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