V2 Retail, formerly known as Vishal Retail, today posted a net loss of Rs 4.77 crore for the quarter ended June 30.
During the three months ended June 30, 2010, the company's net loss stood at Rs 19.47 crore, it said in a filing to the Bombay Stock Exchange.
The firm's net sales for the first quarter of this fiscal declined multiple-fold to Rs 17.3 crore, compared to Rs 334.63 crore in the same quarter of last year.
The company opened four new stores during the quarter under 'V2 Retail' brand spread across total area of 60,775 square feet.
In June this year the company's shareholders had approved a change the company's name to V2 Retail from Vishal Retail.
The company, in March this year, had announced sale of its retail business to Sriram Group company Airplaza Retail Holdings and the wholesale business to private equity firm TPG Wholesale for a total consideration of Rs 70 crore.
In 2009, Vishal Retail got into financial trouble and piled up debt of around Rs 730 crore. It was forced into a corporate debt restructuring (CDR) programme.