• Q2 growth: V-Mart reported total revenue growth of around 18% and same-store sales growth of around 3% for the quarter.
• Festive demand: Management said pre-festive traction and footfalls were steady, with Pujo starting well; despite some concern about low monsoons, early Q3 trading was looking good.
• Profitability outlook: Results were due in early November, so management did not comment on profitability. It expected Q2 performance similar to last year, with a possible slight margin challenge because Pujo shifted from Q2 to Q3.
• Pricing pressure: V-Mart had not increased prices in Q2. Management said Q3 increases might be 3% to 5%, rather than 10% to 15% at other retailers, while oil prices could create further pricing challenges from Q4 onwards.