Companies

Reliance Retail expands store space

Our Bureau Mumbai | Updated on May 03, 2021

Adds 1,456 new stores, taking the total number to 12,711

Reliance Retail added 1,456 new stores in FY21 to take its total store count to 12,711. The company had added 1,500 new stores in FY2020.

However, Reliance Retail also shut down multiple stores bringing the net stores added for the FY21 to 927. This includes 77 international stores of Hamleys which was acquired by the company in FY21 and excludes 519 petro-retail outlets as the petro-retail business was separated from the Reliance Retail business for the fiscal.

Dinesh Thapar, CFO of Reliance Retail, during the announcement of the results on Friday said that because of the impact of the Covid-19 pandemic, Reliance Retail wasn’t able to open as many stores it was wanting to, however, the company wasn’t “unhappy with the number”, given the current circumstances.

Turnover

In FY20, Reliance Retail achieved a turnover of ₹1,62,936 crore, registering a growth of 24.8 per cent on a y-o-y basis.

However, for FY21, its revenue was ₹1,57,629 crore which was lower by 3.3 per cent and its cash profit for the year was ₹7,457 crore lower by 3.1 per cent. However, its net profit for the fiscal was ₹5,481 crore which was marginally higher by 0.6 per cent.

Launched 14 years ago, Reliance Retail was termed as the fastest growing retailer in the world and features among the top 100 retailers globally by Deloitte.

Reliance Retail had its businesses across four key consumption baskets including consumer electronics, fashion & lifestyle, grocery and consumer electronics.

The company recently managed to get the largest fund raise in the consumer/retail sector in India from marquee global investors of ₹47,265 crore for 10.09 per cent stake.

Its registered/ loyal customer base was up by 40 per cent y-o-y in FY20. For FY21, its registered customer base now stands at 156 million, a growth of 25 per cent y-o-y .

Published on May 02, 2021

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