Future Retail, which was formerly called Pantaloon Retail, suffered steep declines in sales and net profit in the final quarter of the last financial year.

The company announced that its standalone net profit more than halved to Rs 2.5 crore in the quarter ended March 31, as against Rs 5.4 crore in the corresponding period of the previous fiscal.

Net profit from core operations slipped a whopping 83 per cent to Rs 2 crore during the fourth quarter, from Rs 12 crore in the fourth quarter of the previous year.

Net sales slipped 17 per cent to Rs 911.5 crore in the quarter under review, from Rs 1,105 crore in the year-ago period. Net sales slipped 4.22 per cent from Rs 2,959 to Rs 2,834 crore.

However, Future Retail enjoyed its same-store sales growth in the value segment, which includes businesses like Big Bazaar and Food Bazaar, improving from 5.1 per cent in the December quarter to 8.1 per cent in the March quarter.

The lifestyle segment of the company, which includes Central and Brand Factory, could see same-store sales growth of just 9.6 per cent in the March quarter, down from 12.7 per cent in previous quarter.

Stock in Future Retail slipped 2.26 per cent to close at Rs 153.65 share on Wednesday.