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Retail firm Trent Q2 net profit declines
05 Nov '11
1 min read
The Tata Group-owned Mumbai-based retail firm Trent Ltd has reported a decline in its net profit for the second quarter of the current fiscal that ended on September 30, 2011.
The firm posted a net profit of Rs. 34 million during the three-month period, as against a net profit of Rs. 120 million during the corresponding period of last fiscal, showing a decline of 71.66 percent.
The company attributed the decline in net profit to increased excise duty on branded apparels and high raw material costs. The company said it did not fully pass on the dual increase in costs to the customers owing to market conditions.
The quarter saw the costs of raw material rising by nearly 2.5 times to Rs. 10.5 million from Rs. 4.461 million registered in second quarter of fiscal 2010-11.
Total income from sales, however, increased to Rs. 2.277 billion during the second quarter of 2011-12, compared to Rs. 1.828 billion during the corresponding period of previous fiscal.
Established in 1998, Trent runs lifestyle chain Westside, one of India's largest and fastest growing chains of lifestyle retail stores, and Fashion Yatra, a complete family fashion store.
The firm posted a net profit of Rs. 34 million during the three-month period, as against a net profit of Rs. 120 million during the corresponding period of last fiscal, showing a decline of 71.66 percent.
The company attributed the decline in net profit to increased excise duty on branded apparels and high raw material costs. The company said it did not fully pass on the dual increase in costs to the customers owing to market conditions.
The quarter saw the costs of raw material rising by nearly 2.5 times to Rs. 10.5 million from Rs. 4.461 million registered in second quarter of fiscal 2010-11.
Total income from sales, however, increased to Rs. 2.277 billion during the second quarter of 2011-12, compared to Rs. 1.828 billion during the corresponding period of previous fiscal.
Established in 1998, Trent runs lifestyle chain Westside, one of India's largest and fastest growing chains of lifestyle retail stores, and Fashion Yatra, a complete family fashion store.
Fibre2fashion News Desk - India
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