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ICICI Securities Report
Manyavar Owner Vedant Fashions Ltd.'s Q1 FY25 print was weak (-27% same-store sales growth; weakest over last 11 quarters) due to lower (negligible) weddings / wedding days as expected (report).
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We reiterate that the underperformance is macro-led while the core strength of the company (product/price/market leadership) remains intact (report). During the quarter, it closed net 15 exclusive brand outlets in India while added one outside India.
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Overall retail area expansion was healthy at 10% YoY, led by the strategy of adding bigger size stores. Stable operating profit margins despite significant pressure on SSSG instils confidence.
As per our estimate; number of wedding days in FY25 is 17% lower versus FY24; positively the worst quarter (Q1 FY25) is behind, number of wedding days during nine months-FY25 is 21% higher YoY. Upgrade to Buy.
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