Anand Rathi: Consumer Retail Q2 FY21 Earnings Review
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Anand Rathi Report
The lifting of restrictions and rise in operating days led to discretionary retail’s sequentially better performance.
Apparel/footwear/department store revenues averaged 57%/34%/28% YoY drops (89%/67%/58% in Q1).
Growth in the less-discretionary innerwear averaged 4% YoY led by innerwear, athleisure and thermal-wear demand.
E-commerce continued to gain considerable traction, growing more than 1.5 times-2 times for most (Shoppers Stop Ltd., Trent Ltd., Adity Birla Fashion & Retail Ltd., TCNS Clothing Company Ltd., Page Industries Ltd., Dollar Industries Ltd., Khadim India Ltd., Arvind Fashions Ltd.).
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