New Delhi: Value retail store chain Citykart has reported a double-digit growth in Q1 sales this fiscal from its 93 stores across 7 states including UP, Bihar, Assam, Odisha, Tripura, MP, and Chattisgarh, as stated in a press release on Wednesday.
Incorporating non-apparel categories such as footwear, luggage, cosmetics, and household goods into its product range has played a significant role in the consistent rise of sales and the addition of new customers each month, according to a statement.
Sudhanshu Agarwal, founder and CEO of the company said, “We witnessed a good traction towards our offering from existing and new customers during the first 3 months of the year.”
He further said, “Our customer-centric strategy, combined with an emphasis on providing value and exclusivity in fashion, has enabled us to maintain a competitive edge in the market. We are committed to maintaining our financial health and profitability and plan to keep up the momentum we have achieved while catering to customers’ preferences and requirements.”
Citykart plans to reach 300 stores across India by 2026. The value retailer said it is actively exploring opportunities for expansion through acquisitions.
It also hopes to raise funds through debt or equity in the second half of the fiscal year to fuel its growth further.
