V2 Retail on Wednesday reported a standalone net loss of Rs 8.92 crore for the first quarter ended June 30, 2020. The retailer had reported a net profit of Rs 11.44 crore in the corresponding period a year ago.
According to a PTI report: For the quarter under consideration, revenue from operations stood at Rs 36.97 crore, a decline of 82 percent, as against Rs 202.34 crore in the first quarter of the previous fiscal, V2 Retail said in a regulatory filing.
The company said this decline was “on the back of the COVID-19-related store closures for a major part of the quarter”.
“The company is witnessing gradual pickup at store level where operations have resumed fully. However, due to the various amended guidelines issued by local authorities including phasing/re-imposition of lockdowns to combat the spread of COVID-19, the store level activities have been impacted.The trajectory of recovery from this pause would depend on the playout of the COVID pandemic and its effect on consumer sentiment and confidence,” Ram Chandra Agarwal, Chairman and Managing Director, V2 Retail was quoted by PTI as saying.
Agarwal said the company anticipates the situation to stabilise and start turning positive from the third quarter of this fiscal year.
“We believe that there would be a serious uptick in consumer demand with the onset of the festive season starting from Durga Puja and Diwali.
“We are confident that following this pause, our growth and profitability will continue to accelerate on the back of sustained focus on customer experience, merchandise selection, strong brand recall and our omnichannel presence,” he was further quoted by PTI as saying.