source: globaldata source: coindesk · 9/8/2017 · typical remodels. the retailer, based in...

1

September8,2017

DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.

ChartoftheWeekStatoftheWeek

Deborah Weinswig Managing Director

FGRT

[email protected]

US: 917.655.6790

HK: 852.6119.1779

CN: 86.186.1420.3016

September 8, 2017

1) Thisweek’snote“FromtheDeskofDeborahWeinswig”discussesAmazon’snewlylaunchedEuropeanprivate-labelapparelbrand,Find.

2) BestBuyandMacy’sareexpandingtheirsame-daydeliveryoffersastheytrytobemorecompetitivewithonlineleaderAmazon.BestBuywillexpandsame-daydeliveryto27metropolitanmarketsfrom13startingnextweekandMacy’swilloffersame-daydeliveryin15additionalmarkets,foratotalof33areas.

3) FrenchdepartmentstoreGaleriesLafayettehasannouncedplanstoacquirea51%stakeinmail-orderandonlineretailerLaRedoute.TheacquisitionwilltakeplacethroughGaleriesLafayette’sholdingcompany,Motier,andisexpectedtobecompletedoverthenextfewmonths.

4) GoGoVan,alogisticson-demandproviderthatconnectsvandriversandcustomersfortransportinggoods,isHongKong’sfirst$1billionstartup,followingamergerdealwith58Suyun,afellowlogisticson-demandplatformthatisfocusedonservingconsumers.

BitcoinPriceDropsFollowingChineseRegulators’MoveAsofSeptember5,thepriceofbitcoinhaddeclinedbyabout20%fromSeptember1,whenthecryptocurrencyapproached$5,000,accordingtospecialistnewswebsiteCoinDesk.com.ThedeclinefollowednewsreportsthatChina’sfinancialregulatorswouldban

initialcoinofferings(ICOs)—thesalesofnewcryptographictokens—whichareusedasafundraisingmechanismfornew

businessventures.

Source:CoinDesk.com

75.1%

Source:GlobalData

• ThetotalUKdiscountretailmarketgrewby75.1%between2012and2017,accordingtomarketresearchfirmGlobalData.Aldi,LidlandB&MBargainsaretheleadingbrandsinthecountry,withacombinedshareof70%ofthetotalUKdiscountretailmarket.

• Themarketcouldgrowby36.1%between2017and2022asdiscountersbecomemoreappealingdestinationsforconsumerslookingforbargains,accordingtoGlobalData.

Aug29 Aug30 Aug31 Sep1 Sep2 Sep3 Sep4 Sep5

$4,991.66

$4,241.69

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September8,2017


FromtheDeskofDeborahWeinswig

AmazonPushesFurtherintoFashioninEuropeThisweek,AmazonofficiallylauncheditsfirstfashionprivatelabelthatisdesignedinEuropespecificallyforEuropeanshoppers.TheFindbrandlaunchedwithaflurryofpresscoverageaswellasanunusuallystylishsubsiteonAmazon.co.uk.Wenotetwocharacteristicsofthebrand:

1. Lowprices:Pricesarehighlyaffordable,withmostmen’sjeanspricedbetween£24and£30(US$31andUS$39)andwomen’sdressesstartingat£16(US$21).

2. Middleground:Inmenswearinparticular,theFindbrand’sstylinglooks“safe,”withlow-pricestaplesmixedwithsomewhatconservative,smart-casualfashionranges.Amazonappearstohavedroppedsomemorefashion-forwarditemsintothewomenswearranges.

Thecurrentrangelooksbroadlyakinto“supermarketfashion,”andsoappearstopresentlittlenear-termthreattospecialistretailers—eventhoseinthemidmarket—thatenjoystrongfashioncredentials.

WewonderifthispositioningispartlyduetothefactthatAmazonisstillfindingitsfeetinapparel.Theretailer’sultra-broadpositioninglikelymakesittoughformanagementtoknowtowhom,exactly,itshouldpitchitsinauguralfashionrange:Howdoesthe“everythingstore”successfullypositionacategoryasdiverseandsegmentedasfashion?

WhoIsBehindtheFindRange?AmazonrecruitedexperiencednamesfromUKmass-marketretailerstodevelopitsfashionoffering.In2016,ithiredformerMarks&SpencerheadofwomenswearFrancesRussell.In2017,AmazonpoachedKarenPeacock,formerlytheheadofdesignforwomenswearandaccessoriesatMarks&Spencer,andGlenGeorge,formerlythedirectorofbuyingformenswearatPrimark.

MovingAmazonfromOff-PricetoOn-TrendWehavelongviewedAmazonasadefactooff-pricefashionretailer.OnecompetingInternetretailerrecentlycharacterizedAmazon’sfashionofferingtousasconsistingof“95%pastseasons’ranges.”

Gettingbrandsonboardtosupplyin-seasonproductdirectlyisonewaytochallengethisoff-priceimage.Butofferingprivatelabelsismoreimportant,becausearetailerdoesnotestablishfashioncredentialsinitsownrightsimplybysellingothercompanies’brands.

WethinkthereisscopeforAmazontooffermorefashionableprivate-labelranges,andinthecomingyears,weexpecttoseetheretailerusedataasthespringboardforitsoffering.Inparticular,weexpecttoseeAmazonmakeuseofthekindoftest-and-repeatmodelthatpure-playnamessuchasBoohoo.comusetodeveloptheirofferings—withthatmodel,theretailertestsproductsonitssiteandthenorderslargervolumesforthoseitemsthatprovepopularwithcustomers.

TheFindbrandhomepageSource:Amazon.co.uk

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September8,2017


USRETAILEARNINGS

Company

Revenues(USDMil.)

YoY%Change GrossMargin(%)

Change(bps)

NetIncome(USDMil.)

YoY%Change StoreFleetEOP

Period TY LY

TY LY

TY LY

TY LY

Chico’sFAS 2Q17 579 636 (9.0) 36.1 37.9 (170) 23 23 (1.4) 1,575 1,595

DollarGeneral 2Q17 5,828 5,392 8.1 30.7 31.2 (45) 295 307 (3.8) 13,865 12,967

FiveBelow 2Q17 283 220 28.7 34.8 33.3 145 17 10 70.7 584 491

LululemonAthletica 2Q17 581 515 12.9 51.2 49.4 180 49 54 (9.2) 421 379

VeraBradley 2Q18 112 119 (5.7) 56.3 57.4 (105) 2 5 (57.1) 162 156

Source:Companyreports

USRETAIL&TECHHEADLINESBestBuy’sDigitalResurgenceContinueswithRecordOnlineRevenue,FueledbySeattleOffice(August29)GeekWire.com• BestBuyjusthitarevenuerecord,andtheonce-strugglingelectronicsretailercontinuesto

flourishthankstoapushtouniteitsin-storeandonlineexperiences.Inthelastquarter,BestBuyreported$1.1billioninUSonlinerevenue,acompanyrecordforanon-holidayquarter,anda31%year-over-yearincrease.ThisisthesecondtimeinarowthatBestBuyhasachievedmorethan$1billioninonlinerevenueinanon-holidayquarter.

• OnBestBuy’srecentearningscall,CEOHubertJolysaidthatdigitalwillcontinuetobeaninvestmentpriorityforthecompany.“Somuchofthecustomerexperiencehasbeenstartingonline,”hesaid.“Sowhatwe’reseeingtodayisthecontinuedeffectofthecumulativeinvestmentswe’vemadeinsimplifyingandstreamliningthecustomerexperience.There’salotofdetailsthatyoudototweakandeliminatethefrictionsinlog-in,incheckout,everystepinthejourney.”

CalvinKleinTestsItsLuxuryLine’sStayingPower(September3)TheWallStreetJournal• OnopeningnightofNewYorkFashionWeek,CalvinKleinishopingtoprovethatitsmuch-

laudednewluxurylineismorethanjustaone-hitwonder.ThecompanyhiredacclaimedfashiondesignerRafSimonslastyeartoleadwhatCEOSteveShiffmancallsa“creativerevolution,”overhaulingeverythingfromitsclothestoitslogo,nowofficiallyinallcapsandinanewcustomfontcalled“Klein.”

• Thedesigner’sdebutrunwayshowforthebrand’shighest-endready-to-wearcollectioninFebruarydrewwidespreadravesfromcriticsandretailers.Whilethebulkofsalesgrowthwillcontinuetocomefromthecompany’smidpricejeansandunderwear,whichSimonsdescribedas“incrediblyimportant”tothebrand,heenvisionsmoresalescomingfromthehigher-endcollectionthaninthepast.

WEINSWIG’SWATCHING

Thisweek,membersoftheFGRTteamattendedtheGoldmanSachs24thAnnualGlobalRetailingConferenceinNewYorkandtheBigData&AnalyticsInnovationSummitandChiefInnovationOfficerSummitinShanghai.Nextweek,teammemberswillattendtheTech.poweredbyRetailWeekconferenceinLondon.

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September8,2017


Sources:DepartmentStoreOperatorBon-TonTurnstoTurnaroundAdvisors(August31)Reuters.com• USdepartmentstorechainBon-TonStoresishiringadvisorstohelpitturnaroundits

businessandslashitsdebtloadasitstrugglestocopewiththesector’sdownturn,accordingtopeoplefamiliarwiththematter.Themoveunderscoresthewoesofthebrick-and-mortarretailsector,whichhasbeenplaguedbynumerousbankruptciesthisyearasconsumersincreasinglymovetheirspendingtoe-commercecompaniessuchasAmazon.com.

• Bon-TonhastappedadvisoryfirmAlixPartnerstoprovideoperationaladviceonitsturnaroundeffortsandisalsointerviewingbankstoappointanadvisortoreviewstrategicoptionsthatincludedebtrestructuring,thesourcessaidthisweek.

Produce-FocusedRemodelsShowPromiseatDollarGeneral(August31)SupermarketNews.com• DollarGeneralsaidThursdaythatfood-focusedstoreremodels—includingsomethat

introducefreshproduceassortments—aregeneratingthreetofourtimesthesalesresultsoftypicalremodels.Theretailer,basedinGoodlettsville,TN,saidithadcompletedapproximately185storeremodels,aroundathirdofwhichincludeatestoffreshproduce,throughtheendofitsfiscalsecondquarter.

• Inkeepingwiththechain’semphasisonconsumablesasadriveroftrafficandlargerbaskets,CEOToddVasossaidthattheremodelinghasbeenfocusedonolderstoreswithfewerthan10coolerdoors,addinganaverageofaroundsevennewdoorsperlocation.“Webelievethat,overall,thiscouldbearealwinforDollarGeneralandforourconsumers,becausewhatitdoes[isoffer]ourconsumersitemssuchasproduce,expandedfresh,frozenanddairy-typeproducts,aswellasexpandedareasofdrygrocery[and]someofournonconsumableareas,”Vasossaid.

Macy’s,BestBuyExpandingSame-DayDeliveryService(August31)St.LouisPost-Dispatch• Macy’sandBestBuyareexpandingtheirsame-daydeliveryoffersastheytrytobemore

competitivewithonlineleaderAmazon.BestBuy,thenation’slargestconsumerelectronicschain,saidthatitwillexpandto27metropolitanmarketsfrom13startingnextweek.Thatnumbershouldreachnearly40citiesbythewinterholidays.Inaseparateannouncement,Macy’ssaidthatitwilloffersame-daydeliveryin15additionalmarkets,foratotalof33areas.

• Macy’sisworkingwithstartupDeliv,basedinMenloPark,CA,backedbyUPS,whileBestBuyisnowworkingwithtwocompaniestohandledeliveries,includingitsoriginalpartner,Deliv.BestBuydeclinedtonameitsnewpartnersinceitisstillfinalizingthedeal.Macy’swillchargean$8feefortheservice,whileBestBuyhascutitsfeeto$5.99perorderfrom$14.99.

USSecond-QuarterGDPGrowthRevisedUpto3%(August30)FoxBusiness.com• TheUSeconomygrewfasterthaninitiallythoughtinthesecondquarter,notchingits

quickestpaceofgrowthinmorethantwoyears,andtherearesignsthatthemomentumwassustainedatthestartofthethirdquarter.

• Theupwardrevisionfromthe2.6%pacereportedlastmonthreflectedrobustconsumerspendingaswellasstrongbusinessinvestment.Retailsalesandbusinessspendingdatasofarsuggestthattheeconomymaintaineditsstaminaearlyinthethirdquarter.

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September8,2017


EUROPERETAILHEADLINESNonfoodDrivesUKRetailSalesGrowthinAugust(September5)Retail-Week.com• RetailsalesintheUKincreasedby2.4%inAugust,upfrom1.4%recordedinJuly.

Comparablesalesgrewby1.3%,aboveJuly’s0.9%rise,drivenbygrowthinnonfoodcategories,particularlyhomewares,autumnclothingrangesandschoolitems,accordingtotheBritishRetailConsortium(BRC).

• HelenDickinson,ChiefExecutiveoftheBRC,cautionedthatalthough“Augustprovidedawelcomepickupinretailsalesacrosschannels,”nonfoodsaleshaveonlyjustrecoveredtothelevelsseentwoyearsagoandstronggrowthinfoodismainlyduetorisingpricesratherthanvolumegrowth.

ASOSUnveilsOwn-BrandBeautyRange(September5)DrapersOnline.com• BritishonlinefashionpureplayASOShasunveileditsfirstown-brandbeautyrangeinapush

togrowmarketshareinthecategory.Theretaileralreadysellsthird-partybeautyproducts.• The46-piecemakeuprange,calledFaceandBody,includeseyeshadows,lipsticks,contouring

palettes,bronzersandhighlighters.Pricesrangefrom£5–£12(US$7–US$16).AuchanHoldingReports2.1%RevenueGrowthin1H17(September4)Companypressrelease• FrenchretailgroupAuchanreportedrevenuegrowthof2.1%(0.2%atconstantcurrency)

andprofitgrowthof23.2%(17.2%atconstantcurrency)forthefirsthalfof2017,endedJune30.

• Amongthecompany’ssegments,AuchanRetailreported2.1%revenuegrowth(0.1%atconstantcurrency)andshoppingcenterbusinessImmochan’srevenuegrewby5.1%(4.4%atconstantexchangerates).BankingbusinessOneysawincomeriseby9.1%.

GaleriesLafayettetoAcquireStakeinLaRedoute(August31)FashionNetwork.com• FrenchdepartmentstoreGaleriesLafayetteannouncedplanstoacquirea51%stakeinmail-

orderandonlineretailerLaRedoute,withtheremainingstakeexpectedtobeacquiredatalaterstage.

• TheacquisitionwilltakeplacethroughGaleriesLafayette’sholdingcompany,Motier,andisexpectedtobecompletedoverthenextfewmonths,subjecttoregulatoryapproval.

EldercareTechStartupAiflooRaises€5.1Million(September5)TechCrunch.com• SwedishstartupAifloo,whichcreatessmartwristbandstohelpcareforseniorconsumers,

hasraised€5.1million(US$6.1million)inseriesAfunding.ThefundingroundwasledbySwedishventurecapitalfirmEQTVentures.

• HenrikLandgren,EQT’sanalyticspartner,saidthatthee-healthstartupwasuniting“vastamountsofdataandmodernAI”tohelpolderpeopleliveindependentlyforlongerandthattheteamandtechnologywerethekeyreasonstoinvestinAifloo.

6

September8,2017


ASIATECHHEADLINESGoGoVanBecomesHongKong’sFirst$1BillionStartupFollowingMergerDeal(September1)TechCrunch.com• GoGoVan,alogisticson-demandproviderthatconnectsvandriversandcustomersfor

transportinggoods,isHongKong’sfirst$1billionstartup,followingamergerdealwith58Suyun,afellowlogisticson-demandplatformthatisfocusedonservingconsumers.

• 58Suyun,whichisownedbyonlineclassifiedsgiant58.com,ispresentinover100citiesinChinaandhas1.2millionregistereddrivers,whileGoGoVanispresentineightcitiesinChinaaswellasinTaiwan,Singapore,SouthKoreaandIndia.

India’sTreeboRaises$34MillionforItsBudgetHotelNetwork(August31)TechCrunch.com• TreeboHotels,India’slargestbudgethotelnetwork,hascloseda$34millionseriesCround

offunding.ThedealwasledbynewbackersWardFerryManagementandKarstPeakCapital,twoHongKongprivateequityfirms,withparticipationfromexistinginvestorsSAIFPartners,MatrixPartnersIndiaandBertelsmannIndiaInvestments.

• StartupssuchasTreeboandOYOhavesprouteduptoofferatech-enabledresponsetotheproblemofvastlydifferinghotelqualityacrossIndia.Theyproposeabasestandardforgueststhatincludescleanlinens,bedding,freeWi-Fiandmore,forapricerangeof1,000–3,000INR,orroughlyUS$15–US$50,pernight.Inaddition,theyuseamobileappasavirtualconciergeservicetohelpwithcheck-inandordersandtoanswerquestions.

Thailand’sKasikornBankBacksCloudAccountingStartupinFirstDealfor$30MillionFund(August30)TechCrunch.com• KasikornBank(KBank)hasmadethefirstinvestmentfromits$30millionfund—a$1.15

millionroundforBangkok-basedFlowAccount.ThebankwasjoinedintheroundbyJapan-basedconglomerateSBIGroup,andFlowAccount’sseedinvestors,500StartupsandGoldenGateVentures.

• FlowAccountisacloud-basedplatformforbusinessaccounting.Itplanstousethesenewfundstogrowitsteamof20anddevelopnewproductsthatextenditsreachfromcloud-basedaccountingsystemsintootherservicesforsmallandmedium-sizedenterprises.Thisweek,itlaunchedasolutionforaccountingfirmsthemselves,anditisplanningpayrollandotherHRservicesforsmallbusinesses.

CryptocurrenciesHaveCrashed20%inTwoDaysAfterChina’sICOBan(September4)TechCrunch.com• AnoticefromacommitteeledbyChina’scentralbankannouncedanimmediatebanon

initialcoinoffering(ICO)funding,whichhas“seriouslydisruptedtheeconomicandfinancialorder.”FinancialnewssiteCaixinreportedthatthecommitteehaspreparedalistof60exchangesthatwillbesubjecttoinspectionandareport.Inthemeantime,therewillbeanICOfreezeinChina.

• ICOsinvolveraisingfundingbycreatingandsellingnewcryptotokens—commonlybasedonEthereum—toinvestors.Thathasledtocomparisonswithsecurities,withmuchspeculationoverwhetherfinancialregulatorswilllooktoregulatethespace.TheChinesecommitteevoicedconcernthatsomeICOsarefinancialscamsandpyramidschemes.

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September8,2017


LATAMRETAILANDTECHHEADLINESBrazilDebatesSharingEconomyRegulations(September4)ZDNet.com• TheBraziliangovernmentislookingtofindwaystoregulatenewservicescomingupunder

thecollaborativeeconomyumbrella.GiventheimpactontraditionalservicescausedbyalternativessuchasUberandAirbnb,thelowerhouseofthecongresscreatedaspecialgrouptodiscussthecreationofalegalframeworkforthenewservices.

• Accordingtotheleaderofthespecialgroup,CongressmanThiagoPeixoto,thegoalistocomeupwithrecommendationstoproposeregulationsacrossthevarioussegmentsofthesharingeconomy—fromridesharingtocrowdfunding—thatwillnotrestrictnewbusinessestoomuch,butalsonotimpactthetraditionaleconomy.

BrazilianMobileMarketShowsSignsofRecovery(September1)ZDNet.com• MobilephonesalesinBrazilhavebeenshowingsignsofrecoveryin2017followingadecline

thatresultedfromtheeconomicslowdown,accordingtoanewstudybyanalysisfirmIDC.Some12.8milliondevicesweresoldinthesecondquarter,up5.9%fromthesameperiodin2016.Thenumberisinlinewithfirst-quarterfigures,whichshowedthatmobilesalesgrewby3.7%yearoveryear,with12.3milliondevicessold.

• “Themobilemarkethasreturnedtoveryexpressivenumbers,mainlybecauseBrazilians[are]replacinghandsetsboughtatleastthreeyearsago,sincethishasbeentheaveragelifespanofthebatteryandscreen,”saysLeonardoMunin,IDCresearchanalystfortheLatinAmericanmobilemarket.

TimidGrowthPredictedforITSpendinginBrazil(August31)ZDNet.com• BudgetsfortechnologyinBrazilwillnotseeasubstantialincreasethisyear,andpredictions

for2018arenotallthatdifferent,accordingtoanewtrendsstudy,theBrazilITSnapshot,byLogicalis.ITbudgetswillgrowbyabout3%thisyearandtheforecastisaboutthesamefor2018,whichmayevenseeadecrease,accordingtothestudy.

• Some71%ofthosepolledsaidthatITbudgetsin2016weremostlyspentonrunningexistingestates,while41%ofCIOssurveyedsaidthattherehasbeenadecreaseininnovationinvestments.Conversely,about82%oftherespondentssaidthattheyhadmadesomekindofcloudcomputinginvestment,thehighestpercentageseensince2013.Ofthattotal,40%haveusedahybridapproach,while35%haveusedprivatecloudsand7%publicclouds.

HijackingsPushBrazilianRetailerViaVarejotoOverhaulLogistics(September4)Reuters.com• Facedwithasurgeincargohijackings,BrazilianfurnitureandhomeelectronicsretailerVia

Varejohasinvestedinsecurity,drawnno-gozonesfordeliveriesandbeefedupin-storepickupservices.Thecompanyhasalsobegunusingitsowntruckstostock80storesinthestatesofSãoPauloandRiodeJaneiro,anditintendstoreachall730storesinthosestatesbytheendoftheyear.

• Thecompany’slogisticsunit,VVLog,whichwascreatedaftertheconsolidationofCNova(ane-commerceunitofcontrollingownerGroupeCasino),hasreducedcostsby20%forin-storepickupcomparedwithhomedelivery.ThelogisticsoverhaulhighlightshowariseincrimetiedtoBrazil’sworstrecessioninoveracenturyisforcingcompaniestoreconsidereventhemostbasicservices.

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September8,2017


MACROUPDATEKeypointsfromglobalmacroindicatorsreleasedAugust30–September6,2017:

1) US:RealpersonalspendingtickedupinJuly,whiletheinflationratemoderated.InAugust,thenonfarmpayrollsfigurecameinweakerthanexpectedandtheunemploymentratetickedupslightly.TheISMManufacturingIndexreadingforAugustpointedtoanexpansioninthemanufacturingsector.

2) Europe:Intheeurozone,theunemploymentratestayedat9.1%inJuly.Retailsalesintheeurozonedroppedby0.3%monthovermonthandincreasedby2.6%yearoveryearinJuly;themetricsforbothtimeperiodswereinlinewithconsensusestimates.

3) Asia-Pacific:InChina,theCaixinManufacturingPurchasingManagers’Index(PMI)tickedupto51.6inAugust,whichwasbetterthantheconsensushadestimated.TheCaixinServicesPMIreadingalsopointedtoanexpansion,tickingupto52.7inAugustfrom51.5inJuly.

4) LatinAmerica:InBrazil,GDPinthesecondquarterincreasedby0.2%quarteroverquarterandby0.3%yearoveryear,exceedingthemarket’szero-growthexpectation.TheunemploymentrateinBraziledgeddownto12.8%inJuly.

Country/Region Indicator Period Actual Survey Prior Impacton

Economy*

US RealPersonalSpending(MoM) Jul 0.2% 0.3% 0.2% –

US PCEDeflator(MoM) Jul 0.1% 0.1% 0.0% –

US PCEDeflator(YoY) Jul 1.4% 1.4% 1.4% –

US CorePCEDeflator(YoY) Jul 1.4% 1.4% 1.5% –

US PendingHomeSales(MoM) Jul (0.8)% 0.3% 1.3% –

US PendingHomeSales(NSA,YoY) Jul (0.5)% 0.5% 0.4% –

US ChangeinNonfarmPayrolls(Thous.) Aug 156 180 189 –

US UnemploymentRate Aug 4.4% 4.3% 4.3% –

US LaborForceParticipationRate Aug 62.9% – 62.9% =

US ISMManufacturingIndex Aug 58.8 56.5 56.3 +

EZ UnemploymentRate Jul 9.1% 9.1% 9.1% =

EZ RetailSales(MoM) Jul (0.3)% (0.3)% 0.6% =

EZ RetailSales(YoY) Jul 2.6% 2.6% 3.3% =

CN CaixinChinaManufacturingPMI Aug 51.6 51.0 51.1 +

CN CaixinChinaCompositePMI Aug 52.4 – 51.9 +

CN CaixinChinaServicesPMI Aug 52.7 – 51.5 +

BZ GDP(QoQ) 2Q 0.2% 0.0% 1.0% +

BZ GDP(YoY) 2Q 0.3% 0.0% (0.4)% +

BZ UnemploymentRate Jul 12.8% 13.0% 13.0% +*FGRT’sevaluationoftheactualfigure’simpactontheeconomyrelativetohistoricalbenchmarksandthecurrentmacroeconomicenvironment:+indicatesapositivesignalforthecountry’seconomy,–indicatesanegativesignaland=indicatesanegligibleormixedimpact.Source:USBureauofEconomicAnalysis/NationalAssociationofRealtors/USBureauofLaborStatistics/InstituteforSupplyManagement/Eurostat/Markit/InstitutoBrasileirodeGeografiaeEstatística/FGRT

9

September8,2017


EARNINGSCALENDAR

Sales(Mil.) EPS

Company

EarningsReleasePeriod Date

ConsensusTY LYActual

ConsensusTY LYActual Currency

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

Next(NXT.L) 1H18 Sep14 1,902 1,940 1.62 1.87 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 Sep22 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

FastRetailing(9983.JP) FY17 Oct12 1,861 1,787 1,104 648 JPY

ASOS(ASC.L) FY17 Oct17 1,936 1,445 0.76 0.63 GBP

eBay(EBAY) 3Q17 Oct18(E) 2,367 2,217 0.48 0.36 USD

Skechers(SKX) 3Q17 Oct19(E) 1,069 942 0.44 0.42 USD

WalgreensBootsAlliance(WBA) 4Q17 Oct19(E) 29,988 28,636 1.21 1.18 USD

10

September8,2017


EVENTCALENDAR

Event Location Date(s)

FungGlobalPresenting/Attending

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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September8,2017


DeborahWeinswig,CPAManagingDirectorFGRTNewYork:917.655.6790HongKong:852.6119.1779China:86.186.1420.3016deborahweinswig@fung1937.comKirilPopovSeniorAnalyst

JohnHarmon,CFASeniorAnalyst

JohnMercerSeniorAnalyst

StevenWinnickResearchAssociate

CharliePoonResearchAssistant

HongKong:2ndFloor,HongKongSpinnersIndustrialBuildingPhase1&2800CheungShaWanRoad,KowloonHongKongTel:85223004406London:242-246MaryleboneRoadLondon,NW16JQUnitedKingdomTel:44(0)2076168988NewYork:1359Broadway,18thFloorNewYork,NY10018Tel:6468397017

FungGlobalRetailTech.com

source: globaldata source: coindesk · 9/8/2017 · typical remodels. the retailer, based in...

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