V-Mart Retail’s Q2 net loss narrows to Rs 11 crore

By

Maverick Martins

Published
Nov 15, 2022

Value fashion retailer V-Mart Retail Ltd narrowed net loss to Rs 11 crore ($1.4 million) for the second quarter ended September 2022, as against a net loss of Rs 14 crore reported in the year-ago period.

The company’s revenue for the quarter rose by 50 percent to Rs 506 crore, as against Rs 338 crore reported in the corresponding period of the previous fiscal year.

“The company opened 16 new stores in the quarter including 2 stores in the south maintaining an accelerated pace of expansion. It opened 6 new unlimited stores in South India, this year and they have been delivering higher sales productivity as compared to the legacy Unlimited stores,” V-Mart said in a statement.

“The company has also successfully closed its transaction with A M Marketplaces Private Limited for the acquisition of ‘Limeroad’ business and has begun the integration process. Going forward, Limeroad shall become the primary omni e-commerce vehicle for the company's online presence,” it added.

V-mart retails a wide selection of men’s, women’s, and children’s casual, ethnic, and occasion wear as well as accessories and lifestyle goods. The company currently runs 410 stores across tier 2, 3 and 4 cities.