INDIA: Reliance Retail Q3 turnover jumps 38%
Reliance Retail, the retail arm of industrial conglomerate Reliance Industries, has recorded a 38% jump in third-quarter turnover, helped by an "accelerated performance" from its fashion and lifestyle business.
Turnover reached INR39.27bn (US$637.6m) during the third quarter to the end of December, compared to INR28.39bn in the same period of the previous year. The business recorded a like-for-like sales growth of up to 21% across various store formats.
The company's fashion and lifestyle sector delivered an "accelerated performance" during the quarter. Its joint venture with Marks & Spencer continued to grow by opening its largest standalone flagship store in India.
For the nine months to December, Reliance Retail's turnover reached INR108.57bn, up 40% on INR77.49bn in the prior year.
The company operates 1,577 stores across 141 cities in India.
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