V-Mart Retail opens three new stores, expects revival during festive season
today Aug 27, 2019
V-Mart Retail has strengthened its retail presence with the addition of three new stores in the state of Nagaland, Jharkhand and Rajasthan respectively.
The company has been witnessing poor sales in the last few months due to the overall slowdown in the Indian market. V-Mart is hoping for a revival in the coming quarters as it expects strong sales during the upcoming festive season.
V-Mart’s net profit plummeted 29 percent to Rs 18 crore ($2.5 million) during the April-June quarter due to the liquidity crunch in the economy and poor consumer spending.
“There is a slowdown and we have seen fewer footfalls in the store but now with good monsoon, we are hopeful of recovery, and with the festival season coming up with Navratri, Dussehra and Diwali early this year, we hope to see a revival in the demand,” Anand Agarwal, chief financial officer at V-Mart Retail told Moneycontrol.
V-Mart Retail currently has 232 stores in 181 cities across 18 states. The company will open around 50 stores this year to reach a wider customer base.
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