KOLKATA: Reliance Retail said the demonetisation of large denomination notes led to cautious buying by customers for a short period, but it has favourable long-term implications for modern retail, it said in the earnings release for October-December quarter.Reliance’s retail business grew revenue by 47 per cent during the quarter at Rs 8688 crore over same period last year, and the company said Reliance Fresh and Smart stores grew faster than modern trade during the demonetisation period with its share of trade going up from 26.2 per cent to 27.8 per cent.The company said it had provided support to its customers, business partners, farmers and small suppliers across the value chain during the initial period of demonetisation.The retailer said the fashion and lifestyle category delivered strong performance in the quarter by offering fashionable, high quality merchandise at great value.During the period, Trends achieved the milestone of operating over 300 stores across 177 cities. Reliance Brands signed a joint venture agreement with luxury brand Bally during the quarter.Reliance Retail said its device distribution business sold 2.8 million Lyf devices and accessories during the quarter. It had also expanded the distribution reach of Lyf and JioFi devices on Jio.com and Ajio.com in addition to all leading portals.Reliance Retail added 111 stores across various store concepts during the quarter. It operated 3,553 stores across 686 cities with an area of over 13.25 million sq ft as on December 31, 2016.