Revenues have more than doubled from previous year.
Positive performance driven by increase in store network
For the financial year that ended in March 2018, Reliance Retail has reported revenues of US$10.37bn, more than double from fiscal year 2016/7. It now has the honour of being the first retailer in India to cross the US$10bn mark in revenues. The Indian conglomerate has also reported net profits of US$1.4bn, a year-on-year increase of 17.3%.
Reliance Retail’s positive performance is driven by an increase of retail space. Total retail space across all its formats grew by 30%. It currently has 3,837 stores across 750 cities with an area of more than 17.7m sq ft.
To touch every home in India
Reliance Retail has a stated goal of touching every home in the country, and that objective is being aggressively pursued. The strong revenue growth is a result of an increase in the store network as well as the retailer building its ecommerce business.
Mukesh Ambani, chairman of Reliance Industries said, “We have established strong foundations in retailing and digital services business with world-class supply chain management and network infrastructure which will serve our customers well. It is very heartening to see the traction our service offerings are gaining, with discerning Indian consumers.”
More information about Reliance Retail can be found here.
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