“Store expansion remained modest, but productivity softened, as evidenced by a multi-quarter low unit Ebitda for Q2,” said Jefferies India’s analysts in a report on 11 October, adding Ebitda per store/sqft declined by about 4% year-on-year. The brokerage has cut its earnings per share (EPS) estimates by 2-3% to factor in the Q2 earnings miss, and revised its price target for the stock lower to ₹4,000. Avenue’s shares fell by about 4% on Monday to ₹3,384, further extending last week’s 7.8% drop.
