Trent Ltd posts ₹114 crore profit in Q1
1 min read 12 Aug 2022, 12:47 AM ISTTrent’s fashion concepts displayed strong growth momentum in the first quarter of the financial year
PremiumNEW DELHI : Trent Limited, which operates retail stores under the Westside and Star Bazaar brand, said the company’s consolidated profit for the three months ended 30 June was ₹114.93 crore.
The company reported a net loss of ₹138.3 crore in the year-ago period.
Consolidated revenues for the first quarter grew 267% to ₹1,803 crore compared to a year ago period.
Trent Ltd. operates Westside and Zudio, apart from Trent Hypermarket, which operates in the food grocery and daily needs segment under the Star banner, and Landmark Stores.
“Our Star business with tight footprint stores, sharp pricing and focus on fresh and own brands offerings is witnessing improved customer traction with growing sales densities," the company said in an earnings statement.
“Given the increasingly positive economics at the store level, we are optimistic that we can have a differentiated and scalable model to pursue. Consequently, we see the possibility of Star becoming a key and additional growth engine in our portfolio," it contended.
Meanwhile, the company’s fashion concepts reported “strong" momentum.
“Our fashion concepts displayed strong growth momentum in Q1FY23. We have been a company that makes strategic bets and business model choices, even if it involves standing away from the predominant and proximate market practices of the time,"said Noel N. Tata, the chairman of Trent Limited.
“Completely own branded offerings, entirely direct-to-consumer reach, not discounting in season, and not advertising are all cases in point," he said.
The worst of the pandemic is behind us, Tata said.
“We doubled down on network growth. The bet was that consumer sentiment would rebound strongly for stores once the pandemic fades," he explained.
“This bet in many ways is paying off and is seen in the contribution of new stores and added omnichannel reach to our growth," Tata said.
