V-Mart Retail reports Q1 net loss of Rs 29 crore
Value fashion and lifestyle products retailer V-Mart Retail Ltd reported a net loss of Rs 29 crore ($4 million) for the first quarter ended in June 2021, as against a net loss of Rs 34 crore it reported in the year-ago period.
The company’s revenue for the quarter jumped two-folds to Rs 177 crore, as against Rs 78 crore it reported in the corresponding period of the previous fiscal year.
V-Mart total expenses for the quarter were up 77 percent at Rs 220 crore, as against Rs 125 crore it reported last year.
Commenting on the Q1 results, Lalit Agarwal, V-Mart’s chairman managing director in a statement said: “It was a tough quarter and we went all-out during this challenging time by extending all sorts of help to employees' well-being - physically, mentally, and emotionally. The quick pick-up in consumer demand is a testimony to the customers trust in the V-Mart brand, as well as the deep-rooted relationships at local level communities.
“With a larger number of people getting vaccinated overall, consumer sentiment is already leading back to normal. I foresee business bouncing back stronger in the coming months. On the heels of an abundant monsoon season, we’re looking at the year ahead with strong a festive season,” he added.
V-Mart Retail currently has around 274 stores across India with a strong presence in tier 2, 3 cities. It plans to open around 55 stores in the current financial year.
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