weekly insights september 1 2017 - deborah weinswig · 9/1/2017 · abercrombie & fitch 2q17...
TRANSCRIPT
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September1,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
ChartoftheWeekStatoftheWeek
Deborah Weinswig Managing Director
FGRT
US: 917.655.6790
HK: 852.6119.1779
CN: 86.186.1420.3016
September 1, 2017
1) Thisweek’snote“FromtheDeskofDeborahWeinswig”discussesoff-priceretailers’recentexpansioninEuropeandtheirprospectsforgrowthintheregion.
2) Hudson’sBayCompany,owneroftheSaksFifthAvenueandLord&Taylorretailchains,planstoreviewitsoptions,includinggoingprivate,followingpressurefromanactivistshareholder.
3) UKonlinesupermarketOcadohasunveiledanappforAmazon’sAlexavoiceassistantthatwillenableownersofAmazon’sartificialintelligence–poweredEchosmartspeakerstoaddgroceriestotheirshoppinglistbyvoicecommand.
4) WalmartintendstoinvestroughlyR$1billion(US$316million)inBrazilthrough2019torestoreabout120storesasrivalsinSouthAmerica’sbiggesteconomyratchetupinvestmentstoretaincash-strappedconsumers.
UK:FoodProducerPricesInflation(PPI)vs.FoodConsumerPricesInflation(CPI)
ThegapbetweenfoodPPIandfoodCPIintheUKstoodatasubstantial2.9percentagepointsinJuly,suggestingthatconsumersarebeinginsulatedfromthefullimpactofrisinginputcosts,andthatfoodretailersandproducersareseeingasignificantsqueezeonmargins.
ThroughJuly2017Source:OfficeforNationalStatistics/FGRT
Source:Forbes.com
$8Bil.• Alibabainvestedasmuchas$8billioninphysical
storesoverthepasttwoyearsthroughstakesinlocalsupermarketchainsandtheacquisitionofChineseluxurymalloperatorIntimeRetail.
• Since2015,Alibabahasopened13brick-and-mortargrocerystoresundertheHemaXianshengbrand.Thecompanybelievesthatseamlessintegrationbetweenonlineandofflinechannelsiscrucialforfuturegrowth.
5.8
2.9
(4.0)
(2.0)
0.0
2.0
4.0
6.0
2015 2016 2017
FoodPPI FoodCPI
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September1,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
FromtheDeskofDeborahWeinswig
IsEuropeRipeforanOff-PriceBoom?Thissummersawtheopeningofwhatisonlythesecondmajoroff-pricechaininEurope.Hudson’sBayCompanybroughtitsSaksOff5thoff-priceformattoEuropeinJunewiththeopeningofitsinauguralstoreinDüsseldorf.ItjoinedTJXCompanies,whichtradesasTKMaxxinEuropeandhasstoresintheUK,Ireland,Germany,Poland,AustriaandtheNetherlands.TKMaxxhassofarbeentheonlyoff-pricebrick-and-mortarchainofnoteinEurope,althoughweviewAmazonasadefactooff-pricefashionretailer,too.
Theimmaturityoftheoff-pricechannelinEuropesuggestsopportunitiesforgrowth.TJXCompanieshasstatedthatitaimstooperate1,100storesinEuropeandAustraliaoverthelongterm,ofwhich125wouldbeinAustralia,implying975storesinEurope.AsofJanuary2017,thecompanyoperatedatotalof582storesacrosstheseregions.Thecompanyplanstoopen45moreEuropeanTKMaxxstoresbyJanuary2018,theendofitscurrentfiscalyear.
SaksOff5thalreadyhasfiveGermanstoresandoneDutchstore,accordingtoitswebsite.AsecondstoreintheNetherlandswillopenthisautumn,thecompanysays.
DatafromEuromonitorInternationalshowthattheoff-pricesectoraccountedforonly2%ofEuropeanapparelspecialistretailsaleslastyear.Some$232billionofsaleswillflowthroughapparelandfootwearspecialiststoresthisyear,accordingtoEuromonitor.Ifoff-priceretailerscan,intime,capture5%ofthesector,itimpliesthepotentialforalmost$12billioninannualsales,at2017prices.
Off-PriceApparelandFootwearSpecialistRetailers’Salesas%ofTotalApparelandFootwearSpecialistRetailers’Sales
Source:EuromonitorInternational
However,wethinktheoff-pricesegmentwillachievealowerpenetrationoftheapparelsectorinEuropethanithasintheUS.Therelativestrengthoffull-priceretailinginEuropewilllikelymakeestablishedretailersmorereluctanttopushintooff-priceformatsthereinthewaythatNordstrom,SaksFifthAvenue,Macy’sandLord&TaylorhavedoneintheUS.Retailers’warinessaboutpossiblecannibalizationcouldcapthescaleoftheoff-pricesectorinEurope.
That,inturn,suggeststhatinternationalentrantssuchasTKMaxxandSaksOff5thcouldenjoyafreeruntobuildshareintheEuropeanapparelsectorinthenearterm.
18.7 19.9 20.5 21.0 21.7 22.5
1.2 1.4 1.5 1.7 1.9 2.0
2011 2012 2013 2014 2015 2016
US WesternEurope
WEINSWIG’SWATCHING
Thisweek,FGRTManagingDirectorDeborahWeinswigpresentedon“TheConnectedMalloftheFuture”attheUrbanLandInstitute(ULI)inHongKong.
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September1,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
USRETAILEARNINGS
Company
Revenues(USDMil.)
YoY%Change GrossMargin(%)
Change(bps)
NetIncome(USDMil.)
YoY%Change StoreFleetEOP
Period TY LY
TY LY
TY LY
TY LY
Abercrombie&Fitch 2Q17 779 783 (0.5) 59.1 60.9 (180) (15) (13) NM 891 926
AmericanEagleOutfitters 2Q17 845 823 2.7 34.7 37.3 (270) 21 42 (48.9) 1,252 1,202
BigLots 2Q17 1,221 1,203 1.5 40.3 40.4 (10) 29 23 28.2 1,429 1,445
BurlingtonStores 2Q17 1,369 1,261 8.6 41.0 39.9 105 47 20 130.0 600 570
DollarTree 2Q17 5,281 4,996 5.7 30.8 30.3 55 234 170 37.4 14,581 14,129
Express 2Q17 479 505 (5.2) 27.5 29.9 (240) (12) 10 NM 635 680
Guess 2Q18 574 545 5.3 34.5 34.1 45 15 32 (52.8) 1,644 1,638
Lowe’s 2Q17 19,495 18,260 6.8 34.2 34.4 (20) 1,419 1,167 21.6 2,141 2,108
PVHCorp. 2Q17 2,070 1,933 7.1 55.4 53.5 195 120 91 32.3 N/A N/A
Sears 2Q17 4,365 5,663 (22.9) 22.2 22.2 (0) (251) (395) NM 1,250 1,592
Tiffany&Co. 2Q17 960 932 3.0 62.3 61.9 40 115 106 8.8 312 311
UltaBeauty 2Q17 1,290 1,069 20.6 36.4 36.0 40 114 90 26.9 1,010 907
Williams-Sonoma 2Q17 1,202 1,159 3.7 35.2 35.4 (25) 53 52 2.2 635 626
Source:Companyreports
USRETAIL&TECHHEADLINESAtWholeFoods,AmazonTakesRareLeadinCuttingPrices(August28)TheWallStreetJournal• Amazon.computitselfintheunusualpositionofbeingafirstmoveronpricecutswhenit
slashedthestickerpriceonmorethan100itemsatWholeFoodsMarket,manybymorethan30%.
• Amazontypicallyreliesonalgorithmsthatscrapecompetitors’pricesbeforeautomaticallymatchingornarrowlyundercuttingthemonitswebsite.Itfocusesonitemsthataremostpopularonthesiteandthatdrivetraffic,accordingtoformerexecutivesinAmazon’sretaildivisions.Thatgivestheretailgiantareputationforhavingthelowestprices,partofitsstrategyofdrivingmoreshoppertraffic.
WhyHurricaneHarveyIsa“DoubleWhammy”forTexasRetail(August28)FootwearNews.com• Withaheavyblastofdevastatingrainandflooding,Category4stormHurricaneHarvey
pummeledthroughsomeofthemostpopulouscitiesinTexas,leavinginitswakedestructionandchaos.“Thiscomesasadoublewhammy,”saidMarshalCohen,chiefindustryanalystwithTheNPDGroup.“InsomepartsofTexas,thereisalreadyapullbackfromtheHispanicconsumer,[whichhasaffected]someoftheretailersthatrelyheavilyonthatcustomerbase.”
• “Butnow,you’vegottoaddinthefactthatthereisthisnewenvironmentalissue[thatis]totallychangingthefocusofspending,”Cohensaid.Forfootwearandapparelretailers,theendofAugustandearlySeptembermarksacriticaltimeintheback-to-schoolshoppingperiod.
TheParentCompanyofSaksFifthAvenueIsThinkingAboutGoingPrivate(August28)BusinessInsider.com• Hudson’sBayCompany,owneroftheSaksFifthAvenueandLord&Taylorretailchains,
planstoreviewitsoptions,includinggoingprivate,followingpressurefromanactivistshareholder,peoplefamiliarwiththemattersaid.
• Hudson’sBayCompany,whichisalreadyworkingwithaninvestmentbanktodefenditselfagainstactivisthedgefundLandandBuildings,hasbeenseekingtohireanotherfinancialadvisortocarryoutthereview,thesourcessaidthisweek.
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September1,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
PerfumaniaSeeksBankruptcyProtection(August27)TheWallStreetJournal• Mall-basedretailchainPerfumaniahassoughtChapter11protection,withplansto
reorganizearounditsbetter-performingstores.“Unlikemanyretailerswhohavefiledforbankruptcy,Perfumaniaseesaviablepathforward,”ChiefExecutiveMichaelKatzsaidincourtpapersfiledSaturday.
• Thecompanyplanstoclose64ofits226storesduringthebankruptcyprocess,courtpapersshow.Despiteclosingnearly100storessince2015,thecompanystilltooklosseseachyear,Katzsaid.Itsstoreswillremainopenwhileunderbankruptcyprotection.Perfumania’sParluxandFiveStarFragrancesubsidiariesarenotincludedinthebankruptcyfiling.
WalmartandGoogleArePlottingtoChangeYourShoppingHabits(August23)TheWashingtonPost• Moveover,Alexa.Walmartisgoinghigh-techinitsfightagainstAmazon.com.Beginning
nextmonth,shopperswillbeabletobuyWalmartproductsbyspeakingtotheirGoogleHomedevices.Theretaileristhelatest—andlargest—tomakeitsgoodsavailableonGoogleExpress,Google’se-commerceanddeliveryplatform.
• Thepartnership,whichbringstogethertheworld’slargestretailerwiththeworld’slargestsearchengine,isthelatesteffortbyWalmarttochipawayatAmazon’sonlinedominance.
EUROPERETAILEARNINGS
Source:Companyreports/FGRT
EUROPERETAILHEADLINESSainsbury’sAnnouncesArgosClick-and-CollectPointsat100ConvenienceStores(August29)Retail-Week.com• BritishgrocerSainsbury’shasannouncedplanstointroduceArgosclick-and-collectservices
at100conveniencestores.ThismovewillallowshopperstocollectArgosandTuclothingordersplacedonlineatstores“closertowheretheyliveorwork.”
• TheretailersuccessfullytrialedtheinitiativeinsixSainsbury’sLocalconveniencestoresandexpectstheplantobecompletedbytheendof2017.
ArcadiaAgreestoPayBHSCreditors£30Million(August25)TheGuardian.com• UKfashiongroupArcadiahasagreedtopay£30million(US$39million)totheunsecured
creditorsofBHS,adepartmentstorechainthatitownedpreviously.BHScollapsedintoadministrationin2016,leavingbehindapensionfunddeficitof£571million(US$740million).
• BHS’sliquidator,FRPAdvisory,hasagreedtodroplegalactionfiledagainstArcadiawiththissettlement.
Matchesfashion.comValuationReportedlyRises,butCompanyRemainsMumonSale(August27)WWD.com• London-basedluxurye-commercefirmMatchesfashion.comisnowreportedlyworth£800
million(US$1.04billion),upfrom£650million(US$843million)asreportedbyvariousnewspapersearlierinAugust.
• Newsreportssuggestthattheretaileralsohasseveralprivateequitybidders,includingApaxPartners,Permira,KKRandBainCapital,lineduptotabletheiroffers,butWomen’sWearDailywasunabletoreachthemforcomment.Matchesfashion.comhasnotmadeaformalannouncementandtheownershavedeclinedtocommentconcerningthesaleofamajorityorminoritystakeinthefirm.
Company
Revenues(USDMil.)
ChangeinUSD(%)
ChangeinReportingCurrency
(%) GrossMargin(%)Change(bps)
NetIncome(USDMil.)
YoY%Change StoreFleetEOP
Period TY LY
TY LY
TY LY
TY LY
Carrefour 1HEJun30 41,704 40,505 3.0 6.2 22.9 23.2 (34) 159.1 216.5 (26.5) 12,052 11,687
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
SparBecomesFirstRetailertoLaunchinBelarus(August25)ESMMagazine.com• DutchretailchainSparhasannouncedplanstoenterBelarusandopen60newstoresinthe
countryby2020.SparispartneringwithBelarusianfirmAlmiGroup,whoseUnifoodCKSCsubsidiarywilloperatethebrandinthecountry.
• AlmiGroupruns43storesinBelarusunderthebannersAlmiandZakrama.Sparwillprovidethegroupwithretaildesign,staff,training,supplychainreviewandmarketingcampaigns.
OcadoLaunchesVoice-ShoppingAppforGroceryonAmazon’sAISpeakers(August29)TechCrunch.com• UKonlinesupermarketOcadohasunveiledanappforAmazon’sAlexavoiceassistantthat
willenableownersofAmazon’sartificialintelligence–poweredEchosmartspeakerstoaddgroceriestotheirshoppinglistbyvoicecommand.ThisnewsfollowsAmazon’sacquisitionofAmericangrocerWholeFoodsMarket.
• OcadosaysthatitisthefirstBritishsupermarkettolaunchanappforAlexa.Currently,theapponlyallowsuserstoamendexistingordersanddoesnotsupportcreatingneworders.
ASIATECHHEADLINESChinaDoublesDownonReal-NameRegistrationLaws,ForbiddingAnonymousOnlinePosts(August27)TechCrunch.com• China’scrackdownonInternetfreedomisgettingevenmoreintense.LastFriday,the
country’stopInternetcensorannouncedanewsetofregulationsmeanttoeliminatepostsbyanonymoususersonInternetforumsandotherplatforms.TheCyberspaceAdministrationofChinawillstartenforcingthoserulesonOctober1.
• Accordingtothenewregulations,Internetcompaniesandserviceprovidersareresponsibleforrequestingandverifyingrealnamesfromuserswhentheyregisterandmustimmediatelyreportillegalcontenttotheauthorities.Techfirms,includingBaidu,AlibabaandTencent,areundermorepressuretoserveasthegovernment’sgatekeepers,whichisexpectedtoresultintheplacementofnewpeopleinseveralkeyleadershippositions.
UberRunningAgaininthePhilippinesAfterPaying$9.6MillioninPenalties(August29)TechCrunch.com• Uber’sone-monthsuspensionofitsserviceinthePhilippineswasliftedearly,afterthe
companyagreedtopaynearly$10millioninfinesandaidfordriversaffectedbytheservicebeingsuspended,Reutersreports.EarlierinAugust,theride-hailinggiantsuspendeditsservicesinthecountryonorderofanationalregulator,theLandTransportationFranchisingandRegulatoryBoard.
• ThesuspensionwasorderedafterUberapparentlyfloutedatemporarybanonaddingnewdriverswhiletheregulatorworkedtocatchupwithabacklogofapplicationsfordriversseekingride-hailingpermits—thoughUberhasclaimedithadnotbeenaddingnewdriversduringthisperiod.
Renault-NissanandDongfengPartnertoBuildElectricCarsforChina(August29)TechCrunch.com• Renault-NissanandChina’sDongfengMotoraresettingupadedicatedjointventuretobuild
electricvehiclesforthegrowingdemandinChina,joiningFordandVolkswagen.AutomakersfromoutsideChinabasicallyneedalocalpartnerinordertomakeandsellvehiclesinthecountrywithoutincurringhugeimporttaxesthatwouldbasicallyrendertheiroperationsunsustainable.
• Renault-Nissan’snewpartnershipwithDongfengiscalledeGTNewEnergyAutomotiveCompany,anditwillbesplitbetweenNissan,with25%ownership,Renaultwithanother25%,andDongfengwiththeremaining50%,accordingtoReuters.ThefirstvehiclefromthejointventurewillbeanewelectricvehiclebasedononeofRenault-Nissan’ssubcompactcrossover-SUVplatformdesigns.
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September1,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
SoftBankandLineFurtherAIAmbitionsbyJoiningThisStartup’s$33MillionSeriesC(August30)TechinAsia.com• ArtificialintelligencestartupAppierrevealedthatithassecured$33millioninseriesC
fundingfrominvestorssuchasSoftBank,LineandSingapore’sEDBI.TheTaipei-basedcompanysaidinastatementthatitwillusetheinvestmenttohirenewteammembers—particularlyinengineeringandresearchanddevelopment—asitlookstogrowitsglobalpresence.
• Appieroffersanumberofproductsbuiltaroundtechnologythattracksindividualusers’activityacrossalloftheweb-connecteddevicestheyown—includingsmartphones,tablets,laptopsanddesktopcomputers—enablingadvertiserstobettertargettheircampaigns.
LATAMRETAILANDTECHHEADLINESRiodeJaneirotoOpenTaxiAppAPI(August28)ZDNet.com• ThecityofRiodeJaneirowillopentheAPIofitsnewlycreatedtaxiapptootherBrazilian
cities.Thetool,Taxi.Rio,connectslicensedtaxidriverswithpassengers.ThedifferencebetweenTaxi.Rioandothercommercialtools,suchasUber,isthatdriverscanuseitfreeofcharge.
• AproprietarypaymentgatewayfortheappisalsobeingdevelopedbyIplanRio,thecity’sinformaticscompany.AccordingtoIplanRio,theAPIforthetoolwillbeavailabletoanycitywantingtocreatealocalversion.CitiesthathaveshowninterestincludestatecapitalsSãoPaulo,Curitiba,RecifeandAracaju.
FacebookOpeneda“HackStation”inBraziltoTeachStartupSkillstoThousandsofLocals(August28)BusinessInsider.com• FacebookunveileditsfirsttrainingcenterinLatinAmericaforcodersandentrepreneurs,
encouragingtechnologycareersforyoungBrazilianssaddledwithstaggeringunemploymentafteradeepeconomiccrisis.
• Thecompany’sregionalVicePresident,DiegoDzodan,toldReutersthespaceinmidtownSãoPaulo,knownasEstaçãoHack,willbridgethegapinBrazilbetweenatechsectorhungryforskilledtalentandaneagerbutuntrainedgenerationwithtimeontheirhands.
BrazilMakesInroadsintoBiometricCitizenRegistration(August28)ZDNet.com• TheBrazilianSuperiorElectoralTribunal(TSE)hasbeengrantedaccesstodatafromall
driversasthecountryadvancesinitsbiometricdatacollectionefforts.TSEhasbeencollectingbiometricdataforvoteridentificationasameanstopreventfraudsince2013.
• Ultimately,thegovernmentwantstocollectbiometricinformationfrom140millioncitizensby2020.TheultimategoalistocreateasinglecitizendatabaseandunifiedIDcard,whichwouldgatherinformationsuchastax,driverandvotingrecords.TSEisresponsibleforleadingthesinglebiometricdatabaseefforts.
WalmarttoInvestover$300MillioninBrazil(August30)TheStreet.com• WalmartintendstoinvestroughlyR$1billion(US$316million)inBrazilthrough2019to
restoreabout120storesasrivalsinSouthAmerica’sbiggesteconomyratchetupinvestmentstoretaincash-strappedconsumers,Reutersreports.
• “We’vealreadydoneabout10%ofitthisyear,”saidFlavioCotini,Walmart’schiefexecutiveinBrazil.Walmartisthethird-largestdiversifiedretailerinBrazil.ThereportaddedthatGoldmanSachsprojectsthatBrazil’slargestfoodretailer,CarrefourBrasil,willdoubleitsnumberofstoresinthenextthreeyears.
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September1,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
MACROUPDATEKeypointsfromglobalmacroindicatorsreleasedAugust23–30,2017:
1) US:HomesalescameinlowerthanexpectedinJuly.Newhomesalesstoodat571,000andexistinghomesalestotaled5.4million.InJune,housingpricesroseby0.1%monthovermonth(afterseasonaladjustment)andby5.7%yearoveryear(beforeseasonaladjustment).
2) Europe:IntheUK,GDPincreasedby0.3%quarteroverquarterinthesecondquarter,inlinewiththeconsensusestimate.UKhousingpricesedgeddownby0.1%monthovermonthinAugust.Intheeurozone,theManufacturingandServicesPurchasingManagers’Indexes(PMIs)stoodatlevelsabovetheexpansionthresholdof50.0inAugust.
3) Asia-Pacific:InJapan,retailsalesincreasedby1.1%monthovermonthinJuly,exceedingthemarket’sexpectation.InTaiwan,industrialproductionincreasedby2.4%yearoveryearinJuly.InSingapore,industrialproductionleapedby21.0%yearoveryearinJuly.
4) LatinAmerica:InBrazil,consumerconfidencedroppedto80.9inAugust.InMexico,retailsalesdroppedby1.1%monthovermonthandincreasedby0.4%yearoveryearinJune.
*FGRT’sevaluationoftheactualfigure’simpactontheeconomyrelativetohistoricalbenchmarksandthecurrentmacroeconomicenvironment:+indicatesapositivesignalforthecountry’seconomy,–indicatesanegativesignaland=indicatesanegligibleormixedimpact.Source:USCensusBureau/NationalAssociationofRealtors/S&PDowJones/UKOfficeforNationalStatistics/NationwideBuildingSociety/Markit/EuropeanCommission/JapanMinistryofEconomy,TradeandIndustry/MinistryofEconomicAffairsTaiwan/SingaporeEconomicDevelopmentBoard/BancoCentraldoBrasil/FundaçãoGetulioVargas/InstitutoNacionaldeEstadísticayGeografía/FGRT
Country/Region Indicator Period Actual Survey Prior Impacton
Economy*
US NewHomeSales(Thous.) Jul 571 610 630 –
US NewHomeSales(MoM) Jul (9.4)% 0.0% 1.9% –
US ExistingHomeSales(Mil.) Jul 5.4 5.6 5.5 –
US ExistingHomeSales(MoM) Jul (1.3)% 0.5% (2.0)% –
USS&PCoreLogicCase-Shiller20-CityCompositeHomePriceIndex(SA,MoM) Jun 0.1% 0.1% 0.1% =
US S&PCoreLogicCase-Shiller20-CityCompositeHomePriceIndex(NSA,YoY) Jun 5.7% 5.6% 5.7% =
UK GDP(Prelim.,QoQ) 2Q 0.3% 0.3% 0.3% +
UK GDP(Prelim.,YoY) 2Q 1.7% 1.7% 1.7% +
UK NationwideHousePrice(MoM) Aug (0.1)% 0.0% 0.2% –
UK NationwideHousePrice(NSA,YoY) Aug 2.1% 2.5% 2.9% –
EZ MarkitEurozoneManufacturingPMI(Prelim.) Aug 57.4 56.3 56.6 +
EZ MarkitEurozoneServicesPMI(Prelim.) Aug 54.9 55.4 55.4 +
JP RetailSales(MoM) Jul 1.1% 0.3% 0.2% +
JP RetailSales(YoY) Jul 1.9% 1.0% 2.2% +
JP Dept.StoreandSupermarketSales Jul (0.2)% (0.2)% 0.2% –
TW IndustrialProduction(YoY) Jul 2.4% 3.3% 3.5% –
SG IndustrialProduction(SA,MoM) Jul 1.0% (3.9)% 9.0% +
SG IndustrialProduction(YoY) Jul 21.0% 12.9% 12.7% +
BZ FGVConsumerConfidenceIndex Aug 80.9 – 82.0 –
MX RetailSales(MoM) Jun (1.1)% 0.2% (0.3)% –
MX RetailSales(YoY) Jun 0.4% 2.8% 4.1% –
MX UnemploymentRate(SA) Jul 3.2% 3.3% 3.3% +
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September1,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
EARNINGSCALENDAR
Sales(Mil.) EPS
Company
EarningsReleasePeriod Date
ConsensusTY LYActual
ConsensusTY LYActual Currency
Hudson’sBayCompany(HBC.TO) 2Q17 Sep6 3,260 3,252 (0.60) (0.74) CAD
AlimentationCouche-Tard(ATD-B.TO) 1Q18 Sep6 10,224 8,421 0.65 0.58 USD
G-IIIApparelGroup(GIII) 2Q18 Sep6 522 442 (0.26) 0.02 USD
RestorationHardware(RH) 2Q17 Sep7(E) 607 543 0.46 0.28 USD
Prada(1913.HK) 1H17 Sep8 1,528 1,554 0.06 0.06 EUR
Kroger(KR) 2Q18 Sep8 27,475 26,565 0.39 0.48 USD
Morrisons(MRW.L) 1H18 Sep14 8,404 8,032 0.06 0.05 GBP
AscenaRetailGroup(ASNA) 4Q17 Sep18(E) 1,575 1,812 (0.03) 0.17 USD
EspritHoldings(330.HK) FY17 Sep20 16,358 17,788 0.04 (0.25) HKD
Inditex(ITX.MC) 1H17 Sep20 11,747 10,466 0.46 0.41 EUR
Kingfisher(KGF.L) 1H18 Sep20 6,009 5,749 0.14 0.14 GBP
FinishLine(FINL) 2Q18 Sep20(E) 477 509 0.38 0.53 USD
Nike(NKE) 1Q18 Sep26(E) 9,100 9,061 0.49 0.73 USD
Boohoo.com(BOO.L) 1H17 Sep27 264 127 0.02 0.01 GBP
H&M(HM-B.ST) 3Q17 Sep28 53,678 48,982 3.10 2.91 SEK
RiteAid(RAD) 2Q18 Sep28 7,836 8,030 0.00 0.02 USD
Tesco(TSCO.L) 1H18 Oct4 27,997 27,338 0.04 0.01 GBP
CostcoWholesale(COST) 4Q17 Oct5 41,532 36,560 2.01 1.77 USD
Supervalu(SVU) 2Q18 Oct11(E) 3,792 3,865 0.37 1.03 USD
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September1,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
EVENTCALENDAR
Event Location Date(s)
FungGlobalPresenting/Attending
InternationalRetailDesignConference NewOrleans,LA Sep5–8 GoldmanSachs24thAnnualGlobalRetailingConference NewYork,NY Sep6–7 √BigData&AnalyticsInnovationSummitandChiefInnovationOfficerSummit Shanghai,China Sep6–7 √
EnterWorksEngage2017UserConference Nashville,TN Sep11–13 ICSCPA/NJ/DEConference&DealMaking AtlanticCity,NJ Sep11–13 EmergingApplicationsofBlockchainforSupplyChains Cambridge,MA Sep12 Tech.PoweredbyRetailWeek London,UK Sep13–14 √XRCLabsDemoDay NewYork,NY Sep15 HOMIMilano Milan,Italy Sep15–18 SmartSummit London,UK Sep19–20 √WWDDigitalForum NewYork,NY Sep19–20 Shop.org:ThisIsDigital LosAngeles,CA Sep25–27 √NRFProtect LosAngeles,CA Sep25–27 √eCommerceExpo London,UK Sep27–28 FashionTechForum2017:WestCoastDebut LosAngeles,CA Oct6 ShoptalkEurope Copenhagen,
Denmark Oct9–11 √
RetailCongressAsiaPacific HongKong Oct10–11 2017TechstarsDemoDay Minneapolis,MN Oct11 REConLatinAmerica&Caribbean SanJuan,PR Oct15–17 SourcingJournalSummit2017 NewYork,NY Oct17 ExclusiveExecutiveConference Orlando,FL Oct17–19 ICSCResearchConnectionsConference Toronto,Canada Oct22–24 BackEndofInnovation Orlando,FL Oct22–25 RetailWestSummit SanFrancisco,CA Oct24 WWDApparel&RetailCEOSummit NewYork,NY Oct24–25 √X5RetailGroupCapitalMarketsDay Moscow,Russia Oct26 AAFAExecutiveThinkTank HongKong Oct26 √FIT’sFashionistas&Financiers NewYork,NY Nov1 IDTechExShow:WearableUSAandPrintedElectronicsUSA SantaClara,CA Nov15–16 LBrandsAnnualInvestorMeeting Columbus,OH Nov22 Asia-GlobalDialogue2017 HongKong Nov22 HomeDepotInvestor/AnalystDay Boston,MA Dec6–7 ICSCNewYorkDealMaking NewYork,NY Dec6–7 FortuneGlobalForum Guangzhou,China Dec6–8 √
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September1,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
DeborahWeinswig,CPAManagingDirectorFGRTNewYork:917.655.6790HongKong:852.6119.1779China:86.186.1420.3016deborahweinswig@fung1937.comKirilPopovSeniorAnalyst
JohnHarmon,CFASeniorAnalyst
JohnMercerSeniorAnalyst
StevenWinnickResearchAssociate
CharliePoonResearchAssistant
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