Trent Slides ~10% as Q1 Revenue Growth Slows to 19%, Below 20% for Fifth Straight Quarter
Trent shares hit an intraday low of Rs 3,010 after a disappointing Q1 update: 19% standalone revenue growth, weak per-sq-ft trends and slow Westside expansion (just 1 Westside vs 19 Zudio among 20 new stores). Analysts split—Citi flags cannibalisation and competition (TP Rs 2,733), while Macquarie holds Rs 3,600.
What happened
Trent shares fell nearly 10% after a disappointing Q1 update showed 19% revenue growth, below-20% for five quarters, weak per-sq-ft trends and slow Westside
Key facts
- shares fell nearly 10%
- intraday low Rs 3,010
- opened Rs 3,080
- traded Rs 3,052
- 19% YoY standalone revenue growth
- growth below 20% for five consecutive quarters
- 20 stores added
- 1 Westside, 19 Zudio
- Macquarie TP Rs 3,600
- Morgan Stanley TP Rs 3,151
- Bernstein TP Rs 3,500
- Citi TP Rs 2,733
Why this matters
Zudio-led store additions crowding out Westside raise questions about internal cannibalisation and whether portfolio rebalancing or new-format M&A is needed to reignite growth.
What to watch
- Q2 SSSG and whether revenue growth breaks back above 20%
- Westside store-opening pace acceleration vs Zudio
- Margin trajectory amid competitive discounting
- Analyst downgrade cascade or consensus TP compression
- Institutional/FII flow shifts in the stock
- Monitor sell-side revisions—Citi bearish TP Rs 2,733 vs Macquarie Rs 3,600 spread widens
- Track Zudio vs Westside store-mix disclosures and per-sq-ft productivity commentary
- Watch for management guidance on festive-season expansion cadence
- Assess read-through to Aditya Birla Fashion, V-Mart, and value-retail peers