• Store expansion targets: V-Mart plans to add 90 to 100 net stores (a 15% area addition) in FY25 with a capex of ₹150 to ₹175 crore, prioritizing store openings before the festive season.
• South India performance: Following portfolio rationalization and a pivot toward tier-3 and tier-4 locations, the Unlimited network saw Q1 profitability outpace the North, though high regional rentals continue to enforce a disciplined rollout.
• Sales growth trajectory: Revenue grew 23% year-on-year in Q1 with same-store sales growth of 9% to 10%. While the shift of festival dates to Q3 will make Q2 look relatively weak, management expects full-year growth momentum and EBITDA to exceed last year.
• Private label mix: In-house brands contribute 65% to 67% of apparel sales, with the company intentionally maintaining uniform margins across private labels and external brands to preserve value-retail pricing and customer retention.