Reliance Retail opens more than a store a day in Q3

As on 31st Dec 2013, the company ran 1,577 stores across 141 cities

Mukesh Ambani-run Reliance Industries today said it has opened more than one store or over 90 stores of its retail arm Reliance Retail during the December quarter of current financial year.

 As on 31st December 2013, Reliance Retail ran 1,577 stores across 141 cities. But the company also closed down its non veg stores under the brand Delight, hence the net additions were lower, an executive said.

Reliance said it made profit before depreciation interest and taxes (PBDIT) of Rs 106 crore during Q3 of FY 2014. in the corresponding quarter of Fy 2013, it made negative PBDIT .

 The company registered a growth of 38% in turnover over the same quarter last year. Revenues grew to Rs 3,927 crore in the third quarter compared to Rs 2,839 crore during the same period in the previous year. For the nine months ended December 2013, the retail business achieved a turnover of Rs 10,857 crore as against Rs  7,749 crore in the corresponding period of the previous year, a growth of 40%

"Aided by increased shopping activities during the festive season and several initiatives undertaken to drive value and offerings, the business recorded a like for like growth of up to 21% across various format sectors, Reliance said.