V2 Retail posts Q1 net loss of Rs 9 crore

By

Maverick Martins

Published
Aug 24, 2020

Value fashion retailer V2 Retail reported a standalone net loss of Rs 9 crore ($1.2 million) for the first quarter ended June 30, 2020, as against a net profit of Rs 11 crore it reported in the corresponding period a year ago.
 

The company’s revenue for the quarter declined by 82 percent to Rs 37 crore, as against Rs 202 crore in the first quarter of the previous fiscal.
 
The company attributed the loss and decline in revenue to Covid-19-related store closures from April to June.

Commenting on the results, V2 Retail chairman and managing director, Ram Chandra Agarwal, in a statement said: “The company is witnessing gradual pickup at store level where operations have resumed fully. However, due to the various amended guidelines issued by local authorities including phasing/re-imposition of lockdowns to combat the spread of Covid-19, the store level activities have been impacted.
 
“We believe that there would be a serious uptick in consumer demand with the onset of the festive season starting from Durga Puja and Diwali. 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 omni channel presence,” Agarwal added.
 
V2 Retail, promoted by Ram Chander Agarwal, launched in 2001 and retails womenswear, menswear, and children’s wear through its stores in 13 Indian states.