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ICICI Securities Report
Shoppers Stop Ltd.'s Q2 FY22 standalone revenues (Ind-AS) increased 1.2x year-on-year on a low base to Rs 6.3 billion with Ebitda of Rs 706 million – both above our / consensus estimates.
SHOP aims to add 10 department stores and 10 home & beauty stores (net) in H2 FY22 and FY23 each (targeting ~16% area addition over the next 18 months).
Omni-channel sales doubled year-on-year and contributed 8% of total sales (flat year-on-year) in Q2 FY22.
Net debt reduced to Rs 620 million against Rs 1.9 billion year-on-year and SHOP is expected to turn debt free by Q3 FY22E.
As highlighted in our recent note Margins to surprise as demand bounces back, we believe earnings of apparel brands and retail companies may surprise positively led by faster-than-expected demand recovery and expect consensus to turn more constructive with Q2 FY22 management commentary.
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