Reliance Retail crosses Rs 10,000 turnover in 2012-13

NEW DELHI: Retail business of Reliance Industries crossed the Rs 10,000 crore mark in turnover during 2012-13, a growth of 42 per cent, on account of continued store expansion across all format sectors.

"The retail business accomplished a milestone by crossing a turnover of Rs 10,000 crore in the last financial year. Turnover grew by 42 per cent to Rs 10,800 crore as compared to the previous year," Reliance Industries Ltd (RIL) said in a statement.

The business achieved cash break-even with earnings before Depreciation, Finance Cost and Tax expense ( PBDIT) of Rs 78 crore, it added.

RIL Chairman and Managing Director Mukesh Ambani said: "We are delighted to see our retail business achieving a milestone of annual revenue crossing Rs 10,000 crore and will further strengthen our position in this sector."

The company said it continued expansion across all format sectors.

"Despite challenging macro-economic conditions, the company witnessed strong same store sales growth ranging from 7 per cent to 18 per cent across format sectors over last year," it added.

Keeping pace with the new store roll out, the retail business opened 184 new stores during the year, RIL said.

At the end of March 2013, the company operated over 1,450 stores in 129 cities across India.

Last year, Reliance Retail had launched 'Reliance Digital Express' providing technology solutions.

Reliance Brands, a group firm, had also announced partnership with REISS, Superdry, Dune, Brooks Brothers and Stuart Weitzman during the year.

The joint venture between Reliance Brands and Iconix, which owns Ed Hardy and London Fog brands for India, signed a long term license relationship with Arvind Lifestyle Brands and Kapsons respectively.