Trent reported a consolidated net loss of Rs 184.04 crore in Q1 June 2020 as against net profit of Rs 36.32 crore posted in Q1 June 2019.
Consolidated net sales for Q1 June 2020 stood at Rs 248.41 crore, nearly 69% lower than Rs 799.88 crore in Q1 June 2019. Revenues were impacted due to the Covid 19 related store closures for a major part of the quarter.This led to loss from operations of Rs 171 crore as the firm continued to incur certain costs notwithstanding the temporary store closures. The company's food & grocery stores (other than for their home & fashion offerings) continued to operate during the first quarter with significant measures to ensure safety of customers and employees.
Trent registered a pre-tax loss of Rs 231.53 crore in Q1 June 2020 as against a profit before tax of Rs 69.36 crore in Q1 June 2019. Trent received a total tax rebate of Rs 47.48 crore in Q1 June 2020 as compared total tax expense of Rs 33.04 crore in Q1 June 2019.
Speaking on the performance, Noel N Tata, Chairman said, "The world is having to deal with a medical crisis of enormous proportions which has already resulted in severe economic disruption and demand contraction, since the last quarter of FY20. Our food & grocery stores continued to operate during Q1 as they deal in essential goods. These stores operated with strict safety protocols and prioritized the safety of colleagues, customers and associates. Though our fashion stores were closed in April and started to reopen only from mid-May, we have been witnessing the gradual resumption of consumer demand in the recent weeks. The trajectory of recovery from this pause would depend on the playout of the Covid pandemic and its effect on consumer sentiment and confidence. Overall, as I have mentioned earlier, we are confident that following this pause, our growth and profitability will continue to accelerate on the back of sustained focus on differentiated brands & customer experience across our concepts and strong expansion of our reach through stores and digital platforms."
Shares of Trent were up 0.49% at Rs 578. The scrip traded in the range of Rs 569.35 to Rs 587.90 so far during the day.
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.
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