V-Mart Retail has opened a new store in the state of Jammu & Kashmir. With this total number of stores of V-Mart increased to 254 stores in 189 cities across 19 states and total tally of stores in Jammu & Kashmir to 8.

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Net Sales rose 19.8% to Rs 314.16 crore in Q2 September 2019 over Q2 September 2018. The announcement was made after market hours on Friday, 1 November 2019.

Average bill size (ABS) and average selling price (ASP) recorded double-digit growth, at 13% and 16% in Q2 September 2019 over Q2 September 2018, respectively on the back of improved product mix for the up-coming festive season. The company also expanded gross margin by 200 bps YoY with lower discounting during the quarter. Same store sales growth (SSSG), impacted by a general macroeconomic slowdown, stood at 1% for the quarter.

The company opened 27 new stores during H1 FY20, taking the total store count to 239 stores in 18 states, with aggregate retail area reaching a key milestone of 2 million sq. ft. During the second quarter, the company added 14 new stores, including its maiden store in Nagaland and Kolkata.

Commenting on the strides the company has taken in the first half of fiscal year, Lalit Agarwal, CMD, V-Mart Retail said, Having already crossed the milestone of 250 stores in October, we are well on track to achieve our target of adding 60-plus stores this year.

V-Mart is a retail store chain for the complete family, offering fashion apparel, footwear, home furnishings, general merchandise and kirana, primarily focusing on Tier II and III cities.

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Net Loss of V-Mart Retail reported to Rs 18.04 crore in the quarter ended September 2019 as against net loss of Rs 4.02 crore during the previous quarter ended September 2018. Sales rose 19.82% to Rs 314.16 crore in the quarter ended September 2019 as against Rs 262.19 crore during the previous quarter ended September 2018.

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V-Mart Retail will hold a meeting of the Board of Directors of the Company on 1 November 2019.

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