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Shopper’s Stop
· Shopper’s Stop Q3FY11 revenues were INR 6.77 bn (vs. our estimate of INR 6.10 bn).
· EBITDA m argins were at 4.85% in Q3FY11. Higher purchases and staff costs contributed
573 bps and 62 bps to the margin contraction. Prudent cost control contributed 316 bps
to the margin expansion.
· PAT was INR 16.5 mn (vs. our estimate of INR 100 mn)
· Like-to-like growth of 22% in the core department store format compared to 2.1% LY.
· Festive season has contributed significantly to Q3FY11 results.
· Earlier ITC too in its retail business Lifestyle saw 30% plus growth with same
store growth of 20% plus
· Gross Retail Sales of INR 5159 mn; up by 24 % YoY
· Net profit at INR 279 mn; increase of 45 % YoY
· Adds 0.1 mn members to First Citizen club
· Total stores added in Q3FY11 : One Shoppers Stop & M.A.C store, four Crossword
stores/doors and one HyperCity store
· Operations of “Cro ssword" handed over to CBL with effect from October 1, 2010
· Total Retail area stands at 2.317 mn sq.ft
· Total First Citizens members – 1.92 mn
· In Q3FY11, Shoppers Stop was the proud recipient of the “Departmental store of the
year” award at the Star Retaile r 2010 Awards.
We will come out with a detailed note, post conference call on Jan 25th. Primary Number is
+91.22 6629 0355 and Secondary Number is +91.22 3065 0135.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Shopper’s Stop
· Shopper’s Stop Q3FY11 revenues were INR 6.77 bn (vs. our estimate of INR 6.10 bn).
· EBITDA m argins were at 4.85% in Q3FY11. Higher purchases and staff costs contributed
573 bps and 62 bps to the margin contraction. Prudent cost control contributed 316 bps
to the margin expansion.
· PAT was INR 16.5 mn (vs. our estimate of INR 100 mn)
· Like-to-like growth of 22% in the core department store format compared to 2.1% LY.
· Festive season has contributed significantly to Q3FY11 results.
· Earlier ITC too in its retail business Lifestyle saw 30% plus growth with same
store growth of 20% plus
· Gross Retail Sales of INR 5159 mn; up by 24 % YoY
· Net profit at INR 279 mn; increase of 45 % YoY
· Adds 0.1 mn members to First Citizen club
· Total stores added in Q3FY11 : One Shoppers Stop & M.A.C store, four Crossword
stores/doors and one HyperCity store
· Operations of “Cro ssword" handed over to CBL with effect from October 1, 2010
· Total Retail area stands at 2.317 mn sq.ft
· Total First Citizens members – 1.92 mn
· In Q3FY11, Shoppers Stop was the proud recipient of the “Departmental store of the
year” award at the Star Retaile r 2010 Awards.
We will come out with a detailed note, post conference call on Jan 25th. Primary Number is
+91.22 6629 0355 and Secondary Number is +91.22 3065 0135.
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