Avenue Supermarts Q1 Review - Lower Operational Days, Restricted Timings Hit Sales: Systematix
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Systematix Research Report
Avenue Supermarts Ltd.'s Q1 FY22 revenue grew 31% YoY to Rs 50 billion on a weak base (34% decline in Q1 FY21).
Sales plummeted on account of lower operational days and restricted store timings due to lockdown restrictions.
Gross margin contracted 129 basis points YoY to 12.4% on a weak product mix (lower share of apparel and general merchandise).
Ebitda margin expanded 156 basis points YoY to 4.4% (estimate of 5.4%).
The company opened four new stores during Q1 FY22, taking the total to 238 stores covering an area of nine million square feet.
DMart Ready maintained an impressive sales growth driven by online shopping during the second wave of the pandemic.
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