Reliance Retail’s profit before depreciation interest taxes increased 31% from a year ago to R264 crore in 2Q FY17 while revenues increased 63% from a year ago to R8,079 crore led by growth in digital, fashion, lifestyle and petroleum products, the company said in a post earnings statement.
“Reliance Retail has shut several loss-making stores and non-performing formats. During the quarter, Reliance Retail added 59 stores across various store concepts and strengthened its distribution network for consumer electronics. Omni-commerce channel offerings www.footprint360.com and www.ajio.com gained traction during the quarter. As on September 30, 2016, Reliance Retail operate 3,442 stores across 679 cities with an area of over 13 million square feet.
The company said that Reliance Smart, the destination supermarket store concept has been successfully re-launched at 60 stores and is witnessing high-double digit like-to-like growth. Reliance Market, the Cash and Carry chain of Reliance Retail is also expanding its reach further as the company opened 43,000 sq ft store at Vijayawada during the quarter. Reliance Market now has over 2.5 million registered member partners.
Reliance Retail at present has 1,917 Reliance Digital and Digital Express Mini stores. The company added 12 Trends stores during the quarter and re-launched top 8 stores in the new store concept. Trends operates 299 stores at present. The joint venture with Marks and Spencer expanded its store network with two new stores opened during the quarter and witnessed strong sales growth from existing stores.
Reliance Industries said Reliance Petro Marketing Limited, a wholly owned subsidiary of Reliance Retail, has expanded the network of petro retail outlets with 29 new outlets during the quarter.