V-Mart opens 87th store in Bihar

V-Mart Retail has opened a new store on Rajender Path in Siwan, Bihar taking the total

number of stores to 87. The store is spread over an area of 7,410 square foot. The company reported over two fold rise in net profits at Rs 2.81 crore for the second quarter ended September 30, 2013. Its net sales in the quarter under review went up by 53.52 percent at Rs 122.02 crores as against Rs 79.48 crores in the same period last year, the company has said in a BSE filing. In the half year period ended September 30, 2013, V-Mart's net profit increased by 52 percent at Rs 9.96 crores.

The company now plans to focus on the fashion and lifestyle and will exit the FMCG category. The company would launch around 60 new stores in the next two years, which would have only apparels and lifestyle fashion products. It is also exploring possibilities of opening stores in neighbouring countries such as Bangladesh and Nepal, besides expanding presence in the eastern region.