Reliance Retail continued its growth momentum in the third quarter of the current financial year registering a growth of 38 percent in its turnover over the same quarter last year. The retail arm of Reliance Industries achieved its first-ever profir before tax of Rs 106 crore for the third quarter in FY14. Revenues grew to Rs 3,927 crore in the third quarter compared to Rs 2,839 crore during the same period in the previous year. For the nine months ended December 2013, the retail business achieved a turnover of Rs 10,857 crore as against Rs 7,749 crore in the corresponding period of the previous year, a growth of 40 percent.
Aided by increased shopping activities during the festive season and several initiatives undertaken to drive value and offerings, the business recorded a LFL growth of up to 21 percent across various formats. Value formats maintained the leadership in the grocery retail business while Reliance Market, the cash and carry format continued expansion. Reliance Market crossed the number of 1 million registered
Echoing consumer sentiments, Reliance Retail discontinued its non-vegetarian food retail format, ‘Delight’, during the quarter.
The Fashion and Lifestyle sector delivered accelerated performance in the quarter. Reliance Trends enriched its in-house brand portfolio to deliver a distinctive range of products for the fashion
conscious customers by improving its design capabilities and offering an enhanced store experience.
The JV with Marks & Spencer continued its growth journey during the period. During the quarter, the JV opened its largest standalone flagship store in India and at the same time unveiled its world’s first new-look Marks & Spencer Lingerie and Beauty department.
During the quarter, Reliance Retail also announced an exclusive Pan India franchise arrangement with Payless ShoeSource, the specialty family footwear retailer in the Western Hemisphere. Reliance Digital continued its expansion drive and crossed the 200 store mark.
Reliance Jewels focussed on consolidating the operations of its existing stores to improve performance against various operational parameters to drive growth in the coming years.
The company also enhanced its presence and expanded rapidly across various format sectors by opening more than one store a day. As on December 31, 2013, Reliance Retail operated 1,577 stores across 141 cities.