D-Mart’s owner Avenue Supermarts reported a 18% year-on-year increase in revenue for the first quarter of the 2024 financial year to total Rs 11,584.4 crore. However, the business’ profits after tax rose by just 2.3% year-on-year in the same time period to reach Rs 695.36 crore.
“Overall, gross margins are lower compared to the same period in the precious year, primarily due to lower sales contribution of apparel and general merchandise,” said D-Mart’s CEO and managing director Neville Noronha, the Economic Times reported.
The business’ operating margin dropped by 133 basis points year-on-year during the first quarter of the 2024 financial year to reach 8.95%. This was caused by D-Mart’s lower gross margins.
Avenue Supermarts’ board of directors has given the go ahead to offer employee stock options which are now subject to the approval of its shareholders. The matter will be raised at the business’ upcoming annual general meeting.
“Options shall be granted to eligible employees who are in General Management ‘G’ Grade and who are in employment of the company as on the date of grant,” announced Avenue Supermarts, ET Markets reported.
D-Mart retails value clothing and accessories for the whole family as well as other fast moving consumer goods and personal care items. After announcing its results for the first quarter, Avenue Supermarts’ share prices dropped by over 2% on the Bombay Stock Exchange, SMF News reported.
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