Trent's revenue for the March quarter rose by 19.2%, outperforming the 15-16% growth seen in the previous two quarters, driven by stable consumer sentiment. However, the company's aggressive expansion into Tier-II and Tier-III cities is putting pressure on its fashion portfolio, which contributes 80% of its revenue. The same-store sales growth for this segment has slipped to low single digits, down from mid-single digit growth in the previous year. Trent plans to raise ₹2,500 crore (roughly $300 million USD) through a rights issue to support its expansion strategy, which is expected to take two to three years to yield results in new markets. Despite these challenges, Trent's operating margin has improved significantly, reaching 11.5% from 2.9% a year ago, thanks to better inventory control and pricing strategies. The company's stock has surged nearly 25% since early April, buoyed by positive business updates and anticipation of a bonus share issue. The medium-term performance will depend on the successful execution of its expansion plans.