September 29, 2017€¦ · 29/09/2017 · according to business website BusinessInsider.com. These...
Transcript of September 29, 2017€¦ · 29/09/2017 · according to business website BusinessInsider.com. These...
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September29,2017
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 29, 2017
1) Thisweek’snote“FromtheDeskofDeborahWeinswig”discussesthechangesAmazonhasmadeatWholeFoodsMarketsincetheacquisitionclosedonAugust28,aswellasthechangesitisplanningtomakeandtheresponsefromothergrocers.
2) BusinessadvisoryfirmAlixPartnersreleaseditsforecastforUSretailsalesfortheupcomingholidayseason.Thefirmanticipatesthatretailerswillseeayear-over-yearsalesincreaseof3.5%–4.4%duringtheNovember–Januaryperiod.
3) GrocerydiscounterAldireporteda13.5%increaseinUKandIrelandsales,to£8.7billion(US$11.9billion),fortheyearendedDecember31,2016.Thecompanynotedthatitsawunspecifiedpositivecomparablesalesgrowthintheyear.
4) Baiduisputtingsomeseriouscashbehinditsself-drivingcarpushwithitsannouncementofa$1.5billionfundfocusedonbackingautonomous-drivingtechnologycompanies.TheChinesegianthasprioritizedautonomousvehiclesinamajorwayinrecentyears.
NumberofSocialMediaUsersWorldwide(Bil.)
Source:eMarketer
Source:MinistryofTransportofChina
560Mil.• TheMinistryofTransportofChinaexpectscitizensto
take560millionroadtripsovertheupcomingGoldenWeek,theseven-dayholidaythatcelebratesChina’sNationalDay.Trafficisforecasttobe10%higherthanoverthesameperiodlastyear.
• TheGoldenWeekandMid-AutumnFestivalaremajorpromotionaloccasionsforretailersinChina,asmanyChineseconsumersbuygiftstobringhometotheirfamiliesfortheholidays.
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1.401.59
1.912.14
2.282.46
2.622.77
2.903.02
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September29,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
FromtheDeskofDeborahWeinswig
AmazonIsMakingBigChangesatWholeFoodsMarketandCreatingWavesinGroceryOnAugust28—thedayAmazonclosedits$13.7billionacquisitionofWholeFoodsMarket—subtlechangeswerealreadyevidentinWholeFoodsstores,whererecentlyinstalleddisplaypyramidsofferedAmazon’sEchoandDotintelligentconnecteddevices.Ontheclosingdate,WholeFoodscutpricesupto40%onmanystaples,suchasbananas,eggsandgroundbeef.
Amazonalsopromisedtomakefurtherchanges,includingmakingitsAmazonPrimesubscriptionplantheWholeFoodscustomerrewardsprogram;offeringWholeFoodsproductsthroughAmazon.com,AmazonFresh,PrimePantryandPrimeNow;andputtingAmazonLockersintoWholeFoodslocations.PrimemembersarelikelytoreceiveadditionaldiscountsatWholeFoodsstoresinthefuture,effectivelydrivingthemfromonlinetoofflineshopping.
AlthoughitisreasonabletoexpectthatAmazonwillneedsometimetoaccomplishallofitsplans,thecompanyhasalreadyhitthegroundrunning.Ittookadvantageoftheinterimbetweentheacquisitionannouncementandthedealclosetoquicklyexecuteonanumberoftheseinitiatives—promptingacompetitiveresponsefromothergrocers.
WholeFoodsproductsonAmazon.Morethan1,000WholeFoodsproductsareavailableonAmazon.com,accordingtobusinesswebsiteBusinessInsider.com.Theseincludebutter,turkeybreast,cookies,icecreamsandwiches,shampooandlaundrydetergent.Asimpleofsearchof“WholeFoodsMarket”onAmazon’shomepageturnsupbeautyproducts,nutritionalsupplementsandcerealbarsunderWholeFoods’365EverydayValueprivatelabel.
AmazonLockersinWholeFoodsstores.SomeWholeFoodslocationsnowincludeAmazonLockers,whichholdpackagessecurelyuntilcustomersarrivetopickthemupandenterapasscodetoretrievethem.Amazoncustomerscanalsousethelockerstoreturnitems.(Separately,Kohl’srecentlyannouncedthatitwouldsellAmazon’sEchoandothersmart-homeproducts,aswellasacceptAmazonreturns,in82ofitsstores.)
Centralizationandchangestoregionalofferings.WholeFoodsischangingthewayitmarketsproductstoitscustomers,accordingtoTheWallStreetJournal.Thecompanywillnolongerpermitbrandrepresentativestovisititsstorestoensurethatproductsarestockedanddisplayedcorrectly.Inaddition,theproductassortmentisbecomingcentralized,whicheliminatesthepracticeoflocalbrandsmarketingtheirproductstoindividualstoresandregions.Rather,productassortmentdecisionswilllargelybemadebymanagersatWholeFoods’Austin,TX,headquarters.ThesemoveswilllikelyenableWholeFoodstoofferbetterpricestocustomersthroughgreaterbargainingpowerwithitssuppliersandtobetterintegratewithAmazon’se-commerceplatform.However,customerswilllosethelocalflavoranduniquenesstheirnearestWholeFoodsofferedbefore.
Despitedrivinggreaterefficiencyinstores,WholeFoodsplanstohiremoreworkersandcontinuetoopenmorestores.Theintegrationofthetwocompanies’point-of-saleandmerchandisingsystemswilltakesometime—butAmazonhasdemonstratedthatitismovingattopspeedinenactingthesechanges.
CompetinggrocershavebeenforcedtorespondtoAmazon’schangesatWholeFoods.Interestingly,Krogerismovingintheoppositedirectionintermsoflocalizationbyincreasingitslevelofpartnershipwithlocalbrands.Thecompanyalreadysourcesfromthousandsoflocalsuppliersanditrecentlylaunchedawebsitewiththeslogans“KrogerLovesLocal”and“WeAreLocal”thataimstoencouragemorelocalbrandstosignuptosellinitsstores,accordingtoCNBC.Toincreaseconsumerinterestinshoppingandeatinglocal,Krogerwillcontinuetoofferfoodsamplingandfoodeducationinitsstores.
Thoughithasonlybeenamonthsincetheacquisitionwasfinalized,AmazonhasalreadyimplementedanumberofsignificantchangesatWholeFoodsstoresthatarecreatingripplesthroughoutthegroceryindustry.IndustryobserversandcompetinggrocersareanxiouslywaitingtoseetheadditionalimprovementsandchallengesthatAmazonhasupitssleeve.
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September29,2017
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
AscenaRetailGroup 4Q17 1,658 1,812 (8.5) 57.4 57.5 (8) (16) 14 NM 4,807 4,906
FinishLine 2Q18 469 485 (3.3) 27.8 31.7 (390) 3 22 (87.1) 947 976
Nike 2Q18 9,070 9,061 0.1 43.7 45.5 (180) 950 1,249 (23.9) 1,142 1,045
Source:Companyreports
USRETAIL&TECHHEADLINESNikeDeclinesAfterAthleticGiantGivesBleakUSOutlook(September26)Bloomberg.com• NikesharesdeclinedearlyWednesdayafterthecompanysquelchedanyhopeofaquick
turnaroundatitsailingdomesticoperations.Theworld’sbiggestsportswearmakerexpectsNorthAmericansalestodeclineagainthisquarter,followinga3%dipintheregionlastquarter.Nike’sConversebusinessalsowilldropinthecurrentperiod.
• TheslumphasforcedNiketorelymoreheavilyonoverseasgrowth,especiallyinChina.Internationalsales—alongwithanaggressivecost-cuttingplan—helpedthecompanypostfirst-quarterprofitsthattoppedestimatesonTuesday.CEOMarkParkervowedtoigniteglobalgrowththrough“innovativeproductsandthemostpersonal,digitallyconnectedexperiencesinourindustry.”
ManselltoRetireasKohl’sCEO;FormerStarbucksExecutiveGasstoSucceedHim(September26)JSOnline.com• MichelleGass,whojoinedKohl’sfouryearsagoafterasuccessfulrunatStarbucks,will
succeedKevinMansellasCEOatKohl’s.ThechangepromisesnewperspectivesattheMenomoneeFalls–basedretailer,which,likeotherdepartmentstorechains,hasstruggledtofindapathtogrowthasonlinecompetitioneatsintosalesandconsumerpreferencesevolve.
• Amidthechanges,Kohl’sremainscommittedtobrick-and-mortar,butitisreconfiguringitsfleetofsome1,150storestoeffectivelydownsizeitsretailfootprint.AndthefirmrecentlyraisedindustryeyebrowsbyunveilinganalliancewitharchrivalAmazon.
BankruptToys“R”UsSecuresFinancing,BeginsHolidayHiring(September26)JSOnline.com• Toys“R”Ussaidinareleasethatithadclosedon$3.1billioninbankruptcyfinancingfroma
groupoflendersledbyJPMorgan.Theretailersaidthefundswouldbeusedtomodernizeitsstoresaswellasupdateitse-commerceplatformandinfrastructure.Toys“R”UsannouncedonSeptember21thatitwouldbeginhiringseasonalworkersinstoresandinfulfillmentoperationsinsixofitstopmarkets—NewYorkCity,LosAngeles,Philadelphia,Chicago,BostonandGroveport,OH.
• Theretailerexpectsseasonaljobsinthosemarketstotop12,000,accordingtotherelease.ThehiringannouncementcamejustoveraweekafterthetoyretailerfiledforChapter11bankruptcyfollowingyearsofstrugglingwithamultibillion-dollardebtload.
WEINSWIG’SWATCHING
Thisweek,theFGRTteamattendedtheColliersRetailRoundtablelunchinHongKongandthePepcomHolidaySpectacular!EastinNewYork.
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
TargetRaisesMinimumHourlyWageto$11,Pledges$15byEndof2020(September25)Reuters.com• Targetsaiditwouldincreaseitsminimumhourlywagethisyearbyadollar,to$11,vowing
toraisethisbytheendof2020to$15anhour—theso-calledlivingwagethatlaboradvocatesacrosstheUSarecampaigningfor.TheMinneapolis-basedretailer,whichplanstostarthikingminimumpayacrossitsstoresto$11anhourinOctober,providedassurancesthatthemovewouldnothurtitspreviouslyannouncedfull-yearandquarterlyearningsforecasts.
• Amidincreasingcompetitionforworkersinastrengtheninglabormarket,the“FightforFifteen”movement—aunion-ledpushfora$15minimumwage—hasbeengainingtractionincitiesacrossthecountry.
RetailSalestoRise3.5%–4.4%ThisHolidaySeason,AccordingtoAlixPartners’Forecast(September20)AlixPartnerspressrelease• BusinessadvisoryfirmAlixPartnersreleaseditsforecastforUSretailsalesfortheupcoming
holidayseason.Thefirmanticipatesthatretailerswillseeayear-over-yearsalesincreaseof3.5%–4.4%overtheNovember–Januaryperiod.
• JoelBines,co-headoftheAlixPartners’retailpracticeandamanagingdirectoratthefirm,said,“Theso-calledRetailApocalypsemaynotbenighafterall.Basedonouruniqueandhistoricallyhighlyaccuratemethodology,weseeafairlyhealthyholidayseasonforretail.”
EUROPERETAILEARNINGS
Boohoo.comacquiredamajoritystakeinPrettyLittleThingonJanuary3,2017,andinNastyGalonFebruary28,2017.Source:Companyreports/FGRT
EUROPERETAILHEADLINESAldiReports13.5%JumpinUKandIrelandSales(September25)Companypressrelease• GrocerydiscounterAldireporteda13.5%increaseinUKandIrelandsales,to£8.7billion
(US$11.9billion),fortheyearendedDecember31,2016.Grossprofitdeclinedby7%inaprice-competitiveenvironment.Operatingprofitdeclinedby17%asAldicontinuedtoopenstores.
• PrivatelyownedAldinotedthatitsawunspecifiedpositivecomparablesalesgrowthintheyear.Thecompanycurrentlyoperates726UKstoresandplanstoopen70newUKstoresin2018.
Marks&SpencerLaunchesGroceryE-CommerceTrials(September22)Retail-Week.com• TheUK’sMarks&Spencerhaslaunchedtwogrocerye-commercetrials.Inonetrial,
shopperswithinrangeofthecompany’sCamden(London)branchcanopttohave“dinnerfortonight”optionsdeliveredtothemwithinonehourorhavearegulargroceryorderdeliveredintwohours.Inthesecondtrial,Marks&Spencerisofferingaclick-and-collectserviceatitsWoodleystorenearReading.
• Thetrialsareavailableonlytomembersofthecompany’sSparksloyaltyprogram.Marks&Spencerhaslongresistedsellinggroceriesonline,inpartduetothetypicallysmallerbasketsizesofgroceryorders.
TescoClosesinonSuperValuinIreland(September25)ESMMagazine.com• InIreland,second-placegrocerTescohasnarrowedthegapwithmarketleaderSuperValu,
accordingtonewdatafrommarketmeasurementserviceKantarWorldpanel.Inthe12
Company
Revenues(USDMil.)
ChangeinUSD(%)
ChangeinReportingCurrency
(%) GrossMargin(%)Change(bps)
NetIncome(USDMil.)
YoY%Change StoreFleetEOP
Period TY LY
TY LY
TY LY
TY LY
Boohoo.com 1HEAug31 336 177 89.4 106.5 53.3 55.3 (200) 19.9 15.8 26.1 N/A N/A
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
weeksendedSeptember10,Tescoexperienceditsstrongestgrowthinmorethanfiveyears,withsalesup4.3%.SuperValugrewsalesby0.9%inthesameperiod.
• DiscountersLidlandAldigrewsalesby2.4%and3.3%,respectively,duringthe12-weekperiod.
UberSetforTalksoverLondonBan(September25)BBC.com• UberlookssettomeetLondon’stransportregulatorafterTransportforLondondeniedthe
companyanewlicensetooperateinthecity.Uber’scurrentlicenseexpiresSeptember30.• UberChiefExecutiveDaraKhosrowshahiissuedanapologyacknowledgingthatthecompany
hadmade“mistakes.”MayorofLondonSadiqKhansaidhewelcomedtheapologyandaskedTransportforLondonto“makethemselvesavailable”tomeetwithUber.
DeliverooSecuresNewFunding(September25)TheTimes.co.uk• UKfood-deliveryserviceDeliveroohassecured$385millionofnewfunding,valuingthefirm
atmorethan$2billionandmakingitoneofBritain’smostvaluableprivatecompanies.• InvestmentmanagersT.RowePriceandFidelityledthelatestfundinground.
ASIATECHHEADLINESDidiInvests$200MillioninChineseAuto-TradingPlatformRenRenChe(September25)TechCrunch.com• China’sDidiChuxinghasbackedRenRenChe,aChina-based,onlinepeer-to-peercar
marketplace,viaa$200millionstrategicinvestment.ItisnotclearwhatRenRenChe’svaluationispost-investment,butinitslastfundinground,ayearago,thecompanywasvaluedat$500million.Assumingithasnotraisedfundsatadown-round,itwouldnowbeworthatleast$700million.
• Didiisvaluedatmorethan$50billionanditson-demandcarempirestretchesbeyondChina,whereitisintheprocessofbuyingUber’slocalbusiness.ThefirmhaslinksinEurope,SouthAmerica,India,SoutheastAsia,theUSandtheMiddleEastthankstoinvestmentsinthelikesofTaxify,99,Ola,Grab,LyftandCareem.
SoutheastAsiaGamesFirmSea,FormerlyGarena,Filesfor$1BillionUSIPO(September23)TechCrunch.com• SoutheastAsia–basedgamesande-commercefirmSea,formerlyknownasGarena,has
officiallyfiledforitsmuch-anticipatedUSIPO.Thecompany,whichisvaluedatmorethan$3.75billion,willlistontheNewYorkStockExchangeas“SE”andislookingtoraise$1billion.
• SeaisbestknownforitsGarenagamingbusiness,whichfocusesonPCgamesbutalsoincludesmobilegames.Inrecentyears,ithasbranchedoutintoe-commercewithitsShopeeserviceandintopaymentswithitsAirPaybusiness.TheGarenagamesportalhad40.1millionmonthlyusersasofJune2017,with12.9milliondailyusersspendinganaverageof2.3hoursperdayontheservice.GarenaisSea’sonlyrevenuegenerator,asthecompanyisstillsubsidizingShopeeandasAirPayisavailableinjustthreemarkets.
BaiduAnnounces$1.5BillionFundtoBackSelf-DrivingCarStartups(September21)TechCrunch.com• Baiduisputtingsomeseriouscashbehinditsself-drivingcarpushwithitsannouncementof
a$1.5billionfundfocusedonbackingautonomous-drivingtechnologycompanies.TheChinesegiant,bestknownforitsInternetsearchserviceandartificialintelligencetechnology,hasprioritizedautonomousvehiclesinamajorwayinrecentyears,sothenewscomesaslittlesurprise.
• BaidumadeitsApolloself-drivingcarplatformfreelyavailabletotheautoindustryearlierthisyear.Itquicklypickeduppartnersanditcurrentlyclaimstohaveabout70,includingHyundai,Bosch,Continental,Nvidia,MicrosoftCloud,Velodyne,TomTom,UCARandGrab.
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
TwitterIsTestingaTwitterLiteAndroidApp,FirstinthePhilippines(September23)TechCrunch.com• TwitterhasnearlyfourtimesasmanymonthlyactiveusersoutsidetheUSasitdoesinits
homemarket—260millionversus68million—anditlaunchedanewappinanefforttoboostthosenumbersfurther.ThesocialnetworkistestinganAndroidappforTwitterLite,anativeappversionofamobilewebsiteTwitterlaunchedearlierthisyearthatuseslessmobiledatatoworkinthePhilippines.
• Thelighterdataloadmeansthattheappisespeciallyusefulforemergingmarkets,wheredatanetworksareoftenslowerandmoreexpensiveforconsumerstouse.“ThePhilippinesmarkethasslowmobilenetworksandexpensivedataplans,whilemobiledeviceswithlimitedstoragearestillverypopularthere.TwitterLitehelpstoovercomethesebarrierstousageforTwitterinthePhilippines,”saidaTwitterspokesperson.
LATAMRETAIL&TECHHEADLINESFacebookPoachesSASLatAmHead(September25)ZDNet.com• FacebookhaspoachedatopexecutiveatanalyticsfirmSAStoheaditsBraziloperations.
ConradoLeisterwillbetakingoverasBrazilGeneralManageratFacebookfollowingthedepartureofMarcosAngelinieightmonthsearlier.
• Leister’sarrivalmeansthatFacebook’sLatinAmericahead,DiegoDzodan,willbeabletoreturntohisoriginalrole.DzodanhadbeencombiningaccountabilityforBrazilwiththeregionalremitsinceAngelini’sdeparture.
TabletSalesContinuetoDeclineinBrazil(September22)ZDNet.com• TabletsalesinBrazilcontinuedtodropinthesecondquarterof2017,accordingtoanalysis
firmIDC.The790,000devicessoldduringtheperiodrepresentedan8%dropfromthe860,000unitsshippedinthesecondquarterof2016.
• AccordingtoIDC,tabletsalestotaledR$400million(US$127million)duringthesecondquarter,11%lessthaninthesameperiodlastyear,butup9%comparedwiththefirstquarterof2017.
KasperskyLabSecuresContractwithBrazilianArmedForces(September20)ZDNet.com• KasperskyLabhaswonabidtosupplycybersecuritytoolstotheBrazilianArmedForces.
Aftera“complexpubliccompetition”throughlocalchannelpartnerEsyWorld,theRussiancompanysaiditunderwenta“rigorousevaluationprocess”toestablishwhetheritssoftwareofferingsweresuitedtothepurpose.
• Thethree-yearcontractisworthR$8.4million(US$2.6million)intotal,ofwhichR$4.5million(US$1.4million)willbeallocatedtoArmyprojects,R$2.3million(US$735,000)toAirForceprojectsandR$1.6million(US$512,000)toNavyprojects.
CarrefourBrasilNamesPriouxtoReplaceDesmartisasCEO(September22)Kitco.com• CarrefourBrasilhasnamedNoëlPriouxasCEOasitexpandsoperationsafterpricingthe
country’slargestIPOinyears.• PriouxwillreplaceCharlesDesmartis,whodecidedtoleavethegroup,astatementsaid.The
companyalsoelectedPrioux,a33-yearCarrefourveteran,asamemberofthecompany’sboardinBrazil,effectiveOctober2.
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September29,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
MACROUPDATEKeypointsfromglobalmacroindicatorsreleasedSeptember20–27,2017:
1) US:ExistinghomesalesintheUStotaled5.35millioninAugust,down1.7%monthovermonth.Newhomesalesdroppedby3.4%monthovermonthinAugust,to560,000.Housingpricesincreasedby5.8%yearoveryearinJuly.
2) Europe:IntheUK,retailsalesexcludingautofuelincreasedby1.0%monthovermonthandby2.8%yearoveryearinAugust.Intheeurozone,theMarkitManufacturingPurchasingManagers’Index(PMI)increasedto58.2inSeptember,whiletheServicesPMItickedupto55.6.
3) Asia-Pacific:InJapan,supermarketsalesweredown0.5%yearoveryearinAugust.Nationwidedepartmentstoresaleswereup2.0%yearoveryearinAugust,whileTokyodepartmentstoresaleswereup3.6%yearoveryear.
4) LatinAmerica:InMexico,retailsalesincreasedby0.3%monthovermonthandby0.4%yearoveryearinJuly.TheunemploymentrateinMexicoedgedupto3.3%inAugust.
*FGRT’sevaluationoftheactualfigure’simpactontheeconomyrelativetohistoricalbenchmarksandthecurrentmacroeconomicenvironment:+indicatesapositivesignalforthecountry’seconomy,–indicatesanegativesignaland=indicatesanegligibleormixedimpact.Source:NationalAssociationofRealtors/USCensusBureau/S&PDowJones/UKOfficeforNationalStatistics/Markit/JapanChainStoresAssociation/JapanDepartmentStoreAssociation/JapanFranchiseAssociation/InstitutoNacionaldeEstadísticayGeografía/FGRT
Country/Region Indicator Period Actual Survey Prior Impacton
Economy*
US ExistingHomeSales(Mil.) Aug 5.35 5.45 5.44 –
US ExistingHomeSales(MoM) Aug (1.7)% 0.2% (1.3)% –
US NewHomeSales(Thous.) Aug 560 585 580 –
US NewHomeSales(MoM) Aug (3.4)% 2.5% (5.5)% –
US S&PCoreLogicCase-Shiller20-CityCompositeIndex(SA,MoM) Jul 0.4% 0.2% 0.1% +
US S&PCoreLogicCase-Shiller20-CityCompositeIndex(NSA,YoY) Jul 5.8% 5.7% 5.7% +
UK RetailSalesexAutoFuel(MoM) Aug 1.0% 0.1% 0.7% +
UK RetailSalesexAutoFuel(YoY) Aug 2.8% 1.4% 1.7% +
UK RetailSalesIncl.AutoFuel(MoM) Aug 1.0% 0.2% 0.6% +
UK RetailSalesIncl.AutoFuel(YoY) Aug 2.4% 1.1% 1.4% +
EZ MarkitEurozoneManufacturingPMI(Prelim.)
Sep 58.2 57.2 57.4 +
EZ MarkitEurozoneServicesPMI(Prelim.) Sep 55.6 54.8 54.7 +
EZ MarkitEurozoneCompositePMI(Prelim.) Sep 56.7 55.6 55.7 +
JP SupermarketSales(YoY) Aug (0.5)% – 0.0% –
JP NationwideDept.Sales(YoY) Aug 2.0% – (1.4)% +
JP TokyoDept.StoreSales(YoY) Aug 3.6% – (0.9)% +
JP ConvenienceStoreSales(YoY) Aug (0.9)% – 0.0% –
MX RetailSales(MoM) Jul 0.3% 0.0% (1.1)% =
MX RetailSales(YoY) Jul 0.4% 1.0% 0.4% =
MX UnemploymentRate(SA) Aug 3.3% 3.3% 3.2% –
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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
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
Zalando(ZAL.DE) 3Q17 Oct18 1,040 835 0.03 0.02 EUR
Skechers(SKX) 3Q17 Oct19(E) 1,069 942 0.44 0.42 USD
Kimberly-Clark(KMB) 3Q17 Oct23 4,658 4,594 1.55 1.52 USD
VFCorp.(VFC) 3Q17 Oct23 3,384 3,488 1.12 1.15 USD
Apple(AAPL) 4Q17 Oct24(E) 50,709 46,852 1.88 1.66 USD
Alibaba(BABA) 2Q18 Oct24(E) 52,064 34,292 6.92 3.10 CNY
ExpressScripts(ESRX) 3Q17 Oct24 25,679 25,410 1.90 1.27 USD
Procter&Gamble(PG) 1Q18 Oct24(E) 16,662 16,518 1.07 1.01 USD
UnderArmour(UA) 3Q17 Oct24(E) 1,482 1,472 0.19 0.29 USD
Carter’s(CRI) 3Q17 Oct25(E) 949 901 1.65 1.61 USD
Facebook(FB) 3Q17 Oct25(E) 9,821 7,011 1.39 0.82 USD
WalgreensBootsAlliance(WBA) 4Q17 Oct25 29,988 28,636 1.21 1.18 USD
Amazon(AMZN) 3Q17 Oct26(E) 41,212 32,714 1.89 0.52 USD
Baidu(BIDU) 3Q17 Oct26(E) 23,479 18,253 13.23 8.71 CNY
Debenhams(DEB.L) FY17 Oct26 2,947 2,342 0.06 0.07 GBP
Alphabet(GOOGL) 3Q17 Oct26 21,891 22,451 10.09 7.17 USD
SimonPropertyGroup(SPG) 3Q17 Oct26(E) 1,393 1,357 2.87 2.70 USD
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
EVENTCALENDAR
Event Location Date(s)
FGRTPresenting/Attending
2017RetailCyberIntelligenceSummit Chicago,IL Oct3–4
GMDCRetailTomorrow NewYork,NY Oct4–5
FashionTechForum2017:WestCoastDebut LosAngeles,CA Oct6
ShoptalkEurope Copenhagen,Denmark Oct9–11 √
Walmart2017InvestmentCommunityMeeting Bentonville,AR Oct10
RetailCongressAsiaPacific HongKong Oct10–11
KrogerInvestorConference NewYork,NY Oct11
2017TechstarsDemoDay Minneapolis,MN Oct11
REConLatinAmerica&Caribbean SanJuan,PR Oct15–17
SourcingJournalSummit2017 NewYork,NY Oct17
ICSCNewYorkNextGenerationBreakfastProgram NewYork,NY Oct17
SourcingJournalSummit2017 NewYork,NY Oct17
ExclusiveExecutiveConference Orlando,FL Oct17–19 √
NACSShow2017 Chicago,IL Oct17–20
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
FortuneGlobalForum Guangzhou,China Dec6–8 √
ICSCNewYorkDealMaking NewYork,NY Dec6–8
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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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