Pantaloon Retail (India), the country’s largest publicly-traded retailer, has recorded a 170% jump in net profit to Rs 98.9 crore in the quarter ended June 2010 compared with the year-ago period due to increased sales followed by a revival in the economy. The company has posted a consolidated annual profit of Rs 76.4 crore for financial year(FY) 2009-10, against a loss of Rs 7.5 crore in the previous year.
The Mumbai-headquartered conglomerate Future Group’s listed retail entity, Pantaloon Retail (PRIL), has reported a core retail turnover of Rs 2,493.7 crore for the June quarter, up 49.98% from the corresponding period last year. According to a company release, its consolidated annual turnover increased 27.6% to Rs 9,786.9 crore for the year 2009-10.
However, the company’s core retail businesses posted a total turnover of Rs 8,926.1 crore compared with Rs 6,341.7 crore in the year-ago period.“This result is a reflection of (the)company’s constant efforts to accelerate growth,” says a senior retail analyst with an international brokerage house. “Revival in economy and increased spending have reflected in the results.”
The store’s sales growth in value retailing stood at 9.5%, lifestyle retailing at 13.7% and home retailing registered a 12.02% growth, says the company release. During the year, to consolidate the company’s retail businesses, it had merged the home solutions business, Home Solutions Retail India (HSRL) with itself. Also, a wholly-owned subsidiary, Future Value Retail (FVRL) was created to operate its fast-growing value retail business. The company’s core retail business for the current year includes the retail businesses of PRIL.
Giving a future outlook for the industry, the company’s senior official said that consumers are coming back to shop and within the sector, women consumers are increasing compared with men, which is a good sign for the industry as a whole. On Friday, the company’s stock closed 2.2% up at Rs 473.50 on Bombay Stock Exchange (BSE).
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- Pantaloon Completes Transfer To FVRL
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