Shoppers Stop Ltd. share price target

ICICI Securities Ltd | Retail Equity Research SSL's standalone revenues declined 5% YoY to | 963.1 crore (I-direct estimate of | 1047.3 crore). Like-to-like sales (LTL) growth for...

Below estimates: Comparable standalone sales declined 6% while EBITDA grew 6% YoY. SSS declined 5.5% due to significant buying before GST implementation. Gross margin expanded due to fewer discount days. Operating efficiencies (+45 bps) and service tax flow through (+45 bps) increased OPM at 5.4%.

ICICI Securities Ltd | Retail Equity Research Shoppers Stop's (SSL) reported a mixed set of Q2FY18 numbers wherein consolidated results were below our estimates. However, on a standalone basis, SSL performed better at the profitability level after adjusting for one-time exceptional loss SSL's Q2FY18 consolidated revenues declined 5.2% YoY to | 1338.2 crore (I-direct estimate: | 1504.9 crore). Segment per se; departmental stores, HyperCity reported negative like-to-like (LTL)...

Shoppers Stop approved the proposal of issuing 5% equity to Amazon's investment arm, which would lower its debt burden by Rs 1.8 bn. The company has also entered into a separate agreement with Amazon India whereby the two retailers get exclusive rights to sell products at each other's retail spa..

Above estimates: Standalone sales and EBITDA grew 22% and 27% vs. consensus estimates of 9% and 21%. SSS grew 20% benefitting from an early EoSS in June before the implementation of GST.

SSL's Q1FY18 consolidated revenues grew 13% YoY to | 1323.4 crore, marginally above our estimate of | 1312.5 crore. Growth was mainly driven by strong performance in departmental stores wherein it reported revenue growth of 22% YoY to | 941 crore (I-direct estimate: | 856.1 crore). HyperCity reported revenue growth of | 282.2 crore (I-direct estimate: | 266.2 crore) Consolidated EBITDA rose 38.2% YoY to | 27.8 crore compared to our estimate of | 26.5 crore. Consolidated operating margins...

Q4 standalone sales grew 3% with SSS decline of 1.1%,as key stores were temporarily closed for renovation. Gross margin declined 90 bps due to lower contribution from private labels(down 200bps).

ICICI Securities Ltd | Retail Equity Research Shoppers Stop (SSL) reported disappointing Q4FY17 numbers wherein revenue and profitability were below our estimates SSL's Q4FY17 consolidated revenues grew 6% YoY to | 1332.9 crore (I-direct estimate of | 1442.5 crore), mainly driven by a healthy topline growth in HyperCity format of 16% YoY to | 254.3 crore vs. Idirect estimate of | 251.1 crore. However, departmental store reported disappointing revenue growth of 3% YoY to | 910.3 crore Consolidated EBITDA fell 16.1% YoY to | 31.2 crore compared to our...

Like-to-like volumes down 3.3% yoy. Non apparel mix improved to 38.5% led by beauty, personal care and leather categories. Private label mix declined by 250bps to 11%. Expect launch of Rheson brand to boost exclusive brands sales...

ICICI Securities Ltd | Retail Equity Research Shoppers Stop's (SSL) Q3FY17 consolidated results were above our expectations on both revenue and profitability fronts. SSL's Q3FY17 consolidated revenues grew 15.9% YoY to | 1542.7 crore led by strong growth in HyperCity stores by 21% to | 311.4 crore and 13% growth in departmental stores to | 1011.2 core. HyperCity recorded an impressive like to like (LTL) sales growth of 9.5% whereas departmental stores registered LTL growth of 6.4%...