India’s leading value fashion retailer, V-Mart Retail has announced financial results for the first quarter ended June 2018. Cumulative effects of marketing efforts and new product range helped the retail brand to report positive first quarter this year.
During the quarter under review, the company reported 11 per cent increase in net profit to Rs 25 crore as compared to Rs. 22 crore in the corresponding period last year.
Further, the fashion retailer noted 15 per cent increase in net sales from Rs 316 crore in same period last year to Rs 362 crore this year.
The appointment of Ayushmann Khurrana and Bhumi Pednekar as brand ambassadors also significantly impacted its financial results in the reporting quarter, feels the retail brand.
The retail brand also expanded its network by adding a total of eight stores during the reporting quarter. Six stores (two each) were opened in Uttar Pradesh, Bihar and Uttarakhand while West Bengal and Jammu &Kashmir got one each.
Currently, a total of 179 V-Mart stores spread in more than 15 lakh square feet area in 149 Indian cities is operational.
Lalit Agarwal, CMD, V-Mart Retail Ltd is now anticipating growing at around 7 to 8 percent. The fashion brand is also considering adding 35 new stores by the end of current financial year.
It’s worth mentioning that V-Mart Retail Limited was recognised as ‘The world’s best performing department store’ this year on the basis of its stock performance, according to data compiled by Bloomberg.
