IndiaRetailBiz

Pantaloon Retail (India), the country’s Kishore Biyani owned largest listed retailer, which operates in both ‘value’ and ‘lifestyle’ space, has announced all round growth in its financial and operational performance for the third quarter ended March 31, 2008. Pantaloon’s Financial year starts from July 1 and ends on June 30, unlike most other companies in India, which follow April-March as their Financial Year.

The third quarter sales of the company, rising from Rs. 861.9 crore (Q3:2007) to 1,355.9 crore (Q3:2008), have registered a whopping increase of 57.3% over the corresponding period last year. Its total income for the first nine months (July 2007- March 2008) at Rs 3671 crore (Rs 2291 crore), however, registered a slightly higher growth of over 60%.

Net Profit for the third quarter grew better than sales. Net Profit increased by 71.47% from Rs. 18.72 crore to Rs. 32.1 crore, during the period. However, Net Profit for the first nine months ended 31, March 08, dropped 7.79% to Rs 93.44 crore, as the company in the corresponding period of the previous year had earned a Net Profit of Rs 101.3 crore.

On the operational side, the company during the quarter has added 20 new stores, thereby, increasing the operational space by 0.6 million (six lakh) sq ft. As at end of March, 2008, compare to 3.5 million sq ft occupied by Reliance Retail and 1.6 million sq ft occupied by Shoppers Stop, two of its main competitors, Pantaloon was occupying a retail space of 7.30 million sq ft. Pantaloon has plans to take the occupied space to 11 million sq ft by June, 2008, and to 20 million sq ft by June, 2009.

As at end of March 31, 2008, Pantaloon was operating 40 Pantaloons ‘Fresh,’ 84 Big Bazaar, and 125 Food Bazaar stores. The company also operates a wholly owned Home Retailing division called Home Solutions Retail (India) Limited.

Pantaloon Retail has decided to split its value and lifestyle businesses into different entities. Accordingly, it will soon hive off its ‘value’ hypermarket retail chain ‘Big Bazaar from the flagship company of the Future group.