INDIA: Reliance Retail Reports Strong Q1 Growth

Reliance Retail, India’s largest retailer in terms of store numbers, has reported a solid rise in profits and sales for its fiscal first quarter.

For the three months to end-June, overall revenues were up 45.8% to Rs.66.7bn, while pre-tax profit rose by 21.2% to Rs.2.4bn.  The results, which included figures from petrol sales at its fuel stations, were driven by growth at its digital, fashion and lifestyle banners.

At the end of the quarter, Reliance operated 3,383 outlets across 679 cities in India, covering retail space of more than 13 million sq. ft. During the period, it added five new Marks & Spencer stores and 138 outlets overall, introduced a new store concept for its Trends banner, launched the ‘BCBG Generation’ brand and the online shopping site, and added two new cash & carry stores.