Future Retail declines after reporting Q1 net loss of Rs 562 cr

Future Retail dropped 2.33% to Rs 98.70 after the company registered a consolidated net loss of Rs 561.95 crore in Q1 June 2020 compared with net profit of Rs 159.24 crore in Q1 June 2019.

Consolidated net sales slumped 73.9% to Rs 1,358.11 crore in Q1 June 2020 over Q1 June 2019. The Q1 earnings was announced after market hours yesterday, 14 September 2020.

The COVID-19 pandemic and consequent lockdown imposed throughout the country, has had a significant adverse impact on the business operations and the financial results of the company for the quarter ended 30 June 2020.

Future Retail is engaged in the business of retailing a range of household and consumer products through departmental store facilities under various formats. The company is primarily engaged in the business of multi-brand retail trade.

 

The stock jumped 61.67% from its 52-week low of Rs 61.05 hit on 9 April 2020.

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