Pantaloon Retail India Ltd said it clocked the highest same-store sales since November 2008 in April.
Pantaloon Retail India Ltd said it clocked the highest same-store sales since November 2008 in April as customers bought more food, apparel and durables.
Sales in value retailing was up 7%, while in lifestyle it rose 6%.
But home retail continued to show negative growth for the sixth straight month, with sales declining 28%, underscoring consumers haven’t been spending on furniture and furnishings and home accessories.
Total sales (including same-store sales) stood at Rs 561 crore, up 21.4% from a year ago, riding on a 23% growth in value retail, 18% in lifestyle and 10.6% in home retail.
Hozefa Topiwalla, Girish Acchipalia and Divya Gangahar of Morgan Stanley said Pantaloon continues to be innovative in attracting consumers to its stores, alluding it as one of the reasons for the success in sales.
“In April, PRIL launched the ‘Fashion@Big Bazaar 2009 Collection’ and a theme ‘Kum Daam Har Qeemat Par’ under the Big Bazaar format,” the Morgan Stanley trio said in a note on Wednesday.
The company has been re-christened Future Market & Consumer Group Ltd and has also created separate subsidiaries for its retail and fashion division — Future Fashion Merchandising Ltd and Future Consumer Enterprise Ltd respectively.
The market is abuzz with rumours that through the restructuring, Biyani’s intention is to rake up FDI (foreign direct investment), something he has been silent about.
But Biyani told DNA Money he was not looking at infusing FDI. He was at the Delhi airport where Pantaloon has just launched a standalone store — Holii, a leather bag and accessories chain that is a 50:50 joint venture with HiDesign of Pondicherry.
“We will launch two more Holii stores in Mumbai soon,” he said.
Holii stores will offer products 30% cheaper than Hidesign prices, Biyani had told DNA Money in March.
Pantaloon will be launching 17 stores between May-June across its various formats of which one store will be for the flagship brand Pantaloon, 5 Big Bazaars, 7 Food Bazaars, 2 eZone outlets, and 2 HomeTown stores.
“In our next fiscal we hope to add 2.5 million sq ft of space to the existing 12 million sq ft,” said an official of the company.
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