Value fashion retailer V-Mart Retail Ltd reported a net profit of Rs 12 crore ($1.4 million) for the first quarter ended in June 2024, as against a net loss of Rs 22 crore reported in the year-ago quarter.
The company’s revenue for the quarter rose by 16 percent to Rs 786 crore, as against Rs 679 crore in the corresponding quarter of the previous fiscal year.
V Mart’s total expenses in the June quarter were at Rs 781 crore. The same store sales grew by 11 percent year-on-year for the quarter led footfall growth.
“The company remains focused on its store expansion plan and has opened 7 new stores in Q1 FY25 and closed 3 underperforming stores, taking the total number of stores pan-India to 448 as at quarter end,” V-Mart said in a statement.
Founded in 2002, V-Mart is an omni retail store chain offering fashion apparel, footwear, home furnishings, general merchandise and kirana.
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