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V-Mart Retail slips as Q2 net loss widens

Capital Market 

V-Mart Retail fell 4.40% to Rs 1911.10 after the company reported a net loss of Rs 18.04 crore in Q2 September 2019, higher than net loss of Rs 1.57 crore in Q2 September 2018.

Net Sales rose 19.8% to Rs 314.16 crore in Q2 September 2019 over Q2 September 2018. The announcement was made after market hours on Friday, 1 November 2019.

Average bill size (ABS) and average selling price (ASP) recorded double-digit growth, at 13% and 16% in Q2 September 2019 over Q2 September 2018, respectively on the back of improved product mix for the up-coming festive season. The company also expanded gross margin by 200 bps YoY with lower discounting during the quarter. Same store sales growth (SSSG), impacted by a general macroeconomic slowdown, stood at 1% for the quarter.

The company opened 27 new stores during H1 FY20, taking the total store count to 239 stores in 18 states, with aggregate retail area reaching a key milestone of 2 million sq. ft. During the second quarter, the company added 14 new stores, including its maiden store in Nagaland and Kolkata.

Commenting on the strides the company has taken in the first half of fiscal year, Lalit Agarwal, CMD, V-Mart Retail said, "Having already crossed the milestone of 250 stores in October, we are well on track to achieve our target of adding 60-plus stores this year."

V-Mart is a retail store chain for the complete family, offering fashion apparel, footwear, home furnishings, general merchandise and kirana, primarily focusing on Tier II and III cities.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 04 2019. 12:39 IST