V-Mart posts Q2 net loss of Rs 18 crore
today Nov 4, 2019
Value fashion retailer V-Mart’s net losses for the second quarter rose four times to Rs 18 crore ($2.6 million) as against a net loss of Rs 4 crore it reported a year ago.
The company’s revenue for the July-September quarter rose 20 percent to Rs 263 crore while its expenses also increased to Rs 338 crore from Rs 270 crore it had reported last fiscal.
V-Mart attributed the net loss to muted same-store sales growth as a result of the ongoing economic slowdown in the country.
Commenting on the results, Lalit Agarwal managing director at V-Mart Retail Ltd in a statement said: "There is a vast opportunity for V-Mart and our customers continue to inspire us every day to make affordable fashion more easily accessible. Having already crossed the milestone of 250 stores in October, we are well on track to achieve our target of adding 60-plus stores this year."
“The company’s product assortment underscores its continued commitment to identify and bring the latest fashion to its customers at highly affordable price points. Furthermore, V-Mart aims to invest Rs 115 crore to open 60 stores this fiscal,” he added
During the second quarter, the company added 14 new stores across India.
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