V2 Retail Q4 loss narrows to Rs 8 crore

By

Maverick Martins

Published
May 30, 2023

Value fashion retailer V2 Retail Ltd net loss narrowed to Rs 8 crore ($1 million) for the fourth quarter ended March 2023, as against net loss of Rs 10 crore in the year-ago period.

The company’s sales for the quarter rose by 22 percent to Rs 193 crore, as against Rs 158 crore in the same period last fiscal year.

V2 Retail’s total income for the financial year stood at Rs 845 crore with net loss of Rs 13 crore.

During the quarter, the company opened five new stores and closed two of its non-performing stores to end the financial year with a store count of 102.

V2 Retail launched in 2001 retails womenswear, menswear, and children’s wear. The company has been expanding its presence online and expects strong contribution from e-commerce for the current financial year.