V2 Retail’s Q2 net loss narrows to Rs 7 crore

By

Maverick Martins

Published
Nov 18, 2020

Value fashion retail V2 Retail managed to narrow its net loss to Rs 7 crore ($1 million) in the second quarter ended September 2020, as against a net loss of Rs 10 crore it had reported in the corresponding period last year.
 

The company’s sales for the quarter declined 44 percent to Rs 85 crore, as against Rs 151 crore it had posted in the year-ago period.
 
Commenting on the results and performance, Ram Chandra Agarwal, chairman of V2 Retail in a statement said: “The world is dealing with a medical crisis of enormous proportion which has already resulted in severe economic disruption and demand contraction since the last quarter of FY20. The consumer sentiment has changed from positive to cautious and will take some time to return to normalcy.”

“The company is witnessing gradual pickup at store level operations. We anticipate the situation to stabilise and start turning positive with the onset of the festival season from quarter 3 of this fiscal year. We are confident that following this pause, our growth and profitability will continue to accelerate on the back of sustained focus on customer experience, merchandise selection, strong brand recall, and our omnichannel presence,” he added.
 
V2 Retail was launched in 2001 and retails womenswear, menswear, and children’s wear through its stores in 13 Indian states.