(Reuters) – Indian retailer Trent reported third-quarter profit above estimates on Thursday as urban shoppers splurged on clothes and beauty products during the festive season.
The firm, which owns the popular ‘Zudio’ clothing brand, reported a nearly 34% rise in profit to 4.97 billion rupees ($56.78 million) for the October-to-December quarter, beating analysts’ expectations of 4.46 billion rupees, per data compiled by LSEG.
Indian consumers typically indulge in festive spending in the October-to-December quarter as they celebrate the festivals of Diwali and Christmas, benefitting retailers including Trent.
Its brand Zudio is known for its affordable line of clothing starting at 99 rupees, priced far below peers such as Zara and H&M.
Trent’s rapid growth into one of India’s leading apparel retailers has partly been driven by a rising store count, which totalled 907 stores at the end of the third quarter, up from 831 stores by the end of the second quarter.
Trent’s revenue from operations grew about 34.3% to 46.57 billion rupees in the third quarter, outpacing the about 31% rise in total expenses.
In the last two years, the retailer has grown at breakneck speed, with its shares more than doubling in value in 2023 and 2024.
($1 = 87.5370 Indian rupees)
(This story has been corrected to fix a typo in paragraph 7)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)
