Tata-owned Trent Q3 profit jumps more than two-fold on festive demand
Upstox
1 min read • Updated: February 7, 2024, 2:26 PM
Summary
The Tata Group-owned company reported a consolidated net profit of ₹371 crore (about $45 million) for the three months ended 31 December 2023, from ₹155 crore a year earlier.
Bengaluru, 7 February: Indian retailer and hypermarket operator Trent reported a more-than-two-fold jump in third-quarter profit on Wednesday, driven by robust demand during the festive period.
The Tata Group-owned company reported a consolidated net profit of ₹371 crore (about $45 million) for the three months ended 31 December 2023, from ₹155 crore a year earlier.
Shares of the company rose 10% after the results.
A surge in apparel purchases during the festive period boosted Trent's revenues, which rose nearly 51% to ₹3,467 crore, outpacing the about 42% rise in its total expenses.
The festive period in India typically spans from October to late November.
Trent opened five Westside and 50 Zudio stores during the quarter, boosting the store counts under these brands to 227 and 460, respectively.
Its peers Arvind Fashions and Aditya Birla Fashion Retail will report their respective December quarter results next week.
(The story has been published from Reuters without any major changes)