Result Update ShopperStop
Shopperâ³ Stop : Revenue Beats But Margin Pressure Persists
Reco : Sell Cmp : 418 Target : 335
Higher discretionary offtake in Q2 aid revenue growth: Like to Like (LTL) growth recovered to 5% in Q2FY13 vs. 1% in Q1FY13 as the company witnessed marginal improvement in consumption environment. Standalone revenues grew at a healthy 17% YoY (estimated 12%) to Rs 6.2 bn.
Suboptimal throughput in new stores keeps operating margin under pressure: 13 stores rolled out in FY12 are seeing extended breakeven due to challenging environment.
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