Indian retailers 'up against odds', sales growth to slow - brokerage

Sapphire Foods India

05/07/2023 09:01

** Indian retailers' revenue for Q1FY24 likely to slow to
12% from 26% in previous quarter, say analysts from Nuvama in a
note 
    ** Retailers "up against odds" on weak consumer demand and
strong performance in the comparable quarter a year earlier -
Nuvama
    ** Brokerage cites persisting weak demand in fast-food
industry and struggles of Jockey brand-parent Page Industries
 PAGE.NS  
    ** Sees same-store sales for fast-food players such as
Domino's operator Jubilant Foodworks  JUBI.NS  and Pizza Hut,
run by Sapphire Foods  SAPI.NS  and Devyani International
 DEVY.NS  in India, remaining muted
    ** Adds, demand for apparel and innerwear remains weak
across city towns and categories; tempers growth expectations
for online retailer Nykaa  FSNE.NS 
    ** Brokerage still expects jewelry chain Titan  TITN.NS  and
Westside-owner Trent  TREN.NS  to outperform the space
    
    Company        RIC       Current       YTD
                              stock      movement
                             movement   
     Page        PAGE.NS      -0.57%     -13.34%
  Industries                            
   Jubilant      JUBI.NS      -1.77%      -2.18%
   Foodworks                            
   Sapphire      SAPI.NS      0.28%       -1.07%
     Foods                              
    Devyani      DEVY.NS      1.17%       0.03%
 International                          
     Nykaa       FSNE.NS      -0.93%      -1.31%
     Titan       TITN.NS      -0.09%      -0.29%
     Trent       TREN.NS      -1.35%      -1.98%
 
    

 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))