2 May 2019 declined 7% YoY to INR7.9b (5% miss), with the impact of the GST and the new accounting standard on revenue recognition (Ind-AS 115) coming into play. However, adjusted for the aforesaid factors, revenue was up 4.7% YoY. For FY20, SHOP expects (1) mid- to high-single-digit LTL growth, (2) low-double-digit revenue growth and (3) 40-50bp/80-100bp gross/EBITDA margin expansion. Slower pace of mall openings and geographical/economical limitations for a large-scale branded apparel store restricted SHOPs ability to add new stores (as evident in FY19), impacting its revenue growth. Nevertheless, we expect some pick-up in the pace of new store adds over the coming years 4/15 new store adds for Shoppers Stop/Beauty format in FY20/21 (v/s net adds of 0/12 in FY19). Despite modest revenue growth, the increasing thrust on private labels and cost- efficiency measures should drive margins expansion of 100bp over FY19-21.