V2 Retail reports Q2 net loss of Rs 12 crore

By

Maverick Martins

Published
Nov 16, 2022

Value fashion retailer V2 Retail Ltd’s net loss widened to Rs 12 crore ($1.5 million) for the second quarter ended September 2022, as against a net loss of Rs 3 crore reported in the year-ago period.

The company’s revenue for the quarter rose by 30 percent to Rs 195 crore, as against a net loss of Rs 150 crore reported in the corresponding period of the previous fiscal year.

During the July-September quarter, V2 Retail opened two new stores and closed one existing store to end the quarter with a store count of 103.

The company is planning to open 20 more stores and earmarked an investment of Rs 25 crore to take the overall store count to 120 by end of this fiscal year. 

V2 Retail in its update informed that independent director on the board Harbir Singh Sidhu has resigned from the post with effect from 14th November 2022 citing personal reasons and professional commitments.

V2 Retail was launched in 2001 and retails womenswear, menswear, and children’s wear. It currently has over 100 operational stores across India.