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DMart numbers were largely in line with our estimates, with sales/store and sales/ft declining by 3.7% and 3.0%, respectively. Bill cuts increased by 13.4% YoY, led by the addition of 58 stores in 4Q; however, bills/store/day declined by 5.1%, reflecting the impact of elevated store openings in 4Q on store throughput, PL Capital further said.