v2 retail ltd Q4FY21 puts up impressive performance

V2 Retail has improved its net sales by 46.6 per cent to Rs 189.32 crore in Q4 FY22 from Rs 129.16 crore in Q4 FY20. The company reduced its net loss during the quarter to Rs 10.27 crore from Rs 12.08 crore in Q4 FY20. Pre-tax loss declined to Rs 12.76 crore against a pre-tax loss of Rs 16.08 crore in Q4 FY20.

During Q4 FY21, V2 Retail opened eight new stores and closed one non-profitable store. As on March 31, 2021, the store count was 95 across 16 states and 83 cities with a total retail area of 10.0 lakh sq. ft. Same store sales growth (SSSG) for Q4 FY21 was 25 per cent. The company witnessed continuous improvement in demand till the lockdown was announced due to second wave by end March and beginning of April. Lockdown and related restrictions impacted operations at majority of stores during Q1 FY22. They also delayed the company’s targeted store additions for Q1 FY22.

V2 Retail offers a portfolio of products, including apparel and life style products. The company has a strong presence in Northern & Eastern India. It caters to the neo middle class group of population living in Tier II and Tier III cities.