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Business News/ Companies / Company Results/  Trent Q1 results: Profit jumps 44% at 148.27 crore
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Trent Q1 results: Profit jumps 44% at ₹148.27 crore

Standalone revenue from operations grew 53.4% from ₹1,652.86 crore reported in they ago period to ₹2,536.43 crore, the company said

Trent operates a range of fashion retail stores—as of 30th June 2023, the company’s portfolio included 221 Westside, 388 Zudio and 23 stores across other lifestyle concepts.Premium
Trent operates a range of fashion retail stores—as of 30th June 2023, the company’s portfolio included 221 Westside, 388 Zudio and 23 stores across other lifestyle concepts.

New Delhi: Retailer Trent Ltd., part of the Tata Group, reported a 44% jump in June quarter profit to 148.27 crore from the 102.6 crore reported in the year ago period. 

Standalone revenue from operations grew 53.4% from 1,652.86 crore reported in they ago period to 2,536.43 crore, the company said in a filing to the exchanges.

“Trent witnessed encouraging revenue growth during Q1FY24 amidst relatively subdued market conditions. The change in the revenue profile across formats continues to remain aligned with our expansion strategy. The performance of the business and the growth momentum encourages us to continue with our expansion agenda over the medium and long term," the company said in statement.

Trent operates a range of fashion retail stores—as of 30th June 2023, the company’s portfolio included 221 Westside, 388 Zudio and 23 stores across other lifestyle concepts. During the quarter, the company added 7 Westside and 40 Zudio stores across 35 cities.

“In Q1FY24, our fashion concepts registered encouraging like-for-like growth of over 12% vis-à-vis Q1FY23. Across all our brands, we focus on delivering consistent value to our customers through a differentiated product portfolio. In addition, our stores continue to provide an elevated brand experience even as we pursue our expansion program," the company said.

Trent’s lifestyle offerings across concepts, categories and channels continue to witness strong momentum in Q1FY24, said Noel N Tata, Chairman, Trent Limited. 

“We will further expand our reach with vigour with the aim of being ever more proximate and convenient to customers reinforcing our brand promise. We also continue to apply our playbook to the Star business and are witnessing strong customer traction, instilling a growing conviction in us to build out this growth engine in the food and grocery space. We are confident that this business is well poised to shift gears and deliver substantial value to customers and shareholders going forward," said Tata.

Meanwhile, commenting on business across categories Trent said emerging categories including beauty and personal care, innerwear and footwear continued to gain traction with customers. Emerging categories now contribute to over 19% of our standalone revenues of the retail company. 

Online revenues through Westside.com and other Tata Group platforms contributed 4% of Westside revenues for the quarter. Westside.com contributed 32% of the overall online revenues, it said.

The company’s  food, grocery and daily needs retail chain under the Star banner, consisting of 65 stores, continued to witness improved customer traction. “The business registered operating revenue growth of 33% in Q1FY24 vs the corresponding previous period. Almost, the entirety of this growth was from like-for-like stores and the volume growth was also strong and comparable. The business experienced an all-round operating performance improvement. Given the increasingly positive economics, we are convinced that we have a differentiated and scalable model to pursue," the company added.

Trent Ltd., sees Star as a key and additional growth engine in its portfolio.

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Published: 10 Aug 2023, 01:11 AM IST
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