World’s best financially performing department store chain, V-Mart Retail, has recorded record profits for the year ended March 2018, on the back of continued focus on fashion led growth for aspiring Tier 2 and Tier 3 town consumers.
V-Mart Retail Ltd. announced its audited financial results for the quarter and year ending March 31, 2018 which were approved by the Company’s Board of Directors at its meeting held on May 24, 2018.
During the Financial Year 2017-18, V-Mart reported an increase in revenue by 22 percent to Rs 12,224 million, EBITDA by 57 percent to Rs 1,328 million, PAT by 77 percent Rs 777 million and same store sales growth of 9 percent over a base of 13 percent previous year.
For Q4 FY18, the company reported an increase in revenue by 18 percent to Rs 2,974 million, EBITDA by 55 percent to Rs 231 million, PAT by 147 percent to Rs 159 million over the corresponding period last year. Same-store sales grew by 7 percent for the quarter on a high base of 34 percent last year.
The company opened 5 new stores during the quarter out of which 4 were in UP and 1 in Bihar, taking the total store count to 171 stores with a total retail area of 14.4 lakh sq.ft.
The retail market showed good growth which was supported by strong marketing efforts. The company went in for store refurbishments apart from improving the merchandising and technology led supply chain apart from rejuvenating the consumer pull using multiple marketing initiatives. The cumulative effects of these efforts and new product range reflected in the buoyant results.
The company has also recently been awarded a skill development project under DDU GKY, a UP government and central government initiative, to impart skills and generate employment opportunities for the youth. As part of the project, the company has been entrusted to select, train and provide employment to 1800 youth over a period of 3 years. The company has already setup a skill development center in the state of UP to facilitate the same. This will allow the company to captively source trained manpower for its upcoming expansion plans.
V-Mart has also recently been included as part of the MSCI Index which will further enhance the image and investor participation for the company, globally.
Recently awarded as the Retail Leader of the year in an award function held in Delhi, Lalit Agarwal, CMD, V-Mart Retail Ltd. said, “Customers tastes are evolving and we bring in international fashion and cutting edge technology with the support of our Indian partners. We keep on introducing new collections for various occasions like festivals, marriages, seasonal change and other related occasions. Our focus on fashion and comfort has helped us increasing footfall into our stores. We have introduced new incentive policies to motivate our staff at store level.”
Agarwal also shared that V-Mart focus has been to significantly improve private label business.
The company has also recently signed up Ayushmann Khurrana and Bhumi Pednekar as the face of the brand and a campaign featuring the two is already underway.