Department stores firm Trent announced Q2FY23 results: Revenues up 78% over Q2FY22 | 120% over Q2FY20 30% revenue CAGR over Q2FY20 Star registers highest-ever quarterly revenues | 14% CAGR over Q2 FY20 Consolidated revenues for Q2FY23 at Rs 1,952 crore grew by 66% over Q2FY22 and 128% over Q2FY20. Profit after tax (attributable to equity shareholders) was Rs 93 crore for Q2FY23. Speaking on the performance, Mr. Noel N Tata, Chairman, Trent Limited said, “Our fashion concepts have once again displayed encouraging growth momentum in Q2FY23. We have been a company that makes strategic bets/ business model choices that in many cases involve standing away from the predominant & proximate market practices of the time. Completely own branded offerings, entirely direct-to-consumer reach, not discounting in season and not advertising are all cases in point. We continue to expand our reach with vigour and reinforce our lifestyle offerings across concepts, categories and channels. The growing acceptance of our brands demonstrates the attractiveness of our platform and the tremendous potential to address opportunities that lie ahead.” Result PDF
Department Stores firm Trent announced Q1FY23 Result : Revenues up 5 times over Q1FY22 | 29% CAGR over Q1 FY20 Star registers highest-ever quarterly revenues | 18% CAGR over Q1 FY2 Westside registered a LFL growth of 24% vis-à-vis Q1FY20. At Westside, we continue to focus on the curation of the store portfolio to achieve an elevated brand experience even as we pursue our store expansion program. We have revisited our estimates with respect to useful life of certain store assets and consequently taken a one-off additional depreciation charge in the quarter of Rs 28crs. We now have a portfolio of over 450 fashion stores. Across concepts, the performance of new stores added in the last 12 months is encouraging and in line with our expectations. Their performance gives us reason to double down on the growth agenda over the medium term. Our customers continue to seek convenience through digital access even as stores have rebounded strongly. Our online revenues through Westside.com, Tatacliq and Tata Neu contributed approximately 6% of Westside revenues, registering a 129% growth in Q1FY23 over the corresponding quarter. Also, we are investing significantly in resetting the technology stack across the entire value chain to make it commensurate with the growing scale and the growth agenda. Across our concepts, emerging categories including beauty and personal care, innerwear and footwear witnessed traction from customers. Emerging categories now contribute to over 15% of our stand-alone revenues. The reported results incorporate the INDAS 116 lease accounting requirements reflected across rent, depreciation, other income and finance costs in the statement of profit and loss. The net charge relating to INDAS 116 accounting on the standalone profit was Rs 38 cr in Q1FY23. Other income primarily includes profit on sale of fixed assets and INDAS 116 impacts. WestStyleClub, our annual subscription program continued to witness positive offtake from customers with significant and sustained growth in recruitments/ renewals (up 37% quarter on quarter). Consolidated revenues for Q1FY23 at Rs 1,803 cr grew by 267% over Q1 FY22 and 125% over Q1 FY20. Profit after tax (attributable to equity shareholders) was Rs. 130 cr for Q1FY23. Our Star business with tight footprint stores, sharp pricing and focus on fresh & own brands offerings is witnessing improved customer traction with growing sales densities. Given the increasingly positive economics at store level, we are optimistic that we can have a differentiated & scalable model to pursue. Consequently, we see the possibility of Star becoming a key and additional growth engine in our portfolio going forward. The consolidated results also incorporate the INDAS 116 lease accounting requirements. The net charge relating to INDAS 116 was Rs 41 cr for Q1FY23. Speaking on the performance, Mr. Noel N Tata, Chairman, Trent Limited said, “Our fashion concepts displayed strong growth momentum in Q1FY23. We have been a company that makes strategic bets/ business model choices even if it involves standing away from the predominant & proximate market practices of the time. Completely own branded offerings, entirely direct-to-consumer reach, not discounting in season and not advertising are all cases in point. During the pandemic, the worst of which is behind us, we doubled down on network growth – the bet was that consumer sentiments would rebound strongly for stores once the pandemic fades. This bet in many ways is paying off and is seen in the contribution of new stores & added omnichannel reach to our growth. As mentioned earlier, I have no doubt that we are in the initial laps of our growth as we continue to expand our reach with vigour and reinforce our lifestyle offerings across concepts, categories and channels. The growing acceptance of our brands demonstrates the attractiveness of our platform and the tremendous potential to address opportunities that lie ahead.” Result PDF