Trent Q1 Profit up two-fold at Rs 391 crore

Tata Group retail firm Trent Ltd on Friday reported a two-fold increase in consolidated net profit to Rs 391.21 crore for the first quarter ended June 2024. The company had posted a consolidated net profit of Rs 166.67 crore for the April-June period a year ago, according to a regulatory filing from Trent Ltd, which operates retail stores under brand names Westside, Zudio and Star.

Revenue from operations was up 56.15 percent to Rs 4,104.44 crore during the quarter under review as against Rs 2,628.37 crore in the year-ago period, it added. Total expenses increased 48.49 percent in the June quarter to Rs 3,704.61 crore. Total income was at Rs 4,150.40 crore, up 54.84 percent year-on-year.

As of June 30, Trent was operating 228 Westside, 559 Zudio, and 36 stores across other lifestyle concepts, said an earning statement from the company."During the quarter, we opened 6 Westside and 16 Zudio stores across 12 cities," it said adding "we continued to expand our footprint across all our fashion formats and we now have a presence across 178 cities.

" In the June quarter, Trent's fashion concepts registered double-digit like-for-like (LFL) growth." Both Westside and Zudio witnessed consistent and encouraging traction notwithstanding headwinds including the heatwave conditions in certain parts of the country and the general elections," it said. Emerging categories including beauty & personal care, innerwear, and footwear continued to gain traction with customers.

These emerging categories now contribute over 20 percent to the standalone revenue, it said. Its Westside dot com together with the proposition on the Tata Neu platform continues to grow profitably."This combined online reach grew by over 30 percent and contributes to over 5 percent," it added."The overall market sentiment remains subdued with increased competitive intensity.

On our part, we continue to witness encouraging traction for our lifestyle offerings across brands, concepts, categories, and channels. Focus on delivering consistent and improved value propositions to keep us relevant for our customers," Chairman Noel N Tata said. Shares of Trent Ltd on Friday settled at Rs 6,276.90 apiece on BSE, up 11.24 percent from the previous close.   PTI