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Department stores company Trent announced Q4FY24 results:

Standalone Financial Highlights:

• Revenue rose by 53% YoY in Q4FY24 to Rs 3,381 crore.
• PBT rose by 153% YoY in Q4FY24 to Rs 316 crore.
• The gross margin profile of Westside and Zudio continue to remain consistent with earlier trends. Overall, Operating EBIT margin for Q4FY24 was 8.2% (2.8% for Q4FY23).
• As of 31 st March 2024, our store portfolio included 232 Westside, 545 Zudio and 34 stores across other lifestyle concepts. During the quarter, we added 12 Westside and 86 Zudio stores across 65 cities including 25 new cities.
• In Q4FY24, our fashion concepts registered encouraging LFL growth of well over 10% vis-à-vis Q4FY23.
• The emerging categories including beauty & personal care, innerwear and footwear continued to gain traction with customers. These emerging categories now contribute to over 20% of our standalone revenues.
• Accordingly, during the current quarter the term of leases has been reassessed, resulting in an exceptional gain of Rs 543 crores, tax impact thereon is Rs 137 Crores (net of tax Rs 406 crores) and the same has been recognized as an exceptional item.
• The Right of Use Assets and Lease Liabilities stand reduced by Rs 2,720 crores and Rs 3,247 crores respectively.
• The EPS without this exceptional gain is Rs 28.95.

Consolidated Financial Highlights:

• Revenue rose by 30% YoY in Q4FY24 to Rs 3,506 crore.
• PBT rose by 343% YoY in Q4FY24 to Rs 296 crore.
• The Star business, consisting of 66 stores, continued to witness improved customer traction with growing sales densities. This business registered operating revenue growth of 30% in Q4FY24 vis-à-vis the corresponding previous period.

Speaking on the performance, Noel N Tata, Chairman, Trent Limited said, "In a competitive market, we continue to experience resonance and customer traction for our lifestyle offerings across brands, concepts, categories and channels. The growing of our offerings, resilience of our business model choices and the strength of our platform are reflected in our business results.

We will continue to expand and deepen store presence with the aim of being ever closer and convenient to customers reinforcing our brand promise.

We have applied Trent’s playbook to the Star business and are witnessing strong customer traction. This reinforces our conviction to build out this growth engine in the food, grocery, and general merchandising space. The success of own branded products also augurs well for the Star business. We are confident that this business is well poised to shift gears and deliver substantial value to customers and shareholders going forward.

We remain excited about the huge consumer market opportunity that lies ahead. We are still in the initial laps of our journey to address this opportunity.”

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