Value fashion retailer V-Mart Retail Ltd reported a 17 percent increase in revenue to Rs 774 crore ($92.7 million) for the first quarter, as against Rs 661 crore in the year-ago quarter.
The company’s e-commerce marketplace Limeroad reported a 29 percent decline in revenue to Rs 12 crore, as against Rs 17 crore in the corresponding quarter of the previous fiscal year.
“Income from Limeroad digital marketplace of Rs 12 crore represents the commission income charged from sellers on the Net Merchandising Value (NMV) of Rs 29 crore,” V-Mart said in a statement.
“The same store sales growth stood at 11 percent for the quarter with V-Mart’s growth at 12 percent and Unlimited at 8 percent,” it added.
During the April-June quarter, the company opened 7 new stores (5 under V-Mart and 2 under Unlimited) and closed 3 stores during the quarter.
The 7 new stores were opened in states of Bihar, Gujarat, Tripura, Uttar Pradesh, Andhra Pradesh, and Tamil Nadu. It ended the quarter with a store count of 448.
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