Pantaloon Retail posts 170% net growth

Pantaloon Retail (India) has registered a 170 per cent hike in net profit to Rs98.9-crore in the quarter ended June 2010 compared with the year-ago period due to increased sales. The company has posted a consolidated annual profit of Rs76.4-crore for financial year (FY) 2009-10, against a loss of Rs7.5-crore in the previous year.

The Future Group’s listed retail entity, Pantaloon Retail (PRIL), has reported a core retail turnover of Rs2,493.7-crore for the June quarter, up 49.98 per cent from the corresponding period last year. Its consolidated annual turnover increased 27.6 per cent to Rs9,786.9-crore for the year 2009-10.

However, the company’s core retail businesses posted a total turnover of Rs8,926.1-crore compared with Rs6,341.7-crore in the year-ago period.

The store’s sales growth in value retailing stood at 9.5 per cent, lifestyle retailing at 13.7 per cent and home retailing registered a 12.02 per cent growth, says the company release. During the year, to consolidate the company’s retail businesses, it had merged the home solutions business, Home Solutions Retail India (HSRL) with itself.