Any current/future new fundraising through debt or equity?

As of the latest update, Shoppers Stop had net borrowings of INR 90 crores at the end of the quarter. Due to the shifting of the festive period, net borrowings are expected to increase to between INR 100 crores and INR 120 crores by the end of Q2. The company plans a capital expenditure (capex) investment of around INR 200 crores during the year, primarily funded through internal accruals. There is no indication of new fundraising through debt or equity mentioned. The company expects to be cash surplus post the festive and end of season sale periods despite the planned investments. The borrowi

Any current/future capex/capital investment/strategic investment?

Planned capex of around INR 200 crores per annum, primarily funded through internal accruals (Page 7). Opened 6 Beauty stores, 1 HomeStop store, and delayed 2-3 department stores due to regulatory approvals; 2 department stores expected to open in 2-4 weeks (Pages 4-5). Targeting 12 large department stores and 15 Beauty stores openings in FY '24, on track with fit-outs and renovations continuing (Pages 7-8). Investing in a state-of-the-art 9,000 sq. ft. Beauty format store at Quest Mall, Calcutta, expected by Q3/Q4 FY '24 (Page 7). Capex related to supply chain includes existing warehouse capa

Future growth expectations in sales/revenue/volumes?

The company aims for high single-digit to low double-digit sales growth in the medium term, driven by like-for-like growth and new store openings. (Page 11) Volume growth is expected to play a more significant role going forward, especially as price increases become limited due to factors like lower cotton prices. (Page 20) Premiumization and product mix enhancements are expected to support price increases rather than across-the-board price hikes. (Page 20) The company anticipates modest growth in Q2 due to the seasonal shift but expects higher growth in subsequent quarters as the econom

Future growth expectations in earnings/operating earnings/profits/EPS?

Management expects growth primarily through volume rather than price increases due to stable cotton prices; premiumization is driven by product mix changes, not absolute price hikes. No specific forward guidance on future quarters' growth or earnings provided; company refrains from giving explicit guidance. EBITDA margin was at 5.3% in Q1 FY24 with a target of maintaining high single-digit EBITDA margin overall; new initiatives like Intune are expected not to significantly dilute margins. Investments in new formats (Intune, SS Beauty) and private brands planned, with footwear investments alrea

Shoppers Stop LtdQ1 FY24Retailing

Shoppers Stop Ltd Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹405Market Cap: ₹4.7K CrSector: Retailing

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

The company aims for high single-digit to low double-digit sales growth in the medium term, driven by like-for-like growth and new store openings. (Page 11)
Volume growth is expected to play a more significant role going forward, especially as price increases become limited due to factors like lower cotton prices. (Page 20)
Premiumization and product mix enhancements are expected to support price increases rather than across-the-board price hikes. (Page 20)
The company anticipates modest growth in Q2 due to the seasonal shift but expects higher growth in subsequent quarters as the economy and apparel sector recover. (Page 8)
The shift in the festive season from Q2 to Q3 is expected to impact short-term growth but overall growth outlook remains positive with ongoing investments in stores and brands. (Page 7)
Footfall growth offline has increased by 8% year-on-year, supporting growth expectations. (Page 16)

Margin guidance

Category 3

Management expects growth primarily through volume rather than price increases due to stable cotton prices; premiumization is driven by product mix changes, not absolute price hikes.
No specific forward guidance on future quarters' growth or earnings provided; company refrains from giving explicit guidance.
EBITDA margin was at 5.3% in Q1 FY24 with a target of maintaining high single-digit EBITDA margin overall; new initiatives like Intune are expected not to significantly dilute margins.
Investments in new formats (Intune, SS Beauty) and private brands planned, with footwear investments already complete.
Shift in festive season expected to impact Q2 modest growth, with stronger growth anticipated in second half of the fiscal year.
Company expects to return to high-single-digit or low-double-digit growth medium-term, driven by like-for-like sales and new store additions.
Cash surplus expected post-festive season despite INR 200 crore planned capex in FY24.

See what Shoppers Stop Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

As of the latest update, Shoppers Stop had net borrowings of INR 90 crores at the end of the quarter.
Due to the shifting of the festive period, net borrowings are expected to increase to between INR 100 crores and INR 120 crores by the end of Q2.
The company plans a capital expenditure (capex) investment of around INR 200 crores during the year, primarily funded through internal accruals.
There is no indication of new fundraising through debt or equity mentioned.
The company expects to be cash surplus post the festive and end of season sale periods despite the planned investments.
The borrowing and capex commitments are already planned and committed, with no mention of raising new funds through debt or equity at this time.

Order book

The provided transcript and pages from the Shoppers Stop Q1 FY24 earnings call do not contain any specific information or mention regarding the current or expected order book or pending orders. The discussion primarily revolves around: - Growth in average transaction values and premiumization trends. - Store openings, delays due to regulatory approvals, and expansion plans including department stores, Beauty stores, and HomeStop. - Performance metrics such as footfalls, online sales growth, and store economics (including the Intune model). - Inventory management, margin discussions, and capital expenditure plans. - Focus on omni-channel retail strategy and customer experience enhancements. No explicit details or quantitative data related to order book size, backlog, or pending orders are provided in the extracted pages.

See what Shoppers Stop Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Planned capex of around INR 200 crores per annum, primarily funded through internal accruals (Page 7).
Opened 6 Beauty stores, 1 HomeStop store, and delayed 2-3 department stores due to regulatory approvals; 2 department stores expected to open in 2-4 weeks (Pages 4-5).
Targeting 12 large department stores and 15 Beauty stores openings in FY '24, on track with fit-outs and renovations continuing (Pages 7-8).
Investing in a state-of-the-art 9,000 sq. ft. Beauty format store at Quest Mall, Calcutta, expected by Q3/Q4 FY '24 (Page 7).
Capex related to supply chain includes existing warehouse capacity sufficient till FY '25 with flexibility for quick expansion as needed (Page 20).
Focus on strategic investments in private brands including Intune and SS Beauty; capex backing for these expected around INR 10-11 crores this year, reducing substantially in following years (Page 12).
Store renovation and optimization ongoing with 17 older stores slated for upgrades (Page 15).

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