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Motilal Oswal Report
Contrary to the challenging market outlook and its historical performance, Shoppers Stop Ltd. posted a healthy 13% growth over pre-Covid levels (Q1 FY20) on higher store additions and marginally positive same-stores-sales growth.
Ebitda grew 18%, with 60 basis points improvement in Ebitda margin.
Healthy annual store additions of 12/15 for Shoppers Stop/Beauty,
improving share of private labels and beauty stores, and
the newly initiated smaller store size of 25,000-30,000 square feet which is driving store economics are expected to drive growth.
We expect a revenue/Ebitda compound annual growth rate of 30%/67% over FY22- 24. A higher SSSG, which is a key missing piece in the jigsaw, is key to profitability and valuation.
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