Reliance Retail's posts profit of Rs 398 crore
Reliance Retail, the retail arm of Reliance Industries Ltd reported 65.8 per cent rise in pre-tax profit at Rs 398 crore (approx $62 million) for the first quarter ended on June 30 2017. The company had reported a PBDIT (profit before depreciation and income tax) of Rs 240 crore (approx $37.4 million) in the same period last fiscal.
The turnover for the first quarter of the financial year jumped by 73.6 per cent to Rs 11,571 crore (approx $1.8 billion) compared to Rs 6,666 crore (approx $1.04 billion) in the year-ago period, Reliance Industries said in a statement.
The company said that its fashion and lifestyle category led by Reliance Trends surpassed a significant milestone of selling nearly 1 crore garments a month. More than half of its revenues were contributed by Tier 2 and Tier 3 cities during the quarter.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Over the last four decades, Reliance has continued to grow and evolve by creating value through building competitive global scale businesses and delivering increasing shareholder returns. It is our constant endeavour to deliver world-class product and experience to Indian consumers through our retail and digital services businesses, which we believe are game changing initiatives.”
Reliance Retail added 18 stores across various store concepts during the first quarter. The company operates 3,634 stores in 703 cities across the country. Reliance also launched Project Eve a new store concept positioned in the mid-to-premium segment during the quarter.
The retail arm of India’s richest company owns and runs fashion brands like Reliance Trends, online fashion portal AJIO and the recently launched Project Eve stores amongst others.
Reliance Retail also owns the India rights for over 25 international brands that spans across the entire spectrum of luxury, bridge to luxury, high–premium and high–street lifestyle. Bally, Diesel, Superdry, Brooks Brothers, Dune, Kate Spade, Steve Madden are some of international brands associated with Reliance Retail.
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