Future Group firm Pantaloon Retail has reported
consolidated net profit of Rs 257.90 crore for the September quarter.
The company had posted a consolidated net profit of Rs 15.05 crore in the corresponding period last year, but the company said the numbers cannot be compared as it has extended its accounting year till December 30.
Pantaloon's net sales for the quarter stood at Rs 3,542.84 crore, against Rs 3,180.26 crore a year ago.
In a separate exchange filing, Pantaloon and Future Ventures India said their boards approved a proposal to consolidate their fashion businesses into a new, to-be-listed entity Future Fashion.
Future Fashion will own and operate retail chains Central, Brand Factory, aLL and Planet Sports. It will operate around 3.5 million square feet of retail space across 140 departmental and speciality retail stores.
"This consolidation will help create the base for the next phase of growth of the Future Group in modern retail. We grew multiple formats in the early stages of our growth, and now as each one of them has become sizable, we are giving them independence to propel their growth," Future Group
chief executive Kishore Biyani said.
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