It's not just tough macros (inflation) in general merchandise and apparel; it's competition (Zudio, Max)
DMART’s 4Q revenue performance has been decent (20% YoY vs 17% retail area expansion). However, same store (>2-year-old stores) revenue performance in 2HFY23 at 11% is underwhelming. This was largely impacted by continued underperformance in General Merchandise and Apparel which also negatively impacted the margin mix.