V-Mart reports increase in revenue by 18% YOY in Sep'14

V-Mart Retail announced its unaudited financial results for the second

quarter, which were approved by the Company's Board of Directors at its meeting held on

October 31, 2014. The retail chain which opened 23 stores in FY'14 is targeting to open 25 stores in FY'15. For the quarter ending September 30, 2014, the company reported a growth in sales of 18 per cent year-on-year.

Speaking on the occasion, Lalit Agarwal, Chairman and Managing Director, V-Mart Retail said, "The semi urban economy which is largely dependent on the monsoon has been affected adversely due to the erratic and below normal rains further dampening the usually weak second quarter resulting in lower than expected sales growth. Extraordinary write-off on account of damage to our store at Srinagar due to floods further impacted the bottom line.” During the current quarter the company's focus will be in opening new stores to capitalise on the increased demand due to the combined effect of the festive season, marriages and winters to be supplemented by aggressive campaign and availability of trendy fashion apparel to capture the mood of the customers. "So far the response from the customers has been fairly good and the same is expected to continue for the balance of the current quarter,” added Agarwal.