Fashion and lifestyle does it for Reliance Retail, sales surpass pre-Covid levels
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Last Updated: Jan 23, 2021, 06:56 AM IST
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Synopsis
Reliance said its record quarterly profits were led by a strong rebound in the fashion and lifestyle business that the company said has surpassed the pre-pandemic levels during the quarter and the segment has doubled its earnings in those months.
Reliance Retail opened more than 300 outlets in the quarter taking the total number of store-count to more than 12,000.
NEW DELHI: Reliance Retail’s net profit jumped 88% year-on-year to Rs 1,830 crore for the third quarter of the current fiscal year.
Revenues, however, were down 8% year-on-year to Rs 37,845 crore, mainly dragged down by the transfer of its petroleum retailing business to a separate Reliance-British Petroleum joint venture coupled with lower sales at its supermarkets amid the Covid-19 pandemic.