Shopper’s Stop- Hypercity hopes to break even in FY13 ::CLSA

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Shopper’s Stop- SHOP IN (U-PF)
Business description:
Shopper’s Stop operates India’s largest chain of department
stores under the Shopper’s Stop brand
It also has 5 specialty retail formats
Crossword: Books, gifts and music
Mothercare: Mother and baby care
MAC: Cosmetics, Arcelia
Home Stop: Home furnishings
Hypercity: Food, grocery and general merchandize
It has increased its stake in Hypercity and now owns 51%
Current retail space: 2.37m sf across over 100 stores and
another 0.98m sf in Hypercity (9 stores)
News and updates
Valuation below long term average but still high
Price: Rs374
Mkt Cap: US$680m
Avg T/O: US$0.3m
Shoppers Stop has raised garment prices to pass on
the excise duty hike
Hypercity hopes to break even in FY13
Hypercity is downsizing its extra-large 100,000 sq ft
stores by 15-20% and plans to launch stores in the
70-75k and 50-55k sq ft ranges
The company plans to add 24 stores in FY12
including 10 in Shoppers Stop, 8 in Crossword and 3-
4 in Hypercity. Six of these 24 are already open.