business
Trent Shares Drop Over 11% After Revenue Growth Falls Short of Forecasts, Yet Remain Up 4% This Year
Cnbc reported that shares of the Indian retailer dropped more than 11% on Tuesday after first-quarter revenue rose 19%, below expectations. The Tata Group company operates 1,312 Westside and Zudio stores.
Jul 7, 1:57 AM·1m read1 source
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Shares of Trent fell more than 11% on Tuesday after the Indian retailer reported first-quarter revenue growth below analyst forecasts, Cnbc reported. The Tata Group company posted standalone revenue of 56.66 billion rupees ($595 million) for the quarter ended June, up 19% from a year earlier. Citigroup had expected 23% growth.
Citigroup stated it remains cautious on Trent, pointing to weak revenue per square foot, increasing competition, the impact of cannibalization and new-store expansion in smaller cities. Trent operates fast-fashion stores in India under the Westside and Zudio brands and had a portfolio of 1,312 stores at the end of June.
The company's shares are up 4.3% since the start of the year, while India's benchmark Sensex index is down nearly 8%.
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