Trent rose 2.40% to Rs 684.90 after the company's consolidated net profit jumped 30.2% to Rs 64.03 crore on a 13.6% rise in net sales at Rs 853.63 crore in Q3 December 2020 over Q3 December 2019.
Profit before tax (PBT) fell 4.5% to Rs 89.70 crore in Q3 December 2020 as against Rs 93.89 crore in Q3 December 2019. Current tax expense for the quarter tumbled 94.8% to Rs 0.48 crore as against Rs 9.17 crore in Q3 December 2019. The Q3 result was declared post market hours yesterday, 4 February 2021.
Customers continue to increasingly leverage the convenience of digital platforms with the online channel registering over 80% growth in Q3. The company remained focused and committed to the accelerated store expansion agenda. To date, in FY21, it has opened 28 new stores (20 Zudio, 6 Westside, 2 Landmark) and it continues to pursue opportunities in all relevant micro markets.
Westside revenues in Q3 was at 78% as compared to the corresponding previous period (Like to Like of negative 26%). Nevertheless, the trajectory of revenues has continued to improve month to month with encouraging trends. For instance, in Jan 2021 (end of season sale month), traction for full price merchandise was consistent with the levels witnessed in the previous year in both quantity and value terms.
Speaking on the Q3 performance, Noel N Tata, the chairman of Trent, said: "We witnessed an encouraging festive season across our concepts as COVID-19 related impacts receded. Nevertheless, given the headwinds, we continue to emphasize cost mitigation measures and realization of related efficiencies over the medium term. We are cautiously optimistic on the outlook and are broadly on track with respect to our store expansion program in FY21 with a significant number of store locations currently under fit out. Near term uncertainties notwithstanding, we are continuing focus on building out differentiated brands and strong expansion of our reach through stores and digital platforms."
Trent operates Westside, one of India's leading chains of fashion retail stores, Trent Hypermarket which operates in the competitive food, grocery and daily needs segment under the Star banner, Landmark Stores, a family entertainment format store & Zudio which is a one shop destination to get fashion at great value. Westside has 169 stores measuring 8,000-34,000 sq. ft. across 88 cities.
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