View: SSSG continues to moderate; Maintain Accumulate JFL's Q1FY20 results were below our estimate, with a 4.1% YoY same store sales growth (SSSG) vs our estimate of 5%. A high base of 25.9% YoY in SSSG restricted overall growth in Q1FY20. We believe JFL will likely post a high single digit SSSG in the ensuing quarters, as the base remains highly unfavorable. In addition, margins are likely to remain under pressure in the near term due to store additions, escalating RM prices, and rise in A&P; costs. We revise our FY20E and FY21E EPS estimates downwards to ` 25.5...