Reliance Retail Q2 profits up, opens numerous stores
25 October 2022, Mumbai:
Reliance Retail’s net profit for the second quarter rose 36 percent. Revenue increased by 44 percent with the operating environment being at par with pre-Covid levels as the impact of the pandemic waned.
Reliance Retail opened 795 stores, up 20 percent quarter on quarter taking the total store count at the end of the quarter to 16,617 stores. Reliance’s retail business delivered record performance with a strong revival in footfalls, store additions, and digital integration.
As consumers returned to stores, Reliance Retail reported over 180 million footfalls across formats and geographies in the quarter, a growth of 23 percent over the pre-Covid period.
The company also posted growth in its digital commerce business with daily orders growing 53 percent year on year. During the quarter, Reliance Retail acquired a majority stake in Mayuri Kumkum, the company that owns and operates Insight Cosmetics.
Earlier, it signed a master franchise agreement with American fashion brand Gap, Tod’s, an Italian luxury lifestyle brand, and Pret A Manger, a fresh food and organic coffee chain. In addition, the company acquired Catwalk, a women’s footwear brand, and also acquired the India franchise rights for Sunglass Hut, a multi-brand premium eyewear retailer.
