V-Mart Retail posts Q2 net loss of Rs 19 crore
Value fashion retailer V-Mart Retail’s net loss for the second quarter widened to Rs 19 crore ($2.6 million), as against a net loss of Rs 18 crore it reported in the July-September period of the previous fiscal.
The company’s sales revenue was down by 40 percent to Rs 191 crore for the quarter, as compared to Rs 315 crore in reported in the year-ago period.
V-Mart’s total expenses for the quarter also came down by 36 percent to Rs 216 crore, as against Rs 338 crore it reported last fiscal.
Commenting on the the second-quarter performance, Lalit Agarwal, chairman and managing director of V-Mart Retail, in a statement said: “With the onset of festive and winter season and a definite bounce back in consumer sentiment, we are maintaining a sharp focus on market and customer dynamics and trends in the current environment, to ensure our supply chain and business response is agile.
"At a time when resources are even more scarce, our agility will be crucial not only in providing adequate and right merchandize in every store, but also in ensuring better utilization of resources to create customer delight," he added.
V-Mart currently has around 271 stores in almost 195 locations across the country, mostly in tier 2 and 3 cities, as it caters to the value segment with its affordable offerings.
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