Consequently, profit from operations before finance costs and exceptional items in the reporting quarter expanded to Rs 41.37 crore in the fourth quarter of fiscal 2015 as against a loss of Rs 234.11 crore.

The apparel retailer also saw its finance costs decline by 6.19 per cent year over year to Rs 36.69 crore in the quarter ended March 31, 2015.

Resultantly, profit from ordinary activities after finance cost but before exceptional items touched Rs 4.68 crore compared to a loss of Rs 273.15 crore.

Although in the quarter under review, FSFL did not report any expense under exceptional items; in the fourth quarter of fiscal 2014, it posted exceptional items at Rs 5.68 crore.

For the fourth quarter of fiscal 2015, FSFL recorded a tax credit of Rs 1.46 crore, which too was steeply down from a tax credit of Rs 92.17 crore in the quarter from the earlier fiscal.

FSFL has within its portfolio brands like Celio, Indigi Nation, Scullers, Lee Cooper, Bare Casuals, Urban Denim, Jealous 21, etc and retail formats like Brand Factory, Planet Sports and Central. (AR)

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search