Trent

** Shares of Trent Ltd TREN.NS down about 13% this week--on track for the worst week since the week ended April 11, 2025

** Stock set to snap three weekly sessions of gains

** On July 6, the fast-fashion retailer reported 19% growth in Q1 standalone revenue to 56.66 billion rupees ($594.53 million), "well below street estimates", according to Goldman Sachs

** Remain cautious on Trent, given a still-weak rev per sq ft trend, along with rising competition, impact of cannibalization, and new store expansion in Tier 2/3 towns - Citi said in a July 6 note

** TREN added one Westside store and 19 Zudio stores during the quarter, total store count of 1,312

** YTD, stock down 1.90% vs a fall of 7.5% in Nifty 50 index .NSEI

($1 = 95.3025 Indian rupees)

(Reporting by Saikeerthi in Bengaluru)

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Corrects to fix story tag; no changes to text

July 7 (Reuters)- - Shares of India's Trent TREN.NS fell 9.4% on Tuesday after the retailer's first-quarter standalone revenue missed analyst expectations, raising concerns of a slowdown in its mainstay fashion business.

(Reporting by Mridula Kumar in Bengaluru; Editing by Ronojoy Mazumdar)

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July 6 (Reuters) - Indian apparel retailer Trent TREN.NS said on Monday its standalone revenue rose 19% year-on-year in the first quarter of fiscal year 2027, helped by continued store expansion at its Westside and Zudio chains.

Here are the details:

• Revenue from operations rose to 56.66 billion Indian rupees ($593.95 million) for the quarter ended June 30, from 47.81 billion rupees a year earlier, the Tata Group company said in a preliminary update.

• Several consumer companies, including Marico and Dabur, have reported resilient first-quarter growth despite navigating uneven urban demand and elevated input costs.

• Brokerages have continued to view Trent as one of the strongest performers in the sector, supported by rapid store expansion and steady demand for its affordable fashion offerings.

• HSBC had expected Trent's revenue to grow about 21% in the quarter, driven by continued strength in Westside and Zudio, while Bernstein recently said faster expansion of Westside stores could provide an additional growth driver alongside Zudio.

• The company added one Westside and 19 Zudio stores during the quarter, Trent said.

• It has 1,312 outlets as of June 30, comprising 301 Westside stores, 982 Zudio stores, including seven in the United Arab Emirates, and 29 stores under other lifestyle formats.

• The retailer had reported a 26% rise in fourth-quarter profit in April, helped by strong demand following tax cuts on consumer goods and continued expansion of its store network.

($1 = 95.3950 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru; Editing by Vijay Kishore)

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** India's Trent Ltd TREN.NS up 2% at 3,205.6 rupees

** HSBC hikes PT to 3,460 rupees from 3,273.3 rupees, keeps "buy" rating on stock

** During AGM, TREN said more brands will be launched in coming years to help reach target of 10x growth - HSBC

** Co to incubate international operations for another year, then step-up expansion

** Westside to add 50 stores per year with a potential of 700 stores in five years; to add 200-250 Zudio stores per year with a potential of 5,000 stores

** Emerging formats, such as Burnt Toast and Samoh, will take 2-3 years before growth

** Technical indicators show stock in overbought territory, stock up 12.19% YTD

(Reporting by Saikeerthi in Bengaluru)

(([email protected]; (+91) 8296756080))

By Praveen Paramasivam and Chandini Monnappa

CHENNAI/BENGALURU, June 8 (Reuters) - From smaller packs on shelves to higher prices at checkout, Indian companies are scrambling to protect their margins as surging oil, freight and insurance costs - and strained household budgets - pile on pressure.

The U.S.-Israeli war on Iran has disrupted trade routes and lifted input costs globally, hitting import-reliant economies like India harder, where a weaker rupee is adding to inflation and complicating pricing decisions as demand remains uneven.

"We are among the world's most vulnerable countries," economist Jayati Ghosh said, warning higher oil and fertiliser costs, weaker Gulf demand, softer remittances and potential capital outflows could stoke inflation and slow growth.

Consumer goods makers Hindustan Unilever HLL.NS, Godrej Consumer Products GOCP.NS and Dabur India DABU.NS have already rolled out low- to mid-single-digit price hikes across categories, with Britannia BRIT.NS preparing similar moves.

Pricing power remains weak in mass segments, with companies holding the line on 10- to 20-rupee (11- to 21-cent) packs and shrinking product sizes instead of raising prices outright.

"We are reducing grammage because we can't breach those price points," said Mohit Malhotra, global CEO at Dabur.

Automakers Maruti Suzuki MRTI.NS, Mahindra & Mahindra MAHM.NS, Tata Motors Passenger Vehicles TAMO.NS and Hyundai Motor India HYUN.NS have also hiked prices.

"We were left with no choice," said Partho Banerjee, Maruti's senior executive officer for marketing and sales, adding that raising prices was not good for customers, especially first-time buyers.

Airlines IndiGo INGL.NS and Air India are trimming capacity, especially on fuel-heavy international routes, and increasing fares to offset higher aviation fuel costs.

Consumers are feeling the squeeze.

"I have no family to feed, no school fees, and no monthly payments on a car. I'm still watching my spending as prices are up for almost everything, from travel to packaged food," said Aditi Anjana, a Mumbai-based communications professional who is in her 30s.

BELT-TIGHTENING MODE

With limited room to pass on costs, companies are turning inward and cutting costs to cushion margins.

Hindustan Unilever HLL.NS has cut advertising spend, while others are trimming non-essential travel and marketing costs.

"The scope for further cost-cutting is gradually narrowing," Axis Direct analyst Uttam Kumar Srimal said, adding prolonged commodity and fuel inflation could force sharper price hikes or margin hits.

Sectors with high global exposure, including aviation, oil and gas, chemicals, logistics and capital goods, may remain under margin pressure, said Shweta Rajani, associate director at Anand Rathi Wealth.

RESETTING SUPPLY CHAINS

Firms are also reworking supply chains to manage disruptions. Companies with Middle East exposure are rerouting shipments, diversifying sourcing, and shifting production.

Dabur, an Indian rival of Colgate-Palmolive, is using alternative routes via Egypt and Turkey, while packaged goods maker Britannia is bringing some production back home.

Some firms are also front-loading purchases and closely tracking demand to avoid overstocking, underscoring tighter working capital discipline.

Arvind Fashions ARVF.NS has advanced inventory buys to lock in costs and is relying more on local suppliers, while Tata Group retailer Trent TREN.NS is tweaking raw materials, packaging, and product development.

"My priority is not to take prices up," said Umashan Naidoo, head of customer and beauty at Trent, which offers Gen-Z-focused affordable trendwear through its brand ​Zudio.

($1 = 94.9450 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Chandini Monnappa in Bengaluru; Additional reporting by Surbhi Misra; Editing by Dhanya Skariachan and Himani Sarkar)

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May 5 (Reuters) - India's Shoppers Stop SHOP.NS reported a fourth-quarter loss on Tuesday, hurt by subdued discretionary spending with news of ongoing geopolitical tensions in the Middle East and a modest rise in inflation weighing.

The Mumbai-based chain reported a net loss of 163.5 million rupees ($1.72 million) for the three months ended March 31, compared with a profit 19.9 million rupees a year earlier.

($1 = 95.2800 Indian rupees)

(Reporting by Devika Nair in Bengaluru; Editing by Ronojoy Mazumdar)

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** Brokerage ICICI securities raises TP on Trent's TREN.NS shares to 5,000 rupees from 4,300 rupees, representing a 17.6% upside to the stock's last close

** Says Trent's revenue growth of 20% YoY in Q4 bolsters its medium-term expectation of sustained momentum despite a challenging macro environment

** Adds Trent's aggressive store expansion and the board's approval to raise up to 25 billion rupees show strong confidence in its long-term growth potential

** "We believe this capital infusion equips Trent to scale its emerging platforms while the company fortifies its core – Westside and Zudio – networks," - ICICI

** Trent on Wednesday posted a 26% rise in Q4 profit; brokerage says cost efficiencies and tech investments drove profitability

** Shares of Trent were down 0.8% to 4,216 rupees in morning trading, then have fallen 1.4% since the start of 2026

(Reporting by Abhinav Parmar)

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** Shares of India's Trent TREN.NS down 1.75% 4,357 rupees

** The Tata Group firm posted a Q4 profit of 26% y/y, on improved demand, board approved a maiden bonus issue and a fund raise of up to 25 billion rupees ($266.55 million)

GROWTH OUTLOOK STILL STRONG, VALUATIONS AND MARGINS IN FOCUS

** Jefferies ("hold", hikes TP to 4,675 rupees) sees TREN as a long-term play on India's organised apparel market, but remains on the sidelines given expensive valuations

** Systematix ("hold", TP: 4,848 rupees) sees 18–20% medium-term revenue growth, mainly driven by continued store expansion, with like-for-like growth in low-to-mid single digits

** Expects co to continue its aggressive store expansion strategy; flags opening more stores in same areas may impact sales at existing outlets

** Citi("sell", TP: 4,100 rupees) says margins may keep surprising in the near term, but sees expansion as unsustainable; stronger growth with stable margins is needed to support or lift valuations

** Ambit Capital("buy", TP: 5,020 rupees) says near-term raw material inflation from Q2 may slow EBITDA growth vs revenue in FY27

($1 = 93.7900 Indian rupees)

(Reporting by Devika Nair in Bengaluru)

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April 22 (Reuters) - Indian fast-fashion retailer Trent TREN.NS posted an about 26% jump in fourth-quarter profit on Wednesday, helped by improved customer demand following tax cuts last year and new store additions.

The Tata Group firm's consolidated net profit rose to 4 billion rupees ($42.65 million) for the quarter ended March 31, from 3.18 billion rupees a year earlier.

($1 = 93.7950 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Harikrishnan Nair)

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** Shares of Indian retailer Trent TREN.NS rise 2.61% to 4,214.80 rupees

** Co to consider issuance of bonus shares

** Co also considering raising additional funds via equity shares or rights issue

** Stock on avg rated "buy" by 24 analysts; median PT is 4,611 rupees - data compiled by LSEG

** YTD, TREN down 1.5%

(Reporting by Abhirami G in Bengaluru)

(([email protected]))

April 17 (Reuters) - Trent Ltd TREN.NS:

• TO CONSIDER ISSUANCE OF BONUS SHARES

• TO CONSIDER FUNDRAISING VIA EQUITY SHARES OR RIGHTS ISSUE

• TO CONSIDER RAISING ADDITIONAL FUNDS THROUGH RIGHTS ISSUE OR ANY OTHER MODE

Source text: ID:nBSE7w6tPp

Further company coverage: TREN.NS

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** Indian fast-fashion retailer Trent TREN.NS shares rise 1.3% to 4,030 rupees, a near 2-month high

** HSBC maintains "Buy" rating on stock, with PT of 4800 rupees, representing a 20.7% upside to the stock's last close

** Brokerage says if Trent continues adding stores at the current pace in FY27, like-for-like growth and revenue per square foot will be key to sustaining top-line growth

** Notes there is an upside potential if Zudio's initiatives on expanding in adjacent categories work well

** HSBC expects lower margins in FY27, factoring in the impact of spike in polyester prices

** "Downside risks remains competition impacting growth, while upside to our estimates can come from accelerated additions in Westside. We believe the risk/reward is favourable at this price," HSBC says

** YTD, TREN down 5.9%

(Reporting by Abhinav Parmar in Bengaluru)

(([email protected];))

** Brokerage Antique Stock Broking ("buy") raises PT for Indian fast-fashion retailer Trent TREN.NS to 4856 rupees from 4792 rupees earlier

** Says co's growth momentum improves sequentially

** Adds the accelerated store expansion in Westside would contribute to revenue in the coming quarters

** Says co continues to outperform peers, driven by enhancing in-store experience and disciplined scaling of operations

** Co's Q4 standalone rev rises 20% yoy

** Shares of TREN down 0.4% to 3817 rupees on the day

** TREN rated "buy" on avg by 24 analysts covering it; median PT at 4611 rupees- data compiled by LSEG

** YTD, TREN losses 10%

(Reporting by Komal Salecha in Bengaluru)

(([email protected]))

Adds share move

April 6 (Reuters) - Indian fast-fashion retailer Trent TREN.NS said on Monday its standalone revenue rose 20% in the fourth quarter, picking up from the slowest growth in four years recorded earlier in fiscal 2026, sending its shares more than 5% higher in morning trade.

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

Trent has been on a store-opening spree over the last few quarters, with its store count climbing to 1,286 by March 31, compared with about 1,043 a year earlier.

The Tata group firm, which runs youth-focused fashion chains Zudio and Westside, also 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.

That helped Trent's standalone revenue excluding tax rise to 49.37 billion rupees ($532.80 million) in the reported quarter from 41.06 billion rupees the year before.

Shares of the company rose 5.2% to 3,734 rupees, their highest since March 6. The broader NSE Index .NSEI was down 0.44%.

($1 = 92.6620 Indian rupees)

(Reporting by Komal Salecha in Bengaluru; Editing by Subhranshu Sahu)

(([email protected];))

** HDFC Securities upgrades India's Trent TREN.NS to "buy" from "add" earlier, PT at 4300 rupees

** Shares of retailer TREN up 0.3% to 3488 rupees

** Brokerage says Trent remains a stellar business, supported by healthy future operational key performance indicators (same store sales growth and store expansion) and a favorable risk-reward ratio

** Reiterates that Trent may be on the cusp of an SSSG revival

** Adds Zudio brand's geographic pivot away from maturing core catchments supports future SSSG

** Says Westside brand's expansion is encouraging

** TREN rated "buy" on avg by 24 analysts covering it; median PT at 4611 rupees- data compiled by LSEG

** YTD, TREN down ~19%

(Reporting by Komal Salecha in Bengaluru)

(([email protected]))

March 26 (Reuters) - Trent Ltd TREN.NS:

• TRENT LTD - BOARD APPROVES ISSUANCE OF NCDS UP TO 5 BILLION RUPEES ON PRIVATE PLACEMENT BASIS

Source text: ID:nNSEbQVh2Z

Further company coverage: TREN.NS

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March 23 (Reuters) - Trent Ltd TREN.NS:

• BOARD TO CONSIDER ISSUANCE OF NCDS UP TO 5 BILLION RUPEES ON MARCH 26, 2026

Source text: ID:nBSE8Lw5RQ

Further company coverage: TREN.NS

(([email protected];))

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)

(([email protected];))

** 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)

(([email protected];))

In Jan. 5 story, corrects first paragraph to say standalone revenue growth was flat, not higher sequentially. Also corrects headline accordingly.

Jan 5 (Reuters) - Indian clothing retailer Trent TREN.NS said on Monday its standalone revenue grew 17% in the third-quarter, unchanged from last quarter when it recorded its slowest growth in four years.

Trent has been on a store-opening spree the last few quarters, with its store count climbing to 1,164 as of December 31, compared to over 900 outlets during the third-quarter last year.

That helped Trent's standalone revenue excluding tax rise to 52.2 billion rupees ($578.1 million) in the reported quarter from 44.66 billion rupees the year before.

The company, home to brands such as Westside and Zudio, that offers budget options to the country's growing youth has struggled to lure in customers over the last few quarters as urban consumers cut back on spending.

($1 = 90.2980 Indian rupees)

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

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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)

(([email protected]))

** 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)

(([email protected]))

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)

((kashish.tandon@thomsonreuters.com; Mobile: +91 8800437922))

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)

(([email protected];))