Shoppers Stop Focusing On Omni-Channel Growth, Says ICICI Securities
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ICICI Securities Report
Key takeaways from Shoppers Stop Ltd.’s Q3 FY21 result -
1. Standalone revenue (non-GAAP) declined 32% YoY to Rs 8.9 billion with Ebitda of Rs 210 million;
2. management remains cautiously optimistic on demand recovery and expects normalcy by Q2 FY22;
3. the company aims to add 10-12 department stores and close five to seven unprofitable stores in FY22;
4. online sales increased 3x YoY and contributed 6% of sales in Q3 FY21; expect omnichannel to contribute ~15% of revenue over the next three to four years, and
5. the company has net cash of Rs 460 million as of December 2020, post rights issue of Rs 3 billion at Rs 140 per share.
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