Reliance Retail posted a 17% fall in first quarter sales, as half the stores of the Reliance Industries NSE -1.98 % unit were shut and another 29% operated only partially during the lockdown period. Operating profit of the country's biggest retailer by revenue almost halved in the quarter, as its fixed cost remained almost similar to the pre-lockdown period despite store closures. The company posted net sales of ₹31,633 crore in the three months ended June 30. Earnings before interest, taxes, depreciation and amortisation fell 47% to ₹1,083 crore. Reliance Retail said almost 80% of its nationwide network of 11,800 outlets remained either completely or partially shuttered during the lockdown. Against the backdrop of a challenging environment, where store functioning and digital commerce fulfilment were severely impacted by lockdown and restrictions, the performance, “whilst muted by the operating context, was well ahead of market,” t...
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