As on date, the company has re-opened around 95% of its stores.
"As the Unlock#4 gathers pace, sales at leading department store Central and off-price retailer, Brand Factory are growing at a faster pace every month, month-on-month. Future Lifestyle Fashion, that operates the Central, Brand Factory networks and markets some of India's leading fashion brands is gearing up to bring back the business 'back to normal' by the end of the upcoming festive season," Future Lifestyle Fashions said in a statement on Monday (7 September).The company has re-opened 41 Central stores, 101 Brand Factory stores, 75 aLL stores that cater to plus-size customers and 90 exclusive brand outlets (EBOs) of its own flagship fashion brands like Lee Cooper, Indigo Nation, Scullers, Jealous 21, among others.
Central increased its sales by more than 33% and Brand Factory increased its sales by around 50% in August compared to July 2020. Plus size fashion retail chain, aLL has more than doubled its sales in August, compared to the previous month.
E-commerce also contributed to an increasingly larger share of the company's revenues and has grown by 72% month-on-month, since April 2020.
In June 2020, the company was able to reach 12% of the sales it had posted in June 2019. This figure crossed 50% in August. October marks the beginning of the festive season across the country. This therefore also marks a critical step towards getting back to the normal, the company added.
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On a consolidated basis, Future Lifestyle Fashions reported net loss of Rs 352.95 crore in Q1 June 2020 as compared to a net profit of Rs 24.54 crore in Q1 June 2019. Net sales slumped 94.4% to Rs 85.82 crore in Q1 June 2020 over Q1 June 2019.
Future Lifestyle Fashions is the flagship fashion business of Future Group. The company operates more than 300 stores in over 90 cities, occupying 5.7 mn sq ft of retail space. The company owns and markets leading brands, through our in-house retail chains Central and Brand Factory, exclusive brand outlets (EBOs) and other multi-brand outlets (MBOs).
Shares of Future Lifestyle Fashions was locked in a lower circuit of 5% at Rs 115.55. On the technical front, the stock's RSI (relative strength index) stood at 39.657. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading below its 50-day moving average (DMA) placed at 125.39 and its 200-day moving average (DMA) placed at 239.11.
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