Trent Ltd’s shares were up by 5.98 per cent after the company reported a 45 per cent profit increase for the quarter ending June 30, 2023, at Rs 166.67 crore, compared to Rs 114.93 crore during the corresponding quarter last year. The company’s revenues were up by 45 per cent to Rs 2,628.37 crore, compared to Rs 1,803.15 crore last year. Sequentially, the company’s profits were higher by 270 per cent, compared to Rs 44.95 crore in the previous quarter.
According to a report by ICICI Securities, the latest financial report from the company underscores a 12 per cent increase in LFL sales, mainly due to expansion of retail network, with 40 per cent more fashion stores, totalling 609, under the Westside and Zudio banners. Notably, emerging categories like beauty, personal care, innerwear, and footwear have significantly contributed to revenue. However, the online channel’s revenue share dipped to 4 per cent compared to the previous year’s 6 per cent. Despite this, the company’s website (westside.com) secured a 32 per cent share of online revenue. The Weststyle Club’s membership growth to 9 million and the rising contribution from the company’s own brands in Star Bazaar further emphasise positive developments.
The addition of 40 Zudio stores and seven Westside stores during the first quarter of the fiscal year shows the company’s retail expansion strategy is still on track. Zudio aims to open 53 stores each quarter over the next three quarters, to take the count to 200. Additionally, Star Bazaar’s increased revenue share from its own brands and the growth in revenue contribution from GM and Apparel bode well for the company’s diversified offerings, the report said.
The shares went up by 5.98 per cent to Rs 1,898 at 1.40 pm on BSE.