Trent, part of the Tata Group, reported standalone revenue of 56.66 billion rupees ($595 million) for the quarter ending in June, marking a 19% increase year-over-year. However, this growth was below the anticipated 23%, leading to a significant decline in share price.
Citigroup expressed caution regarding Trent's performance, citing concerns over revenue per square foot, heightened competition, and the effects of cannibalization from new store openings in smaller cities. Despite the recent drop, Trent's shares have risen 4.3% since the beginning of the year, contrasting with a nearly 8% decline in India's benchmark index, the Sensex.
The company operates fast fashion brands Westside and Zudio and had a total of 1,312 stores as of June