Trent reported better than expected topline. SSSG and revenue growth were on strong trajectory during Jan'20 and Feb'20. However, Mar'20 witnessed steep decline in revenue (-42% per our estimate). Positively, c. 88% standalone stores are now operational. However, c. 70% stores are in mall which is expected to take some more time (by June'20) to resume operations. Superior control over inventory (100% stores company operated) and robust supply chain, strongly positions Trent to equip their stores with fast selling essential-inventories (this will drive better store through-put). Considering last 56 days (c. 15% of annual no. of days) complete shutdown of all the...