April 27 (Reuters) – Tata Group-owned Indian retailer Trent (TREN.NS) posted a 65% soar in fourth-quarter income on Thursday, helped by strong gross sales at its flagship trend retail chain Westside and budget-friendly retailer Zudio.

Consolidated income rose to 21.83 billion rupees ($266.9 million) within the quarter that ended March, from 13.29 billion rupees a yr in the past.

Like-for-like gross sales at Westside have been up 23%, the corporate mentioned in an announcement, including that the numbers weren’t comparable resulting from COVID-19 associated restrictions final yr.

Consolidated web revenue for the quarter stood at 541.6 million rupees. It posted a revenue of 1.6 million rupees a yr earlier.

Trent, which additionally owns and operates the Star Bazaar hypermarket chain in a three way partnership with UK’s Tesco, has been quickly increasing its fast-fashion Zudio shops.

The Mumbai-based firm had about 214 Westside shops and 352 Zudio shops on the finish of March.

Meanwhile, elevated inflation has prompted shoppers to restrict luxurious spending and go for pocket-friendly options, a market that Trent seeks to dominate.

Earlier this week, rival Shoppers Stop (SHOP.NS), which competes with Westside, swung to a revenue, led by the robust demand for magnificence merchandise and better margin private-label clothes. read more

Shares of Trent closed up 0.64% on Thursday, taking the whole positive aspects this yr to roughly 3%.

($1 = 81.8020 Indian rupees)

Reporting by Anisha Ajith in Bengaluru; Editing by Dhanya Ann Thoppil

Our Standards: The Thomson Reuters Trust Principles.