V2 Retail reports Q4 net loss of Rs 12 crore
Jun 29, 2020
Fashion apparel retailer V2 Retail Limited reported a net loss of Rs 12 crore ($1.6 million) for the fourth quarter ended March 2020, as against a net profit of Rs 4 crore it had posted in the corresponding period last year.
The company’s revenue for the quarter was down 21 percent to Rs 129 crore, as against Rs 164 crore it reported in the year-ago period.
For the financial year 2019-20, V2 Retail’s net profit declined 50 percent to Rs 10 crore from last year’s Rs 20 crore, while sales declined 6 percent to Rs 701 crore, as against Rs 748 crore it reported last year.
Commenting on the results, Ram Chandram Agarwal, chairman of V2 Retail, in a statement said: "We started the quarter on a positive note. However, the situation changed drastically with the outbreak of Covid-19 pandemic and the resultant lockdown. The consumer sentiment has suddenly changed from positive to cautious and will take some time to return to normalcy. We anticipate the situation to stabilise and start turning positive from quarter 3 of this fiscal year.
“As of the current date, out of 74 stores, we have received permission to operate 65 stores. We are engaging with the local administration to obtain permission to start operating balance stores,” he added.
V2 Retail is one of the leading players in the fashion and apparel market. It has over 75 stores spread across 17 states and 70 cities.
Copyright © 2020 FashionNetwork.com All rights reserved.