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| Pantaloon March sales up 30%, to roll out more stores |
| Press Trust of India / Mumbai Apr 14, 2009, 14:55 IST |
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Kishore Biyani-promoted Future Group firm Pantaloon Retail India has posted an over 30 per cent rise in sales from its value, home and lifestyle retailing segments in March 2009 against sales clocked in the same year-ago period.
The BSE-listed company's three segments put together generated sales worth Rs 574.56 crore last month, against Rs 441.23 crore in February 2008, up by 30.22 per cent, Pantaloon Retail India (PRIL) said in a statement.
Biyani, who operates close to 12 million sq ft of retail space pan-India, plans to open eight Big Bazaar and Food Bazaar stores by the end of next month.
PRIL, however, saw negative 10.29 per cent growth in same-store sales in home retailing last month, over March 2008.
Home Solutions Retail (India), an unlisted entity and a wholly-owned subsidiary of PRIL, runs the home retailing (and home electronics) stores - Home Town, Furniture Bazaar, eZone, Electronics Bazaar, and Collection i.
Between July and March, sales from the Group's three retail segments jumped by 32.47 per cent at Rs 5,702.20 crore over the same year-ago period.
While its peers have been struggling with lower footfalls, shrinking sales and tight liquidity, Future Group seems to have bucked the trend by introducing shopping festivals and heavy discounts in December and January.
"One Pantaloons Fresh Fashion store is scheduled to open in the month of May," the company said, adding two eZone and a HomeTown store would be rolled out by end-May.
The group plans to raise about Rs 1,500 crore through a mix of preferential allotment of shares to promoters and private equity funding to fuel future growth plans.
Also, in a realignment exercise, the Board of Directors of PRIL proposed to set up multiple subsidiaries to focus on specific business segments.
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