Future Lifestyle Fashions Q1 loss at Rs 329 cr on COVID-19 impact
Sep 07, 2020
Mumbai (Maharashtra) [India], September 7 : Future Lifestyle Fashions on Monday reported a standalone loss of Rs 329 crore in the quarter ended June as compared to a profit of Rs 39 crore in the same period of last fiscal year.
Revenue from operations in Q1 FY21 tumbled down to Rs 80 crore from Rs 1,496 crore in Q1 FY20 as the countrywide lockdown due to COVID-19 pandemic closed stores for several weeks together.
On August 29, the board of directors approved Future Lifestyle Fashions' merger with Future Enterprises approved the slump sale of retail and wholesale businesses which includes key format such as Big Bazaar, FBB, Foodhall, Central and Brand Factory to Reliance Retail and Fashion Lifestyle Ltd (RRFLL), a step-down subsidiary of Reliance Industries Ltd (RIL).
Further, the logistics business has been sold to Reliance Retail Ventures Ltd (RRVL). There will also be an investment by RRFLL by way of equity and share warrants in FEL post-merger of various other related entities.
