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ICICI Securities Report
Our channel checks suggest apparel brands/retail companies are likely to see more than 80% pre-Covid-19 revenue recovery during Q2 FY22 with easing of various lockdown related restrictions.
August-September 2021 likely witnessed improved footfalls/revenue recovery owing to end of season sale, declining Covid-19 cases and healthy pace of vaccination.
Online channel continues to see growth both QoQ and YoY, while multi brand outlet channel bookings have likely resumed ahead of festive/wedding season.
As highlighted in our recent note margins to surprise as demand bounces back, we expect consensus to turn more constructive with management commentary on Q2 FY22 result.
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