Shoppers Stop Q4 Review - Focusing On Omni-Channel Sales: ICICI Securities
The Shoppers Stop Ltd. logo sits on a shopping bag in an arranged photograph at a store in the Malad area of Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Shoppers Stop Q4 Review - Focusing On Omni-Channel Sales: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Shoppers Stop Ltd.’s Q4 FY21 standalone revenues (non-generally accepted accounting principles) declined 10% YoY to Rs 8.2 billion with Ebitda of Rs 110 million – broadly in line with our/consensus estimates.

Non-GAAP gross margin and Ebitda margin expanded 190 basis points YoY and 163 bps YoY respectively owing to increasing share of private labels.

The company aims to add more than 20 stores across large and small formats in FY22 (store expansion plan for FY21 was deferred due to Covid-19).

Omni-channel sales increased three times YoY on a low base and contributed 6.2% of total sales (up 430 bps YoY) in Q4 FY21.

Click on the attachment to read the full report:

ICICI Securities Shoppers Stop Q4FY21 Result Update.pdf


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