Trent jumped 7.2% to Rs 1,111.9 after the Tata Group company posted a consolidated net profit of Rs 92.58 crore in Q2 FY22 as compared to a consolidated net loss of Rs 71.6 crore registered in Q2 FY21.
Consolidated net sales grew 101% to Rs 1,178 crore in Q2 FY22 from Rs 585 crore posted in Q2 FY21. Profit before tax stood at Rs 118.97 crore in Q2 FY22 as against a pre tax loss of Rs 102.86 crore in Q2 FY21.Trent said that customers continued to leverage the convenience of digital platforms with the online channel registering over 95% growth in Q2 over previous quarter. The company registered over 5% of Westside revenues through online channels with Westside.com accounting approximately 20% of these revenues.
Speaking on the performance, Noel N Tata, chairman of Trent said, Our fashion business has in particular recovered sharply and is now back to operating profitability. We have continued to focus on our expansion program, and I am happy to report that we are seeing good progress on building a strong pipeline, even as the constraints for actual opening to customers remains a challenge in the near term in the case of mall locations/ select markets. Increasingly, we are also convinced that the model we have pursued with our Star food business over the last couple of years - tight footprint stores, sharp pricing, focus on fresh etc is resilient and has strong economic viability. The customer traction witnessed by Star stores operating under this model has been encouraging. In this context, we are actively readjusting properties on the basis of this model and are looking to pursue a significantly accelerated expansion program.
He further said, We are confident that the business has the expertise and importantly the resilience to navigate and leverage this difficult phase. Near term uncertainties notwithstanding, we are continuing to 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 and Landmark Stores.
As of date, 191 Westside and 147 Zudio stores are operational.
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