business results of international retailers - 1q 2013
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DESCRIPTION
Quarterly index of retail: analysis of 75 international and Russian retailers by revenue, gross margin, turnover ratios, market capitalization indexes Released in July 2013TRANSCRIPT
WORLDWIDE RETAILERS BUSINESS RESULTS 1Q 2013
JULY 2013
2
«CUSTOMER-CENTRISM: METRICS, CASES, FACTS»
• Client service metrics: NPS, CSI, TLR, FCR, TRI*M
• Worldwide client service cases: Zappos, Costco, USAA, Edward Jones, Southwest airlines, Starbucks and others
«WORLDWIDE AND RUSSIAN RETAIL MARKETS 2012-2016»
• Retail and e-commerce in Russia, USA, China: volumes, growth rates, forecasts 2009-2016
• Perfumes, Furniture, Jewelry markets: key players, retailers product mix, website traffic analysis
June 2013
February 2013
October 2012
«CURRENT TRENDS IN ONLINE RETAIL: FACTS AND FIGURES»
• Online retail indexes: costs of delivery by regions, payment methods penetration, product mix analysis, average prices etc.
ABOUT CENTER OF STRATEGIC RESEARCH
«ENTER VISION»
CENTER OF STRATEGIC RESEARCH ENTER VISION was founded in 2011 by Enter company.
Our key target is to increase transparency of Russian retail & online-retail markets for its players.
Consolidating information from our experts and conducting research of market trends & performance, Enter Vision provides analytics of 3 types:
1. Market & industry reports 2. Competitive environment analysis 3. Ad-hoc research
CONTACTS: Website: WWW.ENTER.RU/RESEARCH E-mail: [email protected] Facebook: WWW.FACEBOOK.COM/RESEARCH.ENTER SlideShare: WWW.SLIDESHARE.NET/RESEARCH_ENTER
METHODOLOGY
The research is based on the analysis of 75 selected companies, ANNOUNCING COMMERCIAL AND OPERATIONAL STATEMENTS, operating on international and domestic markets: France, Germany, Great Britain, Italy, Sweden, Holland, Poland (aggregated as Europe region), Brazil, Russia, India, China, South Africa (aggregated as BRICS region), Turkey and the USA. All selected companies carry out retail trade of physical goods and do not produce these goods. All selected companies are multichannel and online-retailers ranked in top-250 retailers worldwide in 2011 (Deloitte, Global Powers of Retailing - 2013), top-500 US online-retailers and top-400 European online-retailers (internetretailer.com), Bloomberg and Reuters classificatories. Revenue growth rate was calculated in national currencies and did not include exchange rate’s dynamics.
Financial and trading statements:
• For the quarter (13 weeks), finished 31.03.2013, – 41 companies; • For the quarter(7-13 weeks), finished from 17.02.2013 to 05.05.2013, – 34 companies.
«Turnover ratios in 1Q 2013» is based on the data of 51 public retailers. The following companies were not included: PPR, Casino Guichard, Carrefour, Carpetright, Mothercare, Home Retail Group, John Lewis, Debenhams, Kingfisher, Kohl’s, Next, Ocado, Massmart, TSUM, M.Video, Svyaznoy, Perfumania, Migros, Dashang, Tesco, Halfords, ASOS, Marks & Spencer, Autozone.
«Market capitalization ratios» is based on the analysis of 25 selected companies with the best EV/EBITDA indicator as of 31.03.2013.
3
Source: Reuters, financial statements
Gross margin, 1Q 2013 Top-3 segments
Revenue growth, 1Q 2013 (YoY) *
Note: companies refer to the region of the headquarter’s location
Total
4
REVENUE & GROSS MARGIN BY REGIONS
USA
EUROPE
BRICS
35,0%
34,3%
33,7%
5,6%
4,5%
17,0%
Emerging markets are growing more rapidly than mature: revenue growth for 1Q 2013 in BRICS is 3 times higher than European or American
16%
13%
12%
Sports & Outdoor
Furniture
Perfumes & Cosmetics
12%
6%
6%
Apparel & Footwear
Mixed Product Range
Office Supplies
30%
18%
14%
Kids' Goods
Mixed Product Range
Apparel & Footwear
* YoY = Year over year
16,2%
15,7%
12,6%
9,4%
9,0%
8,9%
8,8%
7,5%
6,6%
-1,6%
-2,1%
-2,7%
Electronics & Home Appliances
Sports & Outdoor
Apparel & Footwear
Pets' Products
Mixed Assortment
Jewelry & Watches
Perfumes & Cosmetics
Kids' Goods
Furniture
Household Goods & DIY
Office Supplies
Auto Parts
REVENUE GROWTH 1Q 2013 RESULTS
9%
Average
In 1Q 2013 average revenue growth among selected companies decreased (YoY) from 11% to 9%;
In contrast with 1Q 2012, growth rates in 1Q 2013 increased more rapidly in the following categories: «Furniture» from 4% to 7%; «Kids’ Goods» from 5% to7%; «Sports & Outdoor»: from 15% to 16%;
In contrast with 1Q 2012, growth rates in 1Q 2013 decreased more rapidly in the following categories: «Auto Parts» from 20% to -3%; «Household Goods & DIY» from 6% to -2%; «Pets’ Products»: from 15% to 9%;
Revenue growth leaders, 1Q 2013 (YoY):
ASOS (Apparel & Footwear)
37% Teknosa (Electronics & Home
Appliances)
44%
5
Casino Guichard (Mixed Assortment)
34%
Source: Reuters, financial statements * YoY = Year over year
Revenue growth, 1Q 2013 (YoY)* KEY TRENDS:
49%
47%
42%
36%
36%
36%
35%
34%
31%
30%
26%
21%
Furniture
Apparel & Footwear
Perfumes & Cosmetics
Jewelry & Watches
Kids' Goods
Auto Parts
Sports & Outdoor
Pets' Products
Household Goods & DIY
Office Supplies
Mixed Assortment
Electronics & Home Appliances
In 1Q 2013 average gross margin among selected companies has not significantly changed;
In contrast with 1Q 2012, gross margin in 1Q 2013 increased more rapidly in the following categories: «Mixed Assortment» from 25% to 26%; «Auto Parts» from 35% to 36%; «Office Supplies»: from 29% to 30%;
In contrast with 1Q 2012, gross margin in 1Q 2013 decreased more rapidly in the following categories: «Kids’ Goods» from 38% to 36%; «Household Goods & DIY» from 33% to 31%; «Electronics & Home Appliances»: from 22% to 21%;
Gross margin leaders, 1Q 2013:
Gross margin, 1Q 2013
36%
Медиана
Haverty Furniture (Furniture)
54% Zodiac (Apparel & Footwear)
63%
6
Beter bed (Furniture)
56%
Source: Reuters, financial statements
GROSS MARGIN 1Q 2013 RESULTS
KEY TRENDS:
7
TURNOVER RATIOS IN 1Q 2013
Inventory Turnover Ratio (days)
Inventory Turnover Ratio = 91*
Quarterly cost of sales / (Average inventories for the quarter)
* 92 days for 2Q
140
77 50
87 104
183 161
87 44
94 114
170 193
89 46
112 99
186 147
68 46
75 102
154 136
82 57
132 110
197
Auto Parts Electronics & HomeAppliances
Pets' Products Perfumes & Cosmetics Furniture Apparel & Footwear
1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013
71 106 98 113
49
198
69 100 108
86 55
203
76
120 96 94
51
253
58
115 80
105
50
139
78 102 93
116
50
201
Mixed Assortment Sports & Outdoor Kids' Goods Household Goods & DIY Office Supplies Jewelry & Watches
1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013
Source: Reuters, financial statements
8
Receivables Turnover Ratio (days)
Receivables Turnover Ratio = 91*
Quarterly revenue/ (Average receivables for the quarter)
TURNOVER RATIOS IN 1Q 2013
18 24
5 5 10
39
16
25
5 5 10
21 17
26
5 6 10
35
11 17
5 5 11
27 22
18
5 9 11
47
Auto Parts Electronics & HomeAppliances
Pets' Products Perfumes & Cosmetics Furniture Apparel & Footwear
1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013
22
4 9 9
30
54
18
3 10 6
33
56
18
4 9 7
29
66
15 5 8 8
30 34
18
4 11 10
29
56
Mixed Assortment Sports & Outdoor Kids' Goods Household Goods & DIY Office Supplies Jewelry & Watches
1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013
* 92 days for 2Q Source: Reuters, financial statements
9
Payables Turnover Ratio (days)
Payables Turnover Ratio = 91*
Quarterly cost of sales/ (Average payables for the quarter)
TURNOVER RATIOS IN 1Q 2013
125
78
16 30 51
92
144
79
16 29 46
74
168
79
18 39 43
80
128
68
17 28 47
71
135
83
20 51 48
101
Auto Parts Electronics & HomeAppliances
Pets' Products Perfumes & Cosmetics Furniture Apparel & Footwear
1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013
65 53
67 72
37
81
61 50
66 62
41
68 65 59 64 65
37
88
57 48
60 67
37
59
74
49
69 82
36
81
Mixed Assortment Sports & Outdoor Kids' Goods Household Goods & DIY Office Supplies Jewelry & Watches
1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013
* 92 days for 2Q Source: Reuters, financial statements
Amazon
Lojas Americanas
Ulta Next
Massmart Chow Tai Fook
PPR
Grupo Pao de Acucar
Carpetright
Blue Nile
Lojas Renner The Home
Depot Liberty Interactive
Ocado
Yoox CDON Group
Praktiker
Sasa Sears Holdings
Costco
Lowe's
Delticom
Cabela's Byggmax
5
10
15
20
25
30
- 0,5 1,0 1,5 2,0 2,5 3,0
80
Zooplus
10
MARKET CAPITALIZATION RATIOS
Multichannel retailers Online-retailers
Sources: Forexpros, Reuters, InFinancials
Average 11,0
Average
1,0
EV/E
BITD
A
EV/Sales
The size corresponds for market cap as of 31.03.2013.
Region: USA Format: Online-retailer Category: Mixed Assortment
Region : Europe, Italy Format : Online-retailer Category: Apparel & Footwear
Region : China Format: Multichannel retailer Category : Perfumes & Cosmetics
Region : Brazil Format: Multichannel retailer Category: Apparel & Footwear
Region : Europe, UK Format: Online-retailer Category: Mixed Assortment
Market indicators of most companies showed a negative trend compared with 4Q 2012 against the backdrop of retail slowdown.
LIST OF COMPANIES INCLUDED IN THE RESEARCH
11
Mixed Assortment – segment which consists of retailers that are specialized on 2 or more commodity category.
№ Компания Страна Спец иализац ия № Компания Страна Спец иализац ия
1 Advance Auto Parts USA Auto Parts 41 Home Retail Group Europe Mixed Product Range
2 Autozone USA Auto Parts 42 John Lewis Europe Mixed Product Range
3 Delticom Europe Auto Parts 43 Kering (ex-PPR) Europe Mixed Product Range
4 Halfords Europe Auto Parts 44 Kohl's USA Mixed Product Range
5 Oponeo.pl Europe Auto Parts 45 Liberty Interactive USA Mixed Product Range
6 Best Buy USA Electronics & Home Appliances 46 Lojas Americanas Brazil Mixed Product Range
7 Bimeks Bilgi Islem ve Dis Ticar Turkey Electronics & Home Appliances 47 Macy's USA Mixed Product Range
8 Teknosa Ic ve Dis Ticaret AS Turkey Electronics & Home Appliances 48 Massmart South Africa Mixed Product Range
9 Via Varejo Brazil Electronics & Home Appliances 49 Metro Europe Mixed Product Range
10 М.Видео Russia Electronics & Home Appliances 5 0 Migros Turkey Mixed Product Range
11 PetMed Express USA Pets' Products 5 1 Ocado Europe Mixed Product Range
12 PetSmart USA Pets' Products 5 2 Overstock.com USA Mixed Product Range
13 Zooplus Europe Pets' Products 5 3 Sears Holdings USA Mixed Product Range
14 Douglas Holding Europe Perfumes & Cosmetics 5 4 Target USA Mixed Product Range
15 Perfumania USA Perfumes & Cosmetics 5 5 Tesco Europe Mixed Product Range
16 Ulta Salon Cosmetics & FragraUSA Perfumes & Cosmetics 5 6 Wal-Mart USA Mixed Product Range
17 Bed, Bath & Beyond USA Furniture 5 7 Cabela's USA Sports & Outdoor
18 Beter bed Europe Furniture 5 8 Dick's Sporting Goods USA Sports & Outdoor
19 Carpetright Europe Furniture 5 9 Zumiez USA Sports & Outdoor
20 Haverty Furniture USA Furniture 60 Build-a-Bear USA Kids' Goods
21 The Brick USA Furniture 61 Children's Place USA Kids' Goods
22 ASOS Europe Apparel & Footwear 62 Mothercare Europe Kids' Goods
23 Lojas Renner Brazil Apparel & Footwear 63 Детский мир Russia Kids' Goods
24 Marks&Spencer Europe Apparel & Footwear 64 Byggmax Europe Household Goods & DIY
25 Monnari Trade Europe Apparel & Footwear 65 Kingfisher Europe Household Goods & DIY
26 Next Europe Apparel & Footwear 66 Lowe's USA Household Goods & DIY
27 Vistula Group Europe Apparel & Footwear 67 Praktiker Europe Household Goods & DIY
28 Yoox Europe Apparel & Footwear 68 The Home Depot USA Household Goods & DIY
29 Zodiac India Apparel & Footwear 69 Office Depot USA Office Supplies
30 ЦУМ Russia Apparel & Footwear 70 OfficeMax USA Office Supplies
31 Amazon USA Mixed Product Range 71 Staples USA Office Supplies
32 B2W Brazil Mixed Product Range 72 Takkt Group Europe Office Supplies
33 Carrefour Europe Mixed Product Range 73 Blue Nile USA Jewelry & Watches
34 Casino Guichard-Perrachon Europe Mixed Product Range 74 Signet Jewelers USA Jewelry & Watches
35 CDON Group Europe Mixed Product Range 75 Zale USA Jewelry & Watches
36 China Dangdang Inc. China Mixed Product Range
37 Costco USA Mixed Product Range
38 Dalian Dashang China Mixed Product Range
39 Debenhams Europe Mixed Product Range
40 Grupo Pao de Acucar Brazil Mixed Product Range
Electronic publication by Enter.ru «Worldwide retailers business results in 1Q 2013». Editorial office: 11/10 Ordjonikidze street. Managing editor: Kolotenko Andrei Vladimirovich. Authors: Center of Strategic Research «Enter Vision». Release date: 11.06.2013. Certificate of mass media registration: Эл. №ФС77-48467, date of issue: 06.02.2012. Issued by Federal Service for Supervision in the Sphere of Telecom, Information Technologies and Mass Communications. This research was conducted by «Enter» LLC exclusively for the purpose of informing and designed for private use. Any copying and utilization of materials of this research is welcomed and allowed without written consent upon condition of mentioning Center of Strategic Research «Enter Vision» (CSR Enter Vision, Enter Vision) as a source. All the information presented in this research is collected from publicly available sources. Editorial staff took all possible measures to ensure accuracy and actuality of information provided in this research. Editorial staff do not incur liabilities in case of any economic losses and damages resulted from utilization of materials of this research by third parties. Any additional information can be provided on demand. All trademarks belong to their rights holders and used according to legislation of Russian Federation. Copyright © ООО «Энтер»
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