Reliance Retail grows by 45.8 per cent in Q1

The retail arm of Reliance Industries posted a jump in its revenues for the first quarter of the financial year. Revenues from the retail business including petroleum sales from its fuel stations increased 45.8 per cent to Rs 6,666 crores as compared to Rs 4,572 crores in the same quarter last year. The business delivered profits before tax of Rs 240 crores in the first quarter of FY17 against Rs 198 crore sin the corresponding period of the previous year, a jump of Rs 21.2 per cent. Growth in digital, fashion and lifestyle and petroleum products led to the increase in earnings.

Reliance Retail operates 3,383 stores across 679 cities with an area of over 13 million square feet. Last year, at the same time, Reliance Retail operated 2,747 stores across 210 cities. Trends, its consumer-facing brand, added 16 stores during the year. So, now the total count of stores stands at 287. The new concept of Reliance Trends stores launched recently had been well-received, thus leading to good sales.

In its venture with UK-based Marks & Spencer, Reliance Retail opened five new stores this quarter. Also, Reliance Brands launched BCBG Generation, a brand offering young contemporary collection for women’s apparel and accessories.

Reliance Retail added 138 stores and launched footprint360.com. Even the company’s e-commerce arm, ajio.com was building an emotional connect with its users. The wholesale arm, too, had carried out its expansion by opening two more cash-and-carry stores in Dehradun (Uttarakhand) and Sangli (Maharashtra).