Neutral Avenue Supermarts Ltd For Target Rs.4,500 - Motilal Oswal
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D-Mart 4QFY22 pre-quarter update
Revenue growth weak at 18% YoY, adds 21 stores
Revenue performance remains soft
DMART reported a soft revenue in 4QFY22, even after factoring some impact of the Omicron COVID variant. Standalone revenue grew 18% YoY to INR86.1b, 39% over 4QFY20 levels, (which had nine days of lost sales as per the management).
Calculated SSSG is negative: Blended revenue/sq. ft. fell 8% YoY to INR31,800 (5% below 4QFY20 levels), indicating weak SSSG v/s our expectation of positive SSSG.
Store additions remain strong:
DMART added 21 stores, reaching 284 stores in 4QFY22.
It added 50 stores in FY22 as against the management’s guidance of 40 store additions.
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