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Citykart releases Q1 FY 2023-24 revenue report; achieves higher sales growth than previous year

Citykart Pvt. Ltd, one of India’s largest value retailers focusing on family fashion in tier 2 and 3 cities, has recently released its Q1 revenue report. 

The brand has a total of 93 stores, spread across 71 cities and 7 states, namely UP, Bihar, Assam, Odisha, Tripura, MP, and Chhattisgarh and claims to have achieved a double-digit sales growth in Q1.

Sudhanshu Agarwal, Founder, and CEO, Citykart said, “We are delighted to inform you that in Q1 of FY 2023-24, we have witnessed good sales growth versus previous year in the various states where we operate. We witnessed good traction towards our offering from existing and new customers during the first 3 months of the year.”

“We firmly believe that the primary reason for our growth momentum is our unwavering focus on customer satisfaction. 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,” he added.

To maintain its exclusivity in fashion, Citykart has strengthened its private brand offerings in the men’s, women’s, and kids’ apparel segments. These private brand products are meticulously curated, designed, and developed by the in-house design team after thorough research on fashion and consumer trends through regular market visits and customer interactions. The addition of private brands to Citykart’s product mix has significantly contributed to the company’s sales growth.

Citykart’s approach to value fashion retail has been well-received by customers, offering trending fashion products at affordable prices with attractive promotions. The expansion of the product offering to include non-apparel categories like footwear, luggage, cosmetics, and household goods has contributed to the steady increase in sales and new customer additions each month.

About Citykart:

Founded in 2016, the brand claims to have over 2,500 employees and serve almost 80 lakh customers. It aims to have 300 stores across India by 2026. To achieve this ambitious target, the company has devised a comprehensive growth strategy, which involves fortifying market share in existing cities by adding more stores, as well as aggressively expanding its presence in new cities and states. Furthermore, Citykart is actively exploring opportunities for expansion through acquisitions. The company is also likely to consider raising funds through debt/equity in the second half of the fiscal year to fuel its growth further.

 

 

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