Shoppers Stop Q4 Review - Continues To Be Hit By Covid-19 Woes: Motilal Oswal

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Motilal Oswal Report

Shoppers Stop Ltd.’s revenue fell 5% YoY (18% miss), led by lower footfalls due to its large mall presence, but strategic initiatives like personal shopper/First Citizen/omnichannel saw traction, with improving contribution supporting a sales recovery in Q4 FY21.

We have cut our FY22E revenue/Ebitda estimate by 26%/47% due to the second Covid-19 wave impacting metros and non-metros.

We marginally tweak our FY23E estimates as we expect a recovery by then.

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