Indian apparel retailer V Mart's robust Q1 sales set the tone for FY22

16 Aug '21

2 min read

Pic: V-Mart

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.”

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.

The company further added that it has been working on bettering the digital e-commerce platform offering which also grew during the quarter.

“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.

“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.

Fibre2Fashion News Desk (JL)

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