Reliance Retail on Friday said it has been resilient to the slowdown in consumption that has been impacting the wider economy. The company, which reported a 27 per cent rise in revenue to Rs 41,202 crore, said it has grown in a majority of segments and attributed the same to a mix of strategies it has adopted and also to expansion activities.
According to a PTI report: The drop in consumption is one of the biggest factors which is being blamed for the slump in GDP growth to a six year low of 5 percent for the June quarter. Footfalls at its stores went up by 11 percent during the September quarter to 154 million as compared to the year-ago period and registered customers were up 48 percent to 108 million, parent RIL’s joint Chief Financial Officer V Srikanth told reporters here.
The grocery sales were up 30 percent, milk sales were up 53 percent and the kurta sales were up 43 percent, he said, adding the company cannot be compared to the demand-hit the auto industry as much of the stuff it sells is non-discretionary. Taking up expensive items, he said the sales of high-end television sets are also up by 29 percent for the quarter.
Reliance Retail’s Head of Business Development Gaurav Jain asserted there is no slowdown and added that the company has done well from all perspectives, including the number of stores, margin and also revenues.