Reliance Retail’s profit surges 82 percent to Rs 606 crore
Reliance Industries Limited firm Reliance Retail posted strong results for the quarter ended December 2017 with the company attributing it to expansion of its retail network and product portfolio.
The retail arm of Mukesh Ambani led group saw its profits jump 82 percent to Rs 606 crore (approx $95 million) for the third quarter of the current financial year as compared to Rs 333 crore (approx $52.3 million) it had reported during the corresponding period last year.
The revenues soared by 116 percent year-on-year to Rs 18,798 crore (approx $2.93 billion) from Rs 8,688 crore (approx $1.35 billion), the company said in its earnings statement.
Commenting on the results, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Limited in a statement said “I am happy to share record-setting consolidated quarterly earnings to mark the 40th anniversary of Reliance’s listing in January 1978. I congratulate all our employees and partners for the strong performance. We are excited about the prospects of our consumer business due to strong growth in Indian markets and constructive macro environment.”
The company made significant progress in the fashion retail market during the quarter which included tie up with UK fashion retailer Marks & Spencer and expansion of brands like Hamleys, Superdry and Scotch & Soda for which it is official license holder in the Indian market.
Reliance Retail strengthened its collaboration with M&S by opening 5 new stores during the October to December period taking its store count to 63 across 24 different cities.
Under Reliance Brands it also expanded the physical presence of Hamleys, Superdry and Scotch & Soda by opening 22 new stores during the period. Reliance Retail has a portfolio of over 25 international brands that spans across the entire spectrum of luxury, bridge to luxury, high–premium and high–street lifestyle.
During the quarter Reliance Retail added 72 stores across all verticals taking its count to 3,751 stores across 750 cities. Its exclusive fashion outlets, Reliance Trends crossed a milestone of 400 stores during the quarter with the addition of 25 new stores.
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