Improved margins drove profit before depreciation, interest and taxes (PBDIT) by 114 per cent year-on-year at Reliance Retail during the third fiscal quarter ending December 31, 2014.
Reliance Retail said it posted its highest ever profit before depreciation, interest and taxes (PBDIT) in the reporting quarter at Rs 227 crore, up an astounding 114 per cent from a year earlier quarter.
In a press release, the parent Reliance Industries said Reliance Retail posted an 18.9 per cent hike in sales at Rs 4,686 crore for the October to December 2014 quarter, despite a challenging environment.
Reliance Retail reported revenues of Rs 12,852 crore for the first nine months of the current fiscal year, a growth of 17.9 per cent as against Rs 10,903 crore in the same quarter of previous fiscal year.
Reliance Retail saw net addition of 279 stores during the quarter accelerating the pace of store opening to over 3 stores a day.
During the quarter, the Mukesh Ambani led retailer said its fashion format; Reliance Trends crossed the milestone of operating stores in over 100 cities.
“The fashion & lifestyle sector witnessed strong growth during the quarter owing to a relentless focus on providing customers with fashionable, high quality products at great value,” the statement added.
According to the retailer, it grew its presence through its partnerships and that its partnerships with Grand Vision and M&S saw strong sales growth from existing stores and also expanded store count.
Reliance Brands partnered with ABG Juicy Couture, LLC for a distribution agreement for the brand, Juicy Couture in India.
Reliance Retail now operates 2,285 stores across the country. (AR)
