Value fashion retailer V-Mart Retail, on Sunday said that it has opened 17 new stores, and closed 8 stores in the fourth quarter of Fiscal Year 2023. The Mumbai-based company revealed that it has opened 5 stores in Uttar Pradesh, 2 stores each in Assam, Telangana, Tamil Nadu and West Bengal, while one each in Gujarat, Kerala, Odisha and Madhya Pradesh. Further, V-Mart closed 8 stores during the same quarter. Of the 8 stores, 2 stores were closed in Uttar Pradesh, while one each in Bihar, Chennai, Karnataka, Madhya Pradesh, Gujarat and Manipur.

Share Market Live

NSE

The company, via a statement, said that the total number of stores now stands at 423 stores as on March at 31, 2023.

Earlier this month, Lalit Agarwal of V-Mart told CNBC-TV18 that people are adapting to rising inflation gradually. The company should be able to generate better sales from Q1FY24.

V-Mart reported its third quarter earnings in February, where the company’s profit plummeted 65 percent to Rs 20 crore against Rs 57.1 crore in the same quarter last year. However, revenue increased by over 12 percent to Rs 777 crore against Rs 692 crore in the same quarter last year.

The share price settled flat at Rs 2,141 on 31st March 2023, with 44 percent loss in trade during the financial year 2022-23.

Also Read: https://www.cnbctv18.com/retail/v-mart-aims-to-scale-limeroad-to-rs-50-crore-a-month-and-make-it-profitable-14970711.htm

(Edited by : Vahishta Unwalla)