Tata group-owned retail firm Trent Ltd on Friday reported a consolidated net profit of Rs 321.64 crore for the fourth quarter ended March 2020. The company had posted a net loss of Rs 418.99 crore in the January-March period a year ago, Trent said in a BSE filing.
According to a PTI report: Revenue from operations was at Rs 842.93 crore during the quarter under review. It stood at Rs 694.32 crore in the corresponding quarter last fiscal.
Commenting on the results, Noel N Tata, Chairman,Trent told PTI: “We are pleased to report continued pursuit of our growth agenda coupled with an encouraging operating performance especially in our lifestyle businesses. Led by the own branded offer, Westside continued to perform well and registered a double digit like to like growth prior to the COVID-19 related developments.”
“The Zudio concept has also seen strong traction with the opening of 41 new stores in the financial year. Further, the Star food business saw strong traction from customers following transition to a significantly sharper value proposition starting June 2019,” he was quoted by PTI as saying.
Trent’s total expenses stood at Rs 887.77 crore in Q4 FY2019-20.
Meanwhile, the company said its result was not comparable as Trent and its subsidiaries adopted Ind AS 116 norms.
Trent, which operates retail chain Westside and Zudio concept stores, said operations have been “impacted by the various COVID-19 pandemic related developments.”
For the fiscal year 2019-20, Trent posted a net profit of Rs 105.97 crore. It was Rs 94.83 crore in the previous year.
Revenue from operations in the fiscal was Rs 3,485.97 crore. It stood at Rs 2,630.24 crore in 2018-19.
On the outlook, the company said in addition to its food stores, certain outlets retailing fashion products under Westside, Zudio and Utsa have since reopened over the last fortnight. As of date, 70 stores have commenced operations in accordance with local regulations and adoption of various safety practices.
“We are confident that following this unprecedented 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 the store network in the year ahead,” Noel further told PTI.