25 May 2011

Trent- TRENT IN :Trent trading above 5yr avg EV/Sales:: CLSA

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Trent- TRENT IN (NR)
Business description:
Trent is one of India’s leading retailers and is a part of
the Tata group
It operates through 3 verticals over 77 stores
Westside (Department stores): 43 in 29 cities
Star Bazaar (Hypermarket stores): 10
Landmark (Books and gifts stores): 27
Fashion Yatra
It has two JVs –one with Inditex, to open Zara stores,
and another with Tesco, to open cash and carry stores
and also to be the supply chain and logistics partner
to Star India Bazaar
Annual report highlights
As of FY10, Trent’s floor space was at c.1.78m sf
We expect it to hit 3m sf of floor space by FY13
The management intends to scale up to 50 Star
Bazaar (Hypermarket stores) over the next three
years
The company will focus on increasing the private label
mix within Star Bazaar
The company expects store additions in FY11 to be
similar to what was seen in FY10
News and updates
Trent has reported Philip Auld as its CEO. Mr. Auld has
held senior positions with Asda and M&S before this
Trent plans to double the number of Star Bazaar outlets
to 20 in 2011
The company is planning to expand the Westside format
in tier II and III cities
Trent is experimenting with gourmet retailing in its
Westside format

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