India's Tata Group-backed Trent's Q4 revenue jumps as fashion demand rises
(Reuters) - Tata Group-owned Indian retailer Trent 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, which competes with Westside, swung to a profit, led by the strong demand for beauty products and higher margin private-label clothing.
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)