Reliance's organised retail earned nearly a billion dollar revenue in Q1
Reliance Retail, an organised retail arm of Reliance Industries, recorded continued growth momentum and strong profitability in the first quarter (Q1) of fiscal year 2016-17 (FY17).
Reliance Industries' Q1 revenues from organised retail business grew by 45.8% to 6,666 crore as against Rs 4,572 crore in Q1 of FY16 on the back of increase in turnover led by growth in digital, fashion and lifestyle and petroleum products. (INR= 67.10 to a dollar)
During the quarter under review, Reliance Retail added 138 stores across various store concepts, strengthened its distribution network for consumer electronics and enhanced omni commerce channel offerings by launching www.footprint360.com.
Reliance Industries' consolidated net profit for Q1 FY17 grew by 18.08% to Rs 7,113 crore as against Rs 6,024 crore in the same period of previous fiscal, cited the company in its filing to BSE on Friday.
Reliance Retail continued to be the dominant retailer in fresh produce and its Reliance Fresh stores sold nearly 200 metric tonnes of fruits and over 300 metric tonnes of vegetables each day during the first quarter of FY17.
Reliance Market, the cash and carry stores of Reliance Retail, expanded its reach by opening up new stores at Dehradun and Sangli during April-June quarter of FY17.
During the quarter, Reliance Retail strengthened its presence through its partnership with Marks and Spencer.
"The JV with Marks and Spencer has undertaken rapid expansion with opening up of five new stores during the period and witnessed strong sales growth from existing stores," Reliance Industries said in a statement.
Reliance Brands during the period launched BCBG Generation, a brand offering young contemporary collection for women's apparel and accessories.
Reliance Retail operated 3,383 stores across 679 cities with an area of over 13 million square feet for the first quarter ended on June 30, 2016.