V-Mart Retail Ltd, India’s leading value fashion retailer, has recorded 129 per cent jump in its revenue to ₹181.9 crore during first quarter (Q1) of FY22 ended on June 30, 2021, against sales of ₹79.5 crore in corresponding period of prior fiscal. However, EBITDA reported a loss of ₹2.0 crore, while loss after tax for Q1 narrowed to ₹28.7 crore.
V-Mart Retail Ltd, India's leading value fashion retailer, has recorded 129 per cent jump in its revenue to ₹181.9 crore during first quarter (Q1) of FY22 ended on June 30, 2021, against sales of ₹79.5 crore in corresponding period of prior fiscal. However, EBITDA reported a loss of ₹2.0 crore, while loss after tax for Q1 narrowed to ₹28.7 crore.#
“It was a tough quarter and we went all-out during this challenging time by extending all sorts of help to employees' well being - physically, mentally and emotionally,”
Lalit Agarwal, VMart’s CMD, said in a press release. “The quick pick-up in consumer demand is a testimony to the customers trust in the V-Mart brand, as well as the deep-rooted relationships at local level communities.”
V-Mart Retail Ltd, India's leading value fashion retailer, has recorded 129 per cent jump in its revenue to ₹181.9 crore during first quarter (Q1) of FY22 ended on June 30, 2021, against sales of ₹79.5 crore in corresponding period of prior fiscal. However, EBITDA reported a loss of ₹2.0 crore, while loss after tax for Q1 narrowed to ₹28.7 crore.#
The footfalls during the quarter escalated 115 per cent while the Average Selling Price for fashion grew 19 per cent and the Average Bill Size increased 3 per cent, YoY, showing the strong trust of customers in the offerings and the positive impact of Covid hygiene measures implemented across the stores, the omni channel retailer said in a statement.
V-Mart Retail Ltd, India's leading value fashion retailer, has recorded 129 per cent jump in its revenue to ₹181.9 crore during first quarter (Q1) of FY22 ended on June 30, 2021, against sales of ₹79.5 crore in corresponding period of prior fiscal. However, EBITDA reported a loss of ₹2.0 crore, while loss after tax for Q1 narrowed to ₹28.7 crore.#
The company further added that it has been working on bettering the digital e-commerce platform offering which also grew during the quarter.
V-Mart Retail Ltd, India's leading value fashion retailer, has recorded 129 per cent jump in its revenue to ₹181.9 crore during first quarter (Q1) of FY22 ended on June 30, 2021, against sales of ₹79.5 crore in corresponding period of prior fiscal. However, EBITDA reported a loss of ₹2.0 crore, while loss after tax for Q1 narrowed to ₹28.7 crore.#
“Our emergence from a brick-and-mortar to an omnichannel player is a strategic endeavour to offer our customers a wider range of options, as well as improved shopping experiences,” Agarwal said.
V-Mart Retail Ltd, India's leading value fashion retailer, has recorded 129 per cent jump in its revenue to ₹181.9 crore during first quarter (Q1) of FY22 ended on June 30, 2021, against sales of ₹79.5 crore in corresponding period of prior fiscal. However, EBITDA reported a loss of ₹2.0 crore, while loss after tax for Q1 narrowed to ₹28.7 crore.#
“On the heels of an abundant monsoon season, we’re looking at the year ahead with strong festive season, particularly the trio of Durga Pooja, Diwali and Chhath, as a healthy shopping phase in our annual calendar,” Agarwal concluded in the release.
ALCHEMPro News Desk (JL)
marketing@alchempro.com
