Future Group hopes that sales will return to normal in its retail business by the end of January. This is said by the group CEO Kishore Biyani. Nearly a year has come since Future Group’s retail business suffered a setback due to blockages caused by COVID 19. Biyani said that the current sales of Future Group have reached about 60 per cent of the pre-COVID sales and the business has become fairly normal.
The presence of stocks in stores is up to 80 per cent of the pre-epidemic level. Future Group has signed a deal with Mukesh Ambani’s Reliance Industries to sell its retail business for Rs 24,713 crore. The group has received a large number of orders from Jio Mart, which are helping it make a strong comeback.
Biyani said that all our stores are operational and sales have reached 50-60 per cent of the earlier level of COVID. Stock is arriving in stores. It seems that 70-80 percent have risen from the level at which we were during the epidemic. Future Group companies and promoters together have a total debt of Rs 20000 crore.
On the inventory situation and stocks, Biyani said that now we are in much better condition than what we were initially after lockdown. Business has become quite normal. However, not many people are coming to retail stores right now, due to which there are social distancing and other reasons. This situation cannot be normal till 100 per cent until everyone is vaccinated.
Like every year, on 26 January this year, Future Group is going to organize the annual sale event ‘Cheapest Day’. Bian hopes that a significant number of people will come to the stores during this time. He said that we are talking to vendors and banks. I think from January 26, we will be able to reach a fairly normal situation or better than normal.
Apart from supplying from Jio Mart, we are also working with Reliance for more supply internally.