Reliance Retail's Q1 turnover up 14.5% to Rs 3,999 crore

NEW DELHI: Reliance Industries Ltd today said its retail arm reported 14.5 per cent increase in turnover at Rs 3,999 crore in the first quarter ended June 30, 2014-15.

It had a turnover of Rs 3,492 crore in Q1, 2013-14. " Reliance Retail recorded strong profitability and continued growth momentum in the first quarter of the current financial year. Gross margin improvement, strong variable expense control and leverage of fixed expenses contributed to the performance," the company said in a statement.

Giving growth outlook for future, the company said: "Underlying growth and outlook in core sectors continues to be robust despite regulatory conditions affecting the Jewelry sector and a difficult consumer environment."

During the quarter, Reliance Brands announced a partnership with BCBG MAX Azria Group, Inc. to bring in India, an international womenswear brand, the company added.

RIL's retail business now operates 1,723 stores across 148 cities in India.