backed Trent's Q4 revenue jumps as fashion demand rises

Shoppers Stop

27/04/2023 15:34

April 27 (Reuters) - Tata Group-owned Indian retailer
Trent  TREN.NS  posted a 65% jump in fourth-quarter revenue on
Thursday, helped by robust sales at its flagship fashion retail
chain Westside and budget-friendly store Zudio. 
    Consolidated revenue rose to 21.83 billion rupees ($266.9
million) in the quarter that ended March, from 13.29 billion
rupees a year ago.
    Like-for-like sales at Westside were up 23%, the company
said in a statement, adding that the numbers were not comparable
due to COVID-19 related restrictions last year.
    Consolidated net profit for the quarter stood at 541.6
million rupees. It posted a profit of 1.6 million rupees a year
earlier.
    Trent, which also owns and operates the Star Bazaar
hypermarket chain in a joint venture with UK's Tesco, has been
rapidly expanding its fast-fashion Zudio stores.
    The Mumbai-based company had about 214 Westside stores and
352 Zudio stores at the end of March.
    Meanwhile, elevated inflation has prompted consumers to
limit luxury spending and opt for pocket-friendly alternatives,
a market that Trent seeks to dominate.
    Earlier this week, rival Shoppers Stop  SHOP.NS , which
competes with Westside, swung to a profit, led by the strong
demand for beauty products and higher margin private-label
clothing.  urn:newsml:reuters.com:*:nL4N36T406
    Shares of Trent closed up 0.64% on Thursday, taking the
total gains this year to roughly 3%.
    
    ($1 = 81.8020 Indian rupees)

 (Reporting by Anisha Ajith in Bengaluru; Editing by Dhanya Ann
Thoppil)
 ((anisha.ajith@thomsonreuters.com;))