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India’s Future Retail Sees Q1 Losses Widen

Future Retail's network of Big Bazaar hypermarkets are a key part of its physical retail network that has been impacted by the Covid-19 pandemic. Shutterstock
Future Retail's network of Big Bazaar hypermarkets are a key part of its physical retail network that has been impacted by the Covid-19 pandemic. Shutterstock (Shutterstock)

Future Retail, a part of India’s Kishore Biyani-led Future Group, on Saturday reported its consolidated net losses for its first fiscal quarter (from April to June) had widened year-on-year to 1,147.28 crore rupees ($15.48 million), according to an Economic Times report.

Over the same period last year, the company posted a net loss of 552.91 crore rupees ($74.62 million) for the April to June period a year ago, Future Retail said in a filing to the BSE (formerly called the Bombay Stock Exchange). Total income was down to 1,407.11 crore rupees ($18.98 million) for the quarter, from 1,447.62 crore rupees ($19.5 million) in the same period a year earlier.

The filing pointed to the Covid-19 pandemic as a factor that had negatively impacted Future Retail’s business for the quarter and also shared updates about its ongoing dispute with e-commerce giant Amazon over the sale of Future Group’s retail, wholesale, logistics and warehousing business to Mukesh Ambani’s Reliance Retail.

Future Retail said it still “intends to pursue all available avenues to conclude the deal” to protect the interests of its stakeholders and workforce.

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