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V-Mart has announced a board meeting to approve the financial results for the quarter and half-year.
V-Mart Retail reported 17% revenue growth with like-to-like sales up 8%, driven by improved product range and optimized store portfolio. EBITDA margin expanded 170 bps to 9.5%, supported by better full-price sales and inventory control. The company opened 13 new stores in Q4, now totaling 503, aiming for 12-15% retail area growth annually.
Strong traction in Tier 2/3 markets and rising Gen Z customer share (22% to 33%) are growth drivers, supported by enhanced vendor capabilities and digital integration. Inventory days at 102 with healthy working capital; free cash flow negative due to inventory and expansion. No long-term debt; growth funded internally. Losses at LimeRoad are narrowing but breakeven is not expected this year.
Focus remains on steady store expansion, especially in Southern and under-penetrated Northern regions, with 80% revenue from apparel and growth in accessories. Management expects growth from repeat and new customers through frequent visits. Elevated retail staff costs continue for better service, with ongoing productivity improvements. Confident in 17-20% medium-term growth supported by sustainable expansion and selective capex.