Published
Jan 28, 2019
Download
Download the article
Print
Text size

V2 Retail Limited Q3 net profit soars 73 percent to Rs 24 crore

Published
Jan 28, 2019

V2 Retail Limited net profit jumped 73 percent to Rs 24 crore ($3.4 million) for the third quarter ended December 2018 as against Rs 14 crore it had posted in the corresponding quarter of the last fiscal year.
 

V2 Retail Limited Q3 net profit soars 73 percent to Rs 24 crore - V2 Retail - Facebook


The company’s revenue also rose 58 percent to Rs 241 crore from the Rs 152 crore it reported in December 2017.
 
Commenting on the results and performance, Ram Chandra Agarwal, chairman and managing director, in a statement said: "Despite significantly increased competitive intensity, Q3 FY19 was yet another strong quarter delivered by our continued focus on the basics. Growth was driven by festive demand which commenced with Durga Puja & Navratara followed by Diwali and wedding season.

“The strong performance in Q3 FY19 was a result of continued momentum driven by strategic initiatives taken during the recent past such as improvement in technology and processes, strengthening product mix, enhancing customer experience and relationship and vendor management."
 
The company added six new stores during the October-December period and ended the quarter with 74 stores spread across 17 states.
 
The company is looking to further expand its retail presence in the coming months and will focus on tier 2 and tier 3 cities for growth as it sees large potential in these markets.
 
V2 Retail Limited, which stands for Value and Variety, describes itself as a complete family fashion store and is in the value section of the market. The brand offers womenswear, menswear, children’s wear, and lifestyle products.

Copyright © 2024 FashionNetwork.com All rights reserved.