TRENT

By Praveen Paramasivam and Chandini Monnappa

MUMBAI, Feb 16 (Reuters) - Indian fast-fashion retailer Trent TREN.NS plans to open more stores in smaller cities and towns in the world's most-populous country, betting on demand growth outside the key metro markets, according to remarks by a top executive on Monday.

The Tata group firm, which runs youth-focused fashion chains Zudio and Westside, added more than 100 stores in the nine months to December, taking the tally to over 1,100. Analysts say expansion will drive Trent's near-term earnings growth.

"A substantial portion now, maybe about two-thirds of the stores we are increasingly opening, are in new towns, new cities, new micro-markets within the periphery of cities," P. Venkatesalu, managing director at Trent, told reporters at an industry event in Mumbai.

Venkatesalu did not specify the number of stores or cities. In recent quarters, Trent has entered towns in the southern state of Kerala, expanding its footprint to 274 cities.

More than 75% of Zudio stores opened in the nine months ended December were outside metropolitan areas, per a company presentation.

Indian consumer goods makers and retailers are increasingly betting on growth in the smaller cities to cash in on a growing middle class and as recent tax reductions have boosted demand.

Trent is increasingly relying on artificial intelligence tools and third-party data, including store density by brand and digital transaction levels, to identify locations for new outlets, Venkatesalu said.

The company is also scaling the use of automation and analytics across product, supply chain and store operations to improve efficiency as it expands, he said, without providing further details.

(Reporting by Praveen Paramasivam and Chandini Monnappa in Mumbai, Writing by Surbhi Misra in Bengaluru; Editing by Mrigank Dhaniwala)

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** India's Trent TREN.NS reports marginally higher quarterly profit on Wednesday as tax cuts spurred demand while one time labour related charge eroded income

** TREN opened 17 Westside and 48 Zudio stores in Q3, taking total stores portfolio to 278 Westside, 854 Zudio stores as of Dec 31

** Shares up 0.8% in choppy trade

RECOVERY YET TO FIRE

** Bernstein ('Outperform', PT: 5,000 rupees) says TREN's growth rebound is still loading, with network additions, not like-for-like sales, set to drive performance over the next few quarters

** HSBC ('Buy', PT 5,300 rupees) expects margin gains by FY27 led by sourcing efficiencies and cost optimization

** Kotak ('Reduce', FV 3,850 rupees) warns same-store sales growth pressure may persist through FY26, citing soft demand and higher costs, and expects only moderate revenue growth into FY27

(Reporting by Kashish Tandon and Mridula Kumar in Bengaluru)

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Feb 4 (Reuters) - Trent TREN.NS reported a nearly 3% rise in quarterly profit on Wednesday, as the apparel retailer benefited from a tax-cut-led sales boost while expanding its footprint.

India's late-September tax cuts have boosted consumer spending, putting more disposable income in the hands of consumers.

The Tata group-owned retailer, which owns young adult-focused fashion chains Zudio and Westside, has added more than 100 stores between April and December as it bets on growing demand for cheap branded fashion in the world's most populous country.

"The customer sentiment is gradually improving," Trent Chairman Noel Tata said.

Trent's consolidated net profit rose to 5.13 billion rupees ($56.7 million) for the quarter ended December 31, up from 4.97 billion a year ago.

A one-time charge of 261.1 million rupees, tied to India's new labour laws, hurt its profit in the December quarter.

The company's revenue rose nearly 15% to 53.45 billion rupees, lagging the turbocharged pace of more than 50% recorded six quarters ago.

Competition in the affordable fashion category in India is heating up with rival Aditya Birla Fashion and Retail ADIA.NS launching a similarly positioned brand OWND and Shoppers Stop doubling down on its Intune brand.

Shares of Trent closed up 5% ahead of results.

($1 = 90.4730 Indian rupees)

(Reporting by Komal Salecha in Bengaluru and Praveen Paramasivam in Chennai; Editing by Mrigank Dhaniwala)

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** Trent TREN.NS slips 9.4% so far this week; marks worst weekly performance since April 2025

** Stock worst performer on Nifty 50 index .NSEI, which is down 2.4% so far this week

** TREN rises 0.2% to 3,995 rupees

** Earlier in the week, co posted flat standalone revenue growth vs last quarter, missing analysts expectations

** Growth trends look to be moderating, Antique Stock Broking analysts say

** Stock rated "hold" on avg; median PT is 5,194 rupees, per data compiled by LSEG

** In 2025, TREN lost 40%

(Reporting by Komal Salecha)

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Rewrites, adds details, analyst commentary

By Praveen Paramasivam and Hritam Mukherjee

Jan 6 (Reuters) - Shares of India's Trent TREN.NS fell as much as 8.3% on Tuesday, a day after the apparel retailer reported quarterly revenue growth that missed analysts' expectations.

The stock, down 7.5% at 4,098 rupees at 10:40 a.m. IST, was the top percentage loser on India's benchmark Nifty 50 .NSEI, which was largely unchanged.

Shares of the Tata Group-owned firm, which operates Westside and Zudio stores, have lost about a quarter of their value in the last six months, as the once-high flying company's sales slow due to stiff competition and as consumers tighten spending.

The firm reported a standalone revenue of 52.20 billion rupees ($579.3 million) for the three months ended December 31, up 17% from a year earlier. The revenue growth was unchanged from the previous quarter.

"It's a miss", said Karan Taurani, an analyst with Elara Securities. "Pressure continues for them due to higher competitive intensity including from Max Fashion and Style Union."

The revenue growth was similar sequentially but lower than the 37%, 29% and 20% growth rates reported in the previous quarters, Morgan Stanley said.

"Growth trends looks to be moderating," said analysts at Antique Stock Broking, cutting their target price on the stock by over 14% to 5,700 rupees.

($1 = 90.1125 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru and Praveen Paramasivam in Chennai; Editing by Mrigank Dhaniwala)

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Jan 5 (Reuters) - Indian clothing retailer Trent TREN.NS said on Monday its third-quarter standalone revenue rose 17% from a year ago.

(Reporting by Komal Salecha in Bengaluru; Editing by Shailesh Kuber)

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** India's Trent TREN.NS drops 2.3% to 4,668.50 rupees

** Stock dropped as much as 2% on Monday after the Zudio and Westside parent posted its slowest quarterly revenue growth in more than four years

** Morgan Stanley analysts describe the quarterly update as a "notable miss"

** ICICI Direct says TREN witnesses "yet another" quarter of revenue growth moderation hurt by competition in fast fashion space

** Avg rating of 22 analysts on TREN is "buy"; median PT is 6,002.50 rupees - data compiled by LSEG

** YTD, stock down 34.3%

(Reporting by Kashish Tandon in Bengaluru)

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** Shares of Tata-owned retailer Trent TREN.NS, which houses fashion labels such as Zudio and Westside, rise as much as 3.69%, their biggest intraday gain since August 18, to 4,849.9 rupees

** Around 130,000 shares traded in four block deals at a premium of 1.8% to 3.2% over Tuesday's close

** More than 1.1 million shares traded, 1.2 times more than their 30-day average

** Shares down 32% YTD

(Reporting by Urvi Dugar)

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By Dhwani Pandya and Manvi Pant

Sept 16 (Reuters) - Indian retailer Aditya Birla Fashion and Retail ADIA.NS launched affordable fashion brand "OWND!" on Tuesday, aimed at capturing Gen Z shoppers in a move that pitches it against Trent's TREN.NS fast-growing budget apparel chain Zudio.

The brands focus on young adults who regularly shop for trendy yet affordable styles.

The push pits Aditya Birla Fashion's "OWND!" brand directly against Zudio, which has yielded a compounded annual revenue growth rate of more than 35% in the past five years for Trent.

Sangeeta Tanwani, chief executive at Aditya Birla Group's Pantaloons, told Reuters in an interview that the products under the brand would largely be sold at prices below 1,200 rupees ($13.63) and the company was looking to open about 400 outlets in the next three to five years.

Global giants including Sweden's H&M have expanded their basics range and lowered price points in India. Japan's Uniqlo is rolling out compact stores and value-focused assortments as well.

Aditya Birla Fashion said it plans to convert its existing "StyleUp" stores, currently operational at about 49 locations around the country, into OWND! stores.

"By the end of the financial year, we will have about 100 stores," Tanwani said.

Aditya Birla Fashion's current portfolio includes international brands such as Louis Philippe and Van Heusen as well as Indian luxury designer brands such as Sabyasachi and Tarun Tahiliani.

Its lifestyle brands contributed to about 87% of the company's revenue in the last quarter of financial year 2025, reporting a 5% year-on-year rise.

($1 = 88.0660 Indian rupees)

(Reporting by Dhwani Pandya and Manvi Pant; Editing by Pooja Desai)

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Aug 11 (Reuters) - Trent Ltd TREN.NS:

• TRENT LTD - LAUNCHES NEW FASHION BRAND BURNT TOAST IN BANGALORE

Source text: ID:nBSE2CgPpc

Further company coverage: TREN.NS

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Aug 7 (Reuters) - ** Indian apparel retailer Trent TREN.NS posted its slowest profit growth in at least 10 quarters on Wednesday, as muted urban demand and early monsoons hit in-store shopping

** Shares trading flat in broader weak market .BO

BEAT DRIVEN BY LOW COSTS BUT GROWTH CONCERNS PERSIST

** Macquarie ("outperform," PT: 7,200 rupees) says lower employee costs supported Q1 EBITDA but slower ramp up in new stores, especially in newer cities across tier 1 and tier 2 markets is concerning

** Goldman Sachs ("neutral," PT: 5,600 rupees) says Q1 beat was led by lower operating expenses but like-for-like sales growth moderated to low single pct, with contribution to sales growth from new stores also moderating

** Jefferies ("hold," PT: 6,000 rupees) says margins surprised positively despite softer revenue

** Brokerage flags drop in employee costs is "difficult to understand" due to lack of adequate disclosures

(Reporting by Kashish Tandon in Bengaluru)

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Aug 6 (Reuters) - Indian apparel retailer Trent TREN.NS posted its slowest quarterly profit growth in at least 10 on Wednesday, as muted urban demand and early monsoons hit in-store shopping.

The Tata group company, which owns the popular affordable fashion chain "Zudio", reported a net profit of 4.3 billion rupees ($49.03 million), up 9.5% from a year ago.

Trent's first-quarter consolidated revenue grew 19%, its slowest since the quarter ended March, 2021, further fueling concerns among analysts that the company's operating performance is set to slow down from its peak even as valuations remain firm.

The company's Zudio-led focus on young adults who regularly open their wallets for trendy but affordable styles has yielded a compounded annual revenue growth rate of more than 35% in the past five years.

The growth led to more than a five-fold rise in Trent's stock value from 2023 to 2024 and drove its inclusion in the benchmark Nifty 50 index last year.

Trent attributed the quarter's slowdown to a high base of growth last year, a prolonged weakness in urban demand amid high living costs, supply chain disruptions in certain areas, and an early monsoon curbing in-store shopping.

Its first-quarter same store sales grew in "low single digits", compared to a "double-digit" percentage growth last year, Trent said.

However, its earnings before interest and taxes (EBIT) margin improved to 11.4% from 10.6% a year ago, benefiting from better merchandise sourcing and investments in automation.

Analysts pinned their hopes of Trent's next phase of growth to its ongoing expansion in smaller Indian cities, where the adoption of fashion trends is slower than metros, but growing fast.

($1 = 87.6950 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru; Editing by Eileen Soreng and Janane Venkatraman)

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** Indian fashion retailer Trent TREN.NS falls 3.4% to a two-month low of 5,176 rupees

** TREN down ~17% so far in July, on course for its third-worst month in a decade

** Goldman Sachs downgrades stock to "neutral" from "buy", reduces PT to 5,500 rupees from 6,970 rupees, as per multiple news reports

** Says pace of market share gains could be slower than anticipated amid cannibalization concerns

** Tata group company earlier said that growth in Q1 is expected to be underwhelming

** Analysts on avg recommend “buy” on TREN; median PT 6,151.5 rupees, as per data compiled by LSEG

** YTD, TREN down ~27%, biggest loser among Nifty 50 .NSEI stocks

(Reporting by Vivek Kumar M)

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** Shares of Indian fashion retailer Trent <TREN.NS> fall 7.5% to 5,720 rupees apiece, worst intra-day pct. fall since April 7

** Stock top loser on Nifty 50 index TREN.NS, which is mostly flat

** Co at its annual general meeting on Thursday said it expects growth in fashion segment at ~20% in Q1FY26

** The outlook is sharply down from its five-year CAGR of 35% (FY20–25), Nuvama said in a note, downgrading stock to "hold" from "buy" and cut PT to 5,884 rupees from 6,627 rupees

** Brokerage cuts FY26E/27E revenue by 5%-6% and EBITDA by 9%-12%

** Growth trajectory for Q1FY26 seems to be underwhelming given the high expectations based on the past track record of growth - Nuvama

** Trent down 19% YTD, including session moves, vs 7.5% rise in Nifty 50 index

(Reporting by Sethuraman NR in Bengaluru)

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** India's Trent TREN.NS, Titan TITN.NS, Dabur DABU.NS are among companies that will benefit from reported indirect tax cut plan, says Goldman Sachs

** Broadcaster India Today reported, citing sources, that the government plans to cut 12% GST on certain items to 5% or eliminate the 12% tax slab altogether

** GST council did not immediately respond to Reuters' request for comment

** GST is the abbreviation for Goods and Services Tax, an indirect tax implemented in 2017

** 12% GST applies on apparel priced above 1,000 Indian rupees ($11.7), footwear priced below $11.7, confectionery, fruit drinks, jam, toothpowder and eyewear, among others - GS

** Brokerage also adds Bata India BATA.NS, Nestle India NEST.NS in beneficiary list

** Says reported tax cut plan could help improve consumer demand for branded products, potentially accelerating volume-led growth

** NEST up 0.5%, DABU rises 0.4%; TREN, TITN and BATA down 0.8%, 0.2% and 0.15% respectively

($1 = 85.6820 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of fashion retailer Trent TREN.NS rise 2% to 5,740.5 rupees apiece

** TREN is the second-highest pct gainer on Nifty 50 index .NSEI, which is down 0.25%

** Morgan Stanley reiterates "overweight" rating, expects TREN to achieve 10x FY23 revenue by FY32

** Says strong cash flows, improvement in return ratios and profitability augur well for future earnings growth

** Citi retains "buy" and notes growth opportunity for TREN in value retail segment

** Average rating of 21 analysts tracking TREN is "buy"; median PT is 6,224 rupees - data compiled by LSEG

** YTD - TREN down 21%, underperforming 4.8% rise in Nifty 50

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of fashion retailer Trent Ltd TREN.NS climbs 3.3% to 5,868 rupees

** Stock on track to snap four-day losing run; among top gainers on Nifty 50 .NSEI index

** TREN management tells Morgan Stanley it plans to add a brand or two that can scale

** Customers are willing to pay a premium for "aspirational" products

** Analysts tracking stock rate it "buy" on avg - data compiled by LSEG

** Morgan Stanley rates it "overweight"

** Stock trims YTD losses to ~20%, but remains biggest loser this year on Nifty 50

(Reporting by Nandan Mandayam in Bengaluru)

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** India's Bharat Electronics BAJE.NS and Trent TREN.NS gain 1% and 2.3%, respectively

** BAJE and TREN to replace IndusInd Bank INBK.NS and Nestle India NEST.NS on BSE Sensex BSESN, effective June 23, exchange operator said on Thursday

** Sensex inclusion to result in inflows worth $304 million for TREN and $354 million for BAJE, IIFL Securities estimates

** NEST and INBK to see outflows worth $220 million and $134 million on exclusion - IIFL

** INBK and NEST trading flat

(Reporting by Kashish Tandon in Bengaluru)

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April 7 (Reuters) - Indian fashion retailer Trent's shares TREN.NS slumped nearly 18% on Monday, set for their worst day since March 2020, after the company's fourth-quarter business update underscored a continuing trajectory of moderating revenue growth.

The retailer's stock was the top loser on the blue-chip Nifty 50 index .NSEI, which was down about 4% amid a global sell-off on fears that a trade war would spark a recession. .BO

While Tata Group-owned Trent's revenue growth has been slowing since the second quarter of fiscal 2025, the 28% drop in the latest quarter was the slowest since January-March 2021 when it faced pandemic-induced operational disruptions.

"In our view, after delivering strong double-digit like-for-like growth ... the high base effect is beginning to moderate Trent's growth momentum," said Abhijeet Kundu, equity analyst at Antique Stockbroking, in a note.

Trent's quarterly revenue grew at a breakneck pace in fiscal 2023 and 2024 as the retailer tapped into the appetite of Gen Z shoppers, who regularly refresh their wardrobes with affordable but trendy designs.

The stock more than doubled in value in 2023 and then again in 2024.

However, with Trent's sales momentum faltering, the stock has fallen about 36% in 2025, making it the worst-performing stock on the blue-chip Nifty 50 index.

(Reporting by Ananta Agarwal in Bengaluru; Editing by Savio D'Souza)

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** Shares of Trent TREN.NS rose 6.6% this week; fifth straight weekly gain

** Earlier this week, the fashion retailer had crossed a portfolio of more than 1,000 large box fashion stores, including 757 stores of its flagship brand Zudio, which are set to boost revenue

** Stock eyes best week since Feb. 3

** 19 analysts covering the stock on avg. have a "buy" rating; median PT is 6,245 rupees - LSEG data

** Stock shed 20.3% so far this year, vs a 3% drop in benchmark Nifty 50 index .NSEI

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Trent TREN.NS gains 4.6% to 5,572 rupees; second biggest gainer on Nifty 50 index .NSEI

** Fashion retailer crosses portfolio of more than 1,000 large box fashion stores, including 757 stores of its flagship brand Zudio, which are set to boost revenue

** Milestone represents an increase of more than 200 Zudio stores since Q4 FY24, in line with or exceeding what analysts expected

** Current store count implies more than 100 new Zudio store openings in Q4 FY25

** Stock set for biggest one-day pct gain in 2 months

** TREN is down 21.5% YTD over concerns of growth slowdown

(Reporting by Ananta Agarwal in Bengaluru)

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March 27 - ** Macquarie initiates coverage on Indian fashion retailer Trent TREN.NS with 'outperform', citing leading growth and returns

** Says Trent's 45% sales CAGR, steady margin expansion and a 3x return on capital employed (ROCE) expansion over FY23-25 among the best in Asia

** Macquarie sees current weakness in consumer sentiment as an attractive entry point for stock

** Trent's shares, up 1.5% at 5,402 rupees on the day, have fallen ~24% YTD

** Brokerage's PT of 7,000 rupees, implies a nearly 30% upside

** Sees scope for flagship brand Zudio's expansion, whose store count of ~700 trails Reliance's RELI.NS Trends, which exceeds 2,000

** Adds concerns over Shein's entry in India "overblown", as replicating its China cost advantage with an Indian supply chain would be difficult

(Reporting by Ananta Agarwal in Bengaluru)

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March 19 (Reuters) - Trent Ltd TREN.NS:

• BOOKER INDIA TO ACQUIRE 100% EQUITY OF TSSL FROM THPL

• DEAL WORTH 1.66 BILLION RUPEES

Source text: ID:nBSE3H0ZJH

Further company coverage: TREN.NS

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** Shares of retail stores operator Trent TREN.NS fall 3.6% to 4,819.2 rupees

** Stock among top pct losers on Nifty 50 index .NSEI, which is down 0.43%

** Kotak Institutional Securities cuts PT to 5,150 rupees from 5,550 rupees, maintains "reduce" rating

** Continue to see pressure on co's revenue on account of its densely-located newer Westside and Zudio stores, brokerage says

** Lowers its revenue estimates for Westside for FY2026-27, which it says will result in ~0.3%-1.0% rev cut for Trent

** Rev reduction affects margins, leading to a 1%-5% cut in EPS - Kotak

** Avg rating of 18 analysts is a 'buy;' their median PT is 6,123.5 rupees - LSEG

** TREN has shed 30% so far this year vs a 5% drop in Nifty 50

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Apparel retailer Trent TREN.NS set to be the top monthly loser in India's benchmark Nifty index .NSEI

** Stock on track to lose more than 11% in value in Feb

** TREN fell 8.2% on February 6, its biggest one day pct decline in 2 years, after posting its lowest qtrly revenue growth since March 2021

** Analysts have expressed concern that stores of the co's flagship brand Zudio are in locations too close to each other, leading to decline in same store sales growth y/y

** TREN closed lower in 13 out of 20 trading sessions in the month

** On the day, stock down 1.12% at 4750.5 rupees

(Reporting by Ananta Agarwal in Bengaluru)

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Feb 6 (Reuters) - Indian retailer Trent TREN.NS 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 33.9% rise in profit to 4.97 billion rupees for the October-December quarter, beating analysts' expectations of 4.46 billion rupees, per data compiled by LSEG.

(Reporting by Ananta Agarwal in Bengaluru; Editing by Sonia Cheema)

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** Shares of Tata-owned Trent TREN.NS rise 2% to 5,865 rupees

** Shares of TREN slipped 6% on Tuesday after reports flagged concerns on the impact of re-launch of Shein India app by Reliance Retail, Goldman Sachs analysts said

** The brokerage says it would take several years of supply chain investments to see meaningful scale up of a value fast-fashion business

** Zudio still has potential to gain market share with a low competitive risk and the scale up of any new competitor likely to be gradual and not disruptive - Goldman Sachs

** Adds that unit economics of online-only value fashion retail is weak

** Goldman Sachs reiterates its "buy" rating on TREN with a PT of 8,300 rupees

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Kotak double downgrades apparel retailer Trent TREN.NS to "sell" from "add"

** After stock more than doubled in value in 2023 and 2024, TREN down ~13% so far in Jan

** Says future growth priced in and "may be time to book profits"

** Kotak's analysis of top 10 cities by store count for co's Zudio chain reveals stores are in similar locations and could cannibalize each other

** Adds, while co may still close year with ~180 store additions, incremental rev per store growth may be slow

** Trims FY2025-27E rev by 1%-2% and EPS by 9%-14%

** Lowers stock's fair value to 5,850 rupees from 6,800 rupees, 5.8% below last close

** Trent up 0.7% at 6,255 rupees on Friday

** Stock rated "buy" on avg, peer Aditya Birla Fashion and Retail ADIA.NS "sell", V-Mart Retail VMAR.NS "buy" - LSEG data

(Reporting by Ananta Agarwal in Bengaluru)

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** Shares of Tata Group-owned Trent TREN.NS rise 4.8% to 6,453.1 rupees, eyes best one-day pct gain since Oct. 8

** TREN top gainer on benchmark Nifty 50 index .NSEI, which is up 0.22%

** Elara Capital initiates coverage on TREN with "buy" rating, sets PT of 8,500 rupees ($98.30)

** Expects TREN brand Zudio to continue to be largest player in fast fashion and grow ahead of the industry - Elara

** Adds, differentiated product offerings, full reliance on private labels key pull for Zudio

** Estimates 27% revenue CAGR over FY24-FY28

** 18 analysts covering the stock on avg have a "buy" rating; median PT is 6,900 rupees - data compiled by LSEG

** Trent, which surged over two-fold in 2024, is set to report Q3 results in Feb

($1 = 86.4710 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Shares of Trent Ltd TREN.NS drop 4.3% to 6,300 rupees

** Fashion retailer and grocer down for 7th straight session, dropping 14% in that period, its longest losing run since May 2022

** Reuters could not immediately verify reason for day's move

** Stock biggest percentage loser on Nifty 50 .NSEI index that is down 0.9% currently and has dropped in five of last seven sessions

** Analysts expect TREN to report lower margins in Q3, with Jefferies highlighting moderation in demand environment

** TREN rated "buy" on avg by analysts tracking stock vs "hold" for Shoppers Stop SHOP.NS and "sell" for Aditya Birla Fashion ADIA.NS - data compiled by LSEG

(Reporting by Nandan Mandayam in Bengaluru)

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