Reliance Retail accomplishes Rs 10,000 crore turnover in 2012-2013
by VJ Media Bureau | April 17, 2013
The company witnessed strong same store sales growth ranging from 7% to 18% across format sectors over last year.
Reliance Retail, which operates about 1,450 stores across multiple formats in 129 cities, reported a 42% jump in its revenues from operations at Rs 10,800 crore for the year ended March 2013. In the last financial year, Reliance Retail achieved cash breakeven with earnings before depreciation, finance cost and tax expense (PBDIT) of Rs 78 crore. Commenting on the results, Mukesh D. Ambani, Chairman and MD, Reliance Industries Limited said, "We are delighted to see our retail business achieving a milestone of annual revenue crossing Rs 10,000 crore and will further strengthen our position in this sector." The brand also maintained the status of being the largest grocery retail chain in India and also intends to continue expansion in all retail formats. Despite challenging macroeconomic conditions, it witnessed strong same store sales growth ranging from 7% to 18% across format sectors over last year. During the financial year 2012- 2013, Reliance business opened 184 new stores thereby furthering their leadership positions in respective format sectors. In order to meet the requirements of consumers in a connected world, ‘Reliance Digital Express’ format was launched and this format provided cutting edge technology solutions to the customers and helps them connect with their world from anywhere at any time. It also announced the partnership with REISS, Superdry, Dune, Brooks Brothers and Stuart Weitzman. The Joint Venture between Reliance Brands and Iconix which owns Ed Hardy and London Fog brands for India signed a long term license relationship with Arvind Lifestyle Brands and Kapsons respectively. At the end of March 2013, the company operated over 1,450 stores in 129 cities across India. The membership of “Reliance One” loyalty program was patronized by over 13 million members.