India fashion retailer Trent shares drop over 11% after Q1 revenue growth misses estimates

According to CNBC, shares of Tata Group-backed fashion retailer Trent fell more than 11% on Tuesday after its first-quarter revenue growth missed expectations. Trent reported standalone revenue of 56.66 billion rupees ($595 million) for the quarter ended June, up 19% year over year, while Citigroup said it had expected 23% growth and reiterated a cautious view, citing weaker revenue per square foot, rising competition, cannibalization and expansion into smaller cities. Trent operates Westside and Zudio stores and said it had 1,312 stores at the end of June; the stock is up 4.3% year to date, while India’s Sensex is down nearly 8%.