V2 Retail Ltd reports net loss of Rs 10 crore for Q2
today Oct 29, 2019
V2 Retail Limited reported a net loss of Rs 10 crore ($1.4 million) for the second quarter ended September 2019 as against a net loss of Rs 19 crore during the previous quarter ended September 2018.
The company’s sales revenue for the quarter also dropped by 3 percent to Rs 151 crore as against Rs 156 crore it had reported in the year-ago period.
Commenting on the results, Ram Chandra Agarwal chairman and managing director at V2 Retail in a statement said: "Despite significantly increased competitive intensity, weakened consumer sentiment, extended monsoon in most of the country and floods during festive seasons where we command a leadership position, V2 revenue grew by 3 percent during H1 FY20. This growth at a time of weakness reinforced the company's recall value and consumer confidence in us.
"The retail sector continues to face general slowdown in consumption and lower consumer confidence. Management envisages the trend to reverse with the onset of the festival season. We believe in profitable growth of our existing stores and hence our focus would be on improving same-store sales growth in the coming quarters,” he added.
The company opened one new store and closed three existing stores to end the second quarter with a total store count of 75 stores spread across 17 states and 70 cities.
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