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V-Mart reports 116% y-o-y growth in profit after tax

By VJ Media Bureau | Vjmedia Works | October 28, 2013

The retail chain plans to replicate its success in more Tier-II and Tier-III cities by opening 12 more stores in FY14

V-Mart Retail Ltd announced its unaudited financial results for the quarter ended September 30, 2013, which were approved by the Company's Board of Directors at its meeting held earlier on 23rd October 2013.
 
For the quarter ended September 30, 2013, the company reported a growth in profit after tax (PAT) of 116 per cent YOY. In the same quarter, the company's sales grew by 54% and EBIDTA grew by 51 per cent YOY.
 
Speaking on the occasion, Lalit Agarwal, Chairman & Managing Director, V-Mart Retail Ltd, said, "We have a strong conviction that there is high aspiration in the markets which we service and it is confirmed by the 18% same store sales growth (for the fashion segment) recorded by the company. However the potential is immense and we are working to meet the demand in these markets by offering quality fashion at an affordable price. Buoyed by the good response from our existing stores, we have plans to open 12 more stores in 2014.”
 
Agarwal added that the retail chain would offer high quality fashion during the coming festive season comprising of Diwali and the ensuing marriage season by offering a range of products which caters to diverse tastes and occasions such as formals , party wear and ethnic wear & Winter wear at competitive prices. "We would like to focus on the same store sales growth and the sales per square feet as the parameters of our performance,” he added. .
 
 
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