India's Trent heads for biggest one-day loss in a year on quarterly revenue miss

India's Trent NSE:TRENT fell 9.4% on Tuesday, on track for its biggest one-day loss in a year, after the retailer's first-quarter standalone revenue missed analyst expectations and fueled concerns of a slowdown in its core fashion business.

The stock was the top loser on Nifty 50 NSE:NIFTY index.

The retailer said its standalone revenue rose 19% during the quarter and that it added one Westside and 19 Zudio stores during the quarter.

The update pointed to moderation in same-store sales growth, raising concerns that Trent's breakneck pace of growth may be easing, according to brokerages.

Same-store sales growth likely remained in the low single digits, Goldman Sachs said.

Citi, which maintained its "sell" rating said it had expected revenue growth of 23%, while Goldman Sachs said revenue growth came in "well below street expectations".

Revenue per square foot declined despite a relatively weak base, Citi said, adding that it remained cautious due to weak productivity trends, rising competition and the impact of rapid store expansion.