Trent reported higher sales and profit for the September quarter alongside another expansion of its retail footprint. The question for the coming quarters is how well that larger network performs as its newer stores settle in.
For Q2 FY27, ended September 30, 2026, consolidated revenue rose 22% year on year to ₹5,873 crore. Total group profit after tax increased 25% year on year to ₹468 crore. The unaudited results were announced on October 29.
The Breakdown
Zudio finished September with 999 operating stores, including seven in the UAE. It opened 19 stores and consolidated two during the quarter. Westside had 311 operating stores.
Trent also reported opening its 1,000th Zudio store during the period. That milestone should be kept separate from the 999 stores operating at the end of the quarter; the company reported both openings and consolidations during the quarter.
Fashion like-for-like growth was in the mid-single digits, covering eligible stores operating for more than 18 months. This narrower portfolio differs from consolidated group revenue. Subtracting its growth rate from 22% would not establish the contribution from expansion.
Why This Matters
The locations of the latest openings help frame the next business question. Trent says approximately 85% of Zudio stores opened during Q2 were in peripheral growth markets or Tier II cities and beyond.
Trent says stores in newer and secondary markets take longer to mature and are not fully comparable with its established portfolio.
For investors and retail operators, the useful watchpoint is sales productivity as those cohorts mature, alongside the pace of further openings. Store additions alone cannot answer that question.
The Big Picture
Operating EBITDA as defined by the company rose 37% year on year to ₹785 crore. It excludes the effects of lease accounting, exceptional items and nonoperating income, and includes the share from joint ventures and associates.
This adjusted earnings measure grew faster than revenue, as did group profit. Neither figure allocates earnings between newer and established stores. Understanding the contribution of each would require more detail about those store groups.
For a retailer adding locations, the financial test is whether earnings growth can be sustained as the network expands. That means watching revenue and profitability together, rather than treating a rising store count as the outcome.
The Crunch
Trent has delivered growth while extending its retail reach. The next useful evidence will show how newer stores develop alongside the established business. Beyond the pace of openings, the question is how expansion translates into sustained sales and profit.
Leave your thoughts