Mumbai: Sales in Future Group’s home segment has seen a better pick-up this month after facing rough weather in the past few months, its founder Kishore Biyani has said.
“Sales in the home segment (through HomeTown stores) have started moving on account of lower prices. We have seen better a pick-up in January,” Kishore Biyani, who is also the CEO of Pantaloon Retail India Ltd said.
The group’s retail arm Pantaloon Retail India Ltd had on 21 January announced a net profit of Rs33.54 crore for the second quarter ended 31 December 2008, up 5.97% over the corresponding period a year ago.
The company had a net profit of Rs31.65 crore in the same quarter last fiscal.
Biyani, however, refused to comment on whether the earnings clocked were in line with the targets set.
On expansion plans and the outlook for fiscal year 2010, he said, “Can’t say in this environment, but we are assessing our growth targets. We are definitely aiming for higher returns and more profitable growth.”
Future Group had in December 2008 introduced the month-long ‘Great Indian Shopping Festival’, wherein the company gave away generous discounts and offers to woo consumers to its stores.
Asked whether the group would cut prices to sustain its sales momentum since the festive season was over, Biyani said, “It depends on the manufacturers. If they cut prices, we may cut prices too.”
Lauding the Centre’s stimulus doses to boost demand, he said the government’s move to build consumption was proving good for them.