Shares of V-Mart were trading 2% lower on 7 November after the company reported its earnings for the July-September quarter.

The company had a net loss of Rs 64 crore for the quarter, increasing six-fold from the net loss of Rs 13 crore reported in the same quarter of the previous financial year.

The revenue during the quarter saw a 9% YoY increase to Rs 549 crore for the quarter.

However, the EBITDA (earnings before interest, tax, depreciation, and amortisation) saw a steep decline of 98% to Rs 1 crore during the quarter.

In its regulatory filing, the company said, “The ongoing festive period has been progressing well with good footfalls and sales growth in all major markets.”

Against the gloomy quarterly earnings, there was a glimmer of hope as footfalls increased by 13% YoY during the quarter. Sales in Tier 1 cities saw a 2% growth, while Tier 2 cities recorded a 3% growth. Sales in Tier 3 cities, however, fell 5% on-year in the same period.

The company is committed to its store expansion plan and has opened 8 new stores during the quarter and is on track to open 13 more stores in the following quarter, bringing its pan-India count to 450 stores.

At 3:30 pm, the shares of V-mart closed 1.08% lower at Rs 1,685.50 on NSE.