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Good revenue prospects for Indian retailers

Indian retailers are expected to show good revenue growth for the March quarter. Store expansions have also been healthy. Most retailers have added at least 15 per cent area. Strategic store expansions and a focus on store economies have helped some retailers deliver the goods. Others are getting their act together and focusing on store economics.

However, same-store sales growth (SSSG), particularly in the retail sector, has wafer-thin margins. As retailing is generally a low-margin business, the more retailers are able to leverage stores, the better the profitability. SSSG is the comparable sales growth of stores that have been operational for over a year.

On that score, apparel retailers are not likely to show much SSSG improvement given that the sales season was for a limited period. Department-store formats are expected to clock mixed growth on SSSG. Grocery retailers, however, are expected to show buoyant SSSG. Trent, Madura and Central are likely to clock SSSG of respectively eight per cent to nine per cent, four per cent and 6.5 per cent year on year. Brand Factory, Shoppers Stop, Pantaloons and V-Mart are expected to post SSSG of 15 per cent, 5.5 per cent, three per cent and four per cent year on year.

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