Trent slides 12% as Q1 growth fails to impress

Trent shares fell 12.4% to around 2,927.8 apiece after its Q1 revenue grew 19% year-on-year, missing Street expectations of 22-23% growth and ICICI Direct estimate of about 20%. The brokerage flagged that much of the revenue growth came from new stores opened in tier 2 and tier 3 towns, where revenue per square foot is lower than metros, weighing on overall productivity and like-for-like growth.