Trent Ltd. (TREN.BO): 1QFY27 update: Sales growth in line with GSe, but well below street expectations; Neutral

研报英文原文证据摘录

Trent Ltd. (TREN.BO): 1QFY27 update: Sales growth in line with GSe, but well below street expectations; Neutral

Equity Research

6 July 2026 | 10:21PM IST

Trent Ltd. (TREN.BO): 1QFY27 update: Sales growth in line with GSe, but

well below street expectations; Neutral

1QFY27 sales growth well below street expectations: Trent released its quarterly Saurabh Kundan

+91(22)6616-9129 |

update post market hours on 6th July. Sales growth in 1QFY27 came in at 19% yoy. saurabh.kundan@gs.com

Goldman Sachs India SPL

While the print was in line with GSe, our investor conversations over the last 3 weeks

Arnab Mitra

suggest that street expectations were significantly higher than 19%. +91(22)6616-9345 |

arnab.mitra@gs.com

Slight slowdown in growth trend despite lower base: Trent had reported 20% yoy

Aalokita Ashsales growth in 4QFY26 on a base of 29% yoy. Hence, the 19% yoy sales growth in +91(22)6616-9374 |

1QFY27 print is a slight slowdown, especially in the context that it comes on a much aalokita.ash@gs.comGoldman Sachs India SPL

softer base of 20% yoy (Exhibit 1). On a sales per store basis as well, there was a

marginal deterioration in trends, contrary to investor expectations that the

improving trend will continue (Exhibit 2).

LFL growth likely again low-single-digit, directional trends similar to other value

apparel retailers: Trent’s 1QFY27 like-for-like sales growth has likely continued to

be low-single-digit in 1Q, same as or perhaps slightly lower than that in 4QFY26. This

is quite similar to the trends shown by select value apparel retailers that have

reported their 1Q updates over the last week (Exhibit 3) - there has been a slight

slowdown in SSSG trends for all in 1QFY27.

Maintain estimates, remain Neutral: Given 1Q sales growth was in line with our