'V2 Retail' reports Rs 11 crore net loss in Q1FY21
29th August 2021, Mumbai:
Value fashion retailer V2 Retail reported a net loss of Rs 11 crore ($1.5 million) for the first quarter ended June 2021, as against a net loss of Rs 9 crore it had reported in the year-ago period.
As per a Fashion Network report, the company’s revenue for the quarter rose by 123 percent to Rs 84 crore, as against Rs 37 crore it reported in the corresponding period of the previous fiscal year.
Ram Chandra Agarwal, Chairman and Managing Director, said, the second COVID-19 wave and the aftermath disrupted the company’s operations in recent months. Its stores operated for only 45 percent of the trading days in Q1 FY22. Nevertheless, there was a rapid recovery in customer offtake starting from the middle of June on easing of pandemic related restrictions considerably aiding sentiment and improving consumer traction.
V2 Retail is currently witnessing a sharp recovery with July registering revenue recovery of over 85 percent vis-à-vis FY20 levels. It foresees a strong demand rebound during festival season starting August 2021 onwards. Its expansion plan is on track and the company plans to open 10 stores in FY22.
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