Upcoming Lifestyle Fashions Q1 decline narrows to Rs 136 cr, profits down 8.4%

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Long term Lifestyle Fashions Ltd (FLFL) on Saturday said its consolidated net decline narrowed to Rs 135.96 crore in the April-June quarter of FY23.

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The organization had posted a net loss of Rs 348.08 crore in the corresponding quarter a 12 months ago, stated FLFL, the vogue and apparel retailer arm of the Future team, in a BSE submitting.&#13

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Its profits from operations was down 8.42 for every cent to Rs 272.88 crore during the period of time below assessment as from Rs 297.99 crore in the corresponding period final fiscal, the firm reported.

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FLFL’s full expenses stood at Rs 436.56 crore, down 33.45 for each cent in Q1/FY23 against Rs 656.07 crore a 12 months back.

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“The business has incurred loss right before tax for the duration of the quarter finished June 30, 2022 amounting to Rs 142.40 crore mostly owing to lessen income volumes, finance charges and depreciation,” mentioned FLFL in its earnings statement.

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FLFL has in-household retail chains Central and Model Factory, special model outlets (EBOs) and other multi-brand stores (approximately a dozen apparel labels, such as Lee Copper, Champion, aLL, Indigo Country, Giovani, John Miller, Scullers, Converse and Urbana) in its portfolio.

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In accordance to the company, less than the 1 Time Restructuring (OTR) plan with the loan providers, it has debt servicing obligations aggregating to Rs 422.11 crore inside the subsequent 12 months, which comprises repayment of the principal volume of long-expression money owed of Rs 277.04 crore and shorter-term borrowings of Rs 145.07 crore.

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FLFL further mentioned its “present-day liabilities exceeded its present-day property (such as asset held for sale) by Rs 1,180.66 crore as on March 31, 2022.

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Also, it has previously defaulted on…