23 February 2023, Mumbai
For the third quarter, V-Mart Retail’s net profit fell by 65 percent. Revenue for the quarter rose by 12 percent as against the corresponding period of the previous fiscal year.
Total expenses jumped by 21 percent year on year. The company opened 15 new stores, including one store in the south, and closed six stores during the quarter, taking the total store count to 414 as of now.
The Unlimited stores in the south, which were acquired last year, completed a year of continued profitable operations and are growing steadily with seven store additions this year. The newly acquired Limeroad business is in a stabilization phase and both these acquisitions are expected to remain the future growth drivers for the company.
Limeroad is the primary omni e-commerce vehicle for V-Mart’s online presence. V-Mart is an omni retail store chain offering fashion apparel, footwear, home furnishings, general merchandise, and kirana.
V-Mart has been on an expansion spree and plans to open new stores with a focus on Tier II, III, and IV cities in 2023. The value fashion retailer offers a wide selection of men’s, women’s, and children’s casual, ethnic, and occasion wear as well as accessories and lifestyle goods.
