Store addition pace of departmental stores decelerates in FY19 After registering healthy SSSG in the previous quarter (8.9%), momentum decelerated in Q4FY19, with SSL reporting 3.7% SSSG in Q4FY19 (I-direct estimate: 3.0%, Q4FY18: (-) 4.1%). On the store addition front, the company added one departmental store and two beauty format stores in Q4FY19. For SSL, the beauty segment (~16% of revenues), has been growing at a swift pace (9% growth in FY19). The management believes there is immense opportunity to scale up this segment, especially in non-metro cities. The...