Reliance Industries said yesterday (12 October) that its retail arm, Reliance Retail, booked a 48% increase in first-half sales.
During the period, Reliance said its income from retail operations increased to INR49.1bn (US$928m).
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The company said gains were driven by store openings and same-store sales growth. The group suggested that its “unique shopping experience” and “high-quality and affordable products” had enabled it to expand footfall in the period. Across its various formats, which range from department stores to supermarkets, Reliance said that same-store sales were up between 5% and 25%.
Revenue gains at the group’s retail interests lead segment gains at the Indian oil-to-grocery conglomerate. Group sales were up 14.4% in the period. However, pre-tax profit dropped 16.1% and net profit declined 13.3% to US$1.9bn.
