INDIA: Reliance Retail FY sales up 34%
India’s Reliance Retail posted a 34% revenue rise in the year to 31 March, boosted by the opening of more than 200 new stores and robust like-for-like sales growth.
The company said a “strong performance” from its fashion and lifestyle sector had helped lift full-year revenues to INR144.96bn, with like-for-like sales rising by as much as 23% and pre-tax profit reaching INR3.63bn.
Meanwhile, Reliance’s joint venture with UK fashion retailer Marks & Spencer had enjoyed record sales and robust growth, the company said.
Reliance Retail fourth quarter revenues rose 19% to INR36.39bn, with Reliance Industries chairman and MD Mukesh Ambani hailing the turnaround in the business, which is now India’s leading retailer.
During the year, Reliance opened 225 new stores, bringing its total portfolio to 1,691 outlets in 146 cities.
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