Parāçara said,—"O Maitreya, formerly the great goddess, Sri being pleased with the hymn and prayer, conferred this boon on the lord of the celestials. In the days of yore, Sri was begot of Bhrigu on Khyati. And she again came out of the Ocean when it was churned by the celestials. As the great god Janārddana, the lord of the Universe, goes through incarnations, so does Sri to help Him.

In plain words: Parashara explains to his student Maitreya that Sri was first born as the daughter of the sage Bhrigu and his wife Khyati. Later she came up out of the ocean when the gods churned it. Whenever Vishnu (Janardana) is born in a new form on earth, Sri is also born to help him.