New Delhi, May 7 (Mayank Nigam) Tata Group retail firm Trent Ltd on Friday said its operations have been adversely impacted since mid-March due to disruptions caused by the new wave of the COVID-19 pandemic. The company, which operates fashion retail stores under the brand name of Westside, said it has to go for a temporary closure of stores, offices and warehouses due to restrictions imposed by states after a substantial surge in coronavirus cases in recent weeks.
‘Our revenues from retailing of non-food merchandise have been substantially and adversely impacted. Nevertheless, the business has continued to incur committed expenditures especially with respect to our employees and other expenditures not directly linked to revenues,’ said Trent in a regulatory filing. The company has initiated various steps to mitigate the impact, it added. Over the outlook, the company said it remains ‘cautiously optimistic’ on the medium-term outlook. ‘The empirical play out of recovery in Q3/Q4 of FY2020-21, when the pandemic related restrictions eased, together with the vaccination programme are encouraging pointers for the second half of this financial year,’ it said.
Trent further added it is continuing to focus on key initiatives for its brands and the expansion of its reach through stores and digital platforms notwithstanding the near term uncertainties. Established in 1998 as part of the Tata Group, Trent Ltd operates Westside, Trent Hypermarket which operates in the competitive food, grocery and daily needs segment under the brand name of Star banner, Landmark Stores and Zudio.