V-Mart Retail Ltd. announced its unaudited financial results for the quarter ending 30 June 2017, which were approved by the Company’s Board of Directors at its meeting held on 18 Aug 2017.
During the first quarter of FY18, V-Mart reported an increase in revenue by 39 per cent to Rs.3151 millions, EBITDA by 107 per cent to Rs 371 million, and, PAT by 139 per cent to Rs 224 million over the corresponding period last year.
Speaking on this occasion, CMD, V-Mart Retail Ltd, Lalit Agarwal, thanked all stakeholders for helping V-Mart achieve yet another spectacular quarter of good performance.
He also acknowledged the efforts of team V-Mart for successful execution of GST and expressed his gratitude to the entire vendor base for coming on-board the GST platform.
He said that V-Mart was GST ready and compliant on Day 1 of GST rollout in addition to being IndAS compliant. He shared that V-Mart has opened eight new stores during the quarter taking its total store-count to 149 across 126 cities and expressed his happiness over V-Mart achieving same store sales growth of 23 per cent in value terms and 27 per cent in quantity terms.
He also mentioned the new and focused marketing initiatives like EID campaign, Sankranti campaign, Rajjocampaign, Denim Fest and Kids carnival which helped increase the footfalls into V-Mart stores to 8 million in the quarter.
He also highlighted the company’s efforts in reducing inventory number of days by 15 days.
Outlook & Focus
V-Mart has been investing in building capabilities and capacities. Though the upcoming quarter is the weakest quarter for the Indian retail industry, our business outlook remains positive, and, V-Mart looks toward growing consistently, competitively and profitably towards leading and expanding the value-retailing segment nationally.
In Q2, V-Mart’s focus will revolve around increasing the depth of the business i.e. increasing the quantity and unique product options across size range besides increasing the contribution of private labels, investing in technology and building up the organization across functions to offer more value to the customers.
A new design team has been set up to ensure latest design inputs in the season color palette along with forecast and silhouettes.V-Mart hosted a successful national vendor meet “Sahyog” last month, and, we are excited to see the overwhelming support from the vendor community towards improving the product options at a store level, which hints at strong prospects for the growth of business.