V Mart Retail, India's leading retail store chain offering fashion apparel and footwear, has reported sales decrease to ₹253 crore in its first half (H1) for FY21 that ended on September 30, 2020 compared to the sales of ₹767 crore in the same period prior year. Company’s loss for the six month period grew to ₹52.6 crore (H1 FY20 ₹0.4 crore).
V Mart Retail, India's leading retail store chain offering fashion apparel and footwear, has reported sales decrease to ₹253 crore in its first half (H1) for FY21 that ended on September 30, 2020 compared to the sales of ₹767 crore in the same period prior year. Company's loss for the six month period grew to ₹52.6 crore (H1 FY20 ₹0.4 crore).#
“At a time when resources are even more scarce, our agility will be crucial not only in providing adequate and right merchandize in every store, but also in ensuring better utilisation of resources to create customer delight,” Lalit Agarwal, CMD at V Mart, said in a press release.
EBITDA for H1 FY21 registered a loss of ₹6 crore compared to earnings of ₹69 crore. Whereas, loss after tax increased to ₹53 crore (0.4 crore).
Three apparel consumption trends witnessed in Q1: one, higher summer mix led by easywear and loungewear categories; two, increasing consumer preference for athleisure in day-to-day fashion; and, three, increased contribution from Kidswear segment, continued into Q2 as well.
ALCHEMPro News Desk (JL)
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