V-Mart continued its growth journey in its first quarter after registering record profits for the year ended March 2018, on the back of continued fashion led expansion in aspiring Tier 2, Tier 3 and Tier 4 towns.
V-Mart Retail Ltd. announced its unaudited financial results for the quarter ending June 30, 2018 which were approved by the Company’s Board of Directors at its meeting held on July 23, 2018.
During the first quarter for 2018-19, V-Mart reported an increase in revenue by 15 percent to Rs 3,612 million, EBITDA by 16 percent to Rs 432 million, PAT by 11 percent to Rs 249 million and same store sales growth of 1 percent over a strong base of 23 percent in Q1 of previous year.
The retail market showed good growth which was supported by strong marketing efforts. The Eid campaign with Bollywood celebrities and newly appointed brand ambassadors Ayushmann Khurrana and Bhumi Pednekar was very well appreciated by customers. The company has given a new look and feel to its stores, keeping in mind festive mood. The cumulative effects of marketing efforts and new product range reflected in the buoyant results. Company is focusing more on technology adoption and improving its product range keeping in mind customers aspirations and latest trends.
The company opened 8 new stores during the quarter out of which 2 were in UP, 2 in Bihar, 2 in Uttarakhand, 1 in West Bengal and 1 in J&K, taking the total store count to 179 stores in 149 cities with a total retail area of more than 15 lakh sq.ft.
The company has been allocated a project by Odisha government under Skill Development initiatives for training 840 candidates in one year. These candidates would undergo training in Retail, IT, Soft Skills and English Language and would also be certified through Sector Skill Council after successful completion of course and would eventually be employed at V-Mart stores.
Under its CSR initiatives the company has launched a Scholarship Program Scheme- ‘UJJWAL BHAVISHYA’ to help under-privileged students in continuing their education. This initiative is aimed at ensuring that students do not drop out after their 10th standard owing to financial constraints. This project will ensure that at least 750 students are given access to a better life and higher education annually.
Recently appointed as the Chairman, Northern Council of Retail Association of India, Lalit Agarwal, CMD, V-Mart Retail Ltd. said, “We know that if we have a right location and right merchandise, we will have customers at our store in any part of the country. Customers tastes are evolving and we bring in international fashion and cutting edge technology with the support of our partners. Our focus on aligning fashion and customer aspiration has helped us in increasing footfall into our stores.”