For the fourth consecutive quarter, the apparel retail sector has delivered a muted performance. Despite the festival and wedding seasons, most retail majors saw low single-digit growth or a decline in same-store sales. What exacerbated the already-muted demand environment was rising inflation and an inauspicious period (shradh) during the quarter.
While revenue growth for the retail majors was in the 20–25 per cent range year-on-year, this was largely driven by new store additions. The outlier in the listed space was Trent, which delivered revenue growth of over 50 per cent, led by store additions and 10 per cent like-for-like growth.
IIFL Research
First Published: Mar 04 2024 | 12:10 AM IST
