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August25,2017
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
August 25, 2017
1) Thisweek’snote“FromtheDeskofDeborahWeinswig”discussestheuseoffacial-recognitiontechnologyforuseridentificationinthenextgenerationofsmartphones.
2) ManyUSfamiliesstillhavealotofshoppinglefttodoastheypreparetheirchildrenforthestartofschool.AccordingtotheNationalRetailFederation’s(NRF’s)annualsurvey,theaveragefamilywithchildreningradesK–12hadcompletedonly45%oftheirshoppingasofearlyAugust.
3) DiscounterLidlhasbecometheUK’sseventh-largestgroceryretailer,accordingtonewdatafrommarketmeasurementfirmKantarWorldpanel.LidlgrewitsUKsalesby18.9%inthe12weeksendedAugust13.Aldi,theUK’sfifth-largestgroceryretailer,grewsalesby17.2%.
4) AlibabahascontinueditspushintoSoutheastAsiaafterleadinga$1.1billioninvestmentinTokopedia,ane-commercefirmbasedinIndonesia.Tokopedia,whichwasfoundedin2009,operatesamarketplacethatallowssmallretailersandlargebrandstoselltoconsumers.
SalesofAmazonPrivate-LabelBrands:1H17(USDMil.)
Source:1010data
Source:Companyreports
300• Kohl’sannouncedamajorstoreoptimizationand
rightsizingplanthatincludesnewinteriorlayoutsthatwillmakestoresoperationallysmaller.Thecompanyhasalreadyoptimized300storesandsaidthatnearlyhalfofKohl’sstoreswillbemadeoperationallysmallerundertheplanbytheendof2017.
• Thecompanyalsoplanstoopenfoursmall-formatstoresof35,000squarefeeteachinOctober2017,addingtotheeightsmall-formatKohl’sstoresthatopenedin2016.
0 50 100 150 200 250
AmazonBasics
Echo
FireTV
Kindle
AmazonElements
Pinzon
HappyBelly
Lark&Ro
BugonedDown
AmazonEssenhals
2
August25,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
FromtheDeskofDeborahWeinswig
FacialRecognition:ComingSoontoaSmartphoneNearYouFacialrecognitionhaslongbeenthestuffofsciencefiction,withbooksandmoviesincludingscenesoffacialorretinalscansbeingusedtoidentifyentrantstosensitivemilitarycomplexes.Thetechnologyhasalsobeenusedforcertainnichepurposesformanyyears,suchastokeepcriminalsandundesirablesoutofgamblingcasinos.Inaddition,theCityofLondonhasasmanyasamillionCCTVcamerasstationedthroughoutthecityinordertohelpidentifyandcatchsuspectedbadguys.
Now,facialidentificationiscomingtoasmartphonenearyou.Advancesinartificialintelligenceoverthepastfewyears,particularlytheuseofdeep-learningtechnologyforpatternrecognition—combinedwithinexpensive,high-resolutionimagesensorsincellphones—haveputthetechnologyinthepalmsofourhands.
Apple,whichhashistoricallycombinedoff-the-shelftechnologiesininnovativewaysandthenusedsavvymarketingtopushitsnewproducts,oftenreceivescreditfor“inventing”novelapproaches.ThecompanyisonceagainattheepicenterofbuzzwithitsupcomingiPhonemodels,whicharerumoredtoincludefacialrecognitionhardware.RecentiPhonemodelsrelyonafingerprintsensorthatworkswiththe“home”buttontoidentifytheuser,butfuturemodelsarethoughttoincludeanall-glassfrontscreen.Thatwouldnegatetheneedforthebutton,butalsoeliminatethespotwherethefingerprintsensorwaslocatedonoldermodels.
ThenewiPhone8isexpectedtoincludeanarrayofinfraredlaserscalledverticalcavitysurface-emittinglasers(VCSELs),whichwillcapturea3Dimageoftheoperator’sface.Althoughfacialrecognitionisatrickytask,itismuchsimplertoidentifyasubject’sfacialfeaturesfromjustafewfeetawaythanitistoidentifythemfromagrainysurveillancevideocapturedbyacamerapositionedonawallorbuildingmuchfartheraway.Removingthesolefront-panelbuttonfromtheiPhonewouldalsoboostthephone’soverallminimalism,whichwouldlikelypleasetheorchestratoroftheoriginaliPhone,SteveJobs.Inaddition,theremovalofthefront-panelbuttonwouldeliminatefalsepresses,refusalstoauthenticateduetodirtyfingersandtheassociatedsmudgesthatinevitablyresultfromunlockingthephone.
EventhoughApple’sglobalshareofthesmartphonemarketisabout15%,thecompany’sinfluenceoverthetechindustryismuchgreater.The3DsensorarrayoffersmanyinterestingpossibilitiesinconcertwithARKit,Apple’ssoftwaretoolkitforbuildingaugmented-realityappsfortheiPhoneandiPad.Althoughaugmented-realitytechnologyisheretoday,sofartherehasnotbeena“killerapp”thathasspurredwidespreadadoption.
Asnotedabove,Applewasnotthefirstcompanytodevelopfacialrecognitiontechnologyforconsumerapplications.InteldemonstrateditsRealSensetechnologyattheCEStradeshowin2016,withCEOBrianKrzanichparticipatinginademothataimedtoopenadoorlockusingfacialrecognitiontechnology.Thedemofailed—asdemosoftendo—toKrzanich’schagrin,butitshowedwhatwaspossiblewiththetechnology.Intelalsodemonstratedalaptopversionofacamerathatenableduserstologintoacomputerwithoutenteringapassword.Aftertheuserloggedin,thecomputer’ssoftwareprovidedallnecessarypasswords,withouttheuserhavingtomemorize(andforget…andreset)them.
AquickInternetsearchshowsavarietyofIntelRealSensewebcamsatpricesstartingat$50,butthesearemuchtoolargeandexpensivetobeintegratedintoasmartphone.Thus,atechnologicalleapinbothhardwareandsoftwarewasnecessary,andthelatestgenerationsofsmartphonesfromSamsung,LGandSonyoffervariouslevelsoffacialrecognitiontechnology.Android’sIceCreamSandwichsmartphoneoperatingsystemhasfacialrecognitionfunctionalitybuiltin.
Biometrictoolssuchasfingerprintandfacialrecognitionareopeningthedoortoanewphaseofdeviceusageandconsumerfriendliness.Consumerswillnolongerhavetomemorizeeasilyforgettablepasswordsandcodes,norwilltheyhavetopresstheirthumbtotheirphonetounlockit:theywillonlyhavetoholdthephoneinfrontoftheirface—nobuttonpushingneeded.3Dimagingarraysandbuilt-inaugmented-realitysoftwareputanenormousamountofcomputingandimagingpowerinthehandsofconsumers,andtech-savvyretailersarelikelytostartimagininghowtheycanusethesetechnologiestoempowerconsumersandmakeshoppinganeasierandmorepleasurableexperience.
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August25,2017
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
Dick’sSportingGoods 2Q17 2,157 1,968 9.6 29.5 30.4 (80) 112 91 22.9 833 747
DSW 2Q17 680 659 3.3 28.9 28.4 60 29 25 14.2 510 480
EstéeLauder 4Q17 2,894 2,646 9.4 78.8 80.7 (190) 190 158 20.3 N/A N/A
FootLocker 2Q17 1,701 1,780 (4.4) 29.6 33.0 (340) 51 127 (59.8) 3,441 3,470
Gap 2Q17 3,799 3,851 (1.4) 38.9 37.3 162 271 125 116.8 3,642 3,730
LBrands 2Q17 2,755 2,890 (4.7) 37.3 38.5 (120) 139 252 (44.9) 3,871 3,792
RossStores 2Q17 3,432 3,181 7.9 29.5 29.2 25 317 282 12.3 1,589 1,501
Target 2Q17 16,429 16,169 1.6 30.5 30.9 (40) 672 680 (1.2) 1,816 1,797
Walmart 2Q18 123,355 120,854 2.1 25.8 26.0 (15) 2,899 3,773 (23.2) 11,600 11,539
Source:Companyreports
USRETAIL&TECHHEADLINESKleinerPerkinstoInvest$40MillioninToronto-BasedTulip.io(August22)TheWallStreetJournal• Tulip.io,whosemobilesoftwareallowssalesassociatesandretailerstoengagemore
effectivelywithcustomers,hasraised$40millioninanewroundofventurecapitalfinancingledbyKleinerPerkinsCaufield&Byers.
• Thefinancing,whichmarksKleinerPerkins’largestinvestmentinaCanadiantechnologystartup,willhelpTulipdoubleitsstaff,expandtoretailersinEurope,SouthAmericaandAsia,anddevelopitssoftwareforotherindustriessuchasthehospitalitysector.Thecompany’ssoftwareisalreadybeingusedbymajorUSretailerssuchasHudson’sBayCompany’sSaksFifthAvenueandCoach,andisusedacross25countriesandinsevenlanguages.
WalmartNearsaPilotDealtoOfferCustomersInstallmentLoans(August22)TheWallStreetJournal• UpstartfinancingfirmAffirmisintalkstoofferinstallmentloanstoWalmartcustomers,said
peoplefamiliarwiththematter.Thedevelopmentisthelatestsignofretailers’desiretoreachnewcustomerswithlimitedcredithistoriesandoftheintensifyingcompetitionfacingcreditcardproviders.
• Affirm,basedinSanFrancisco,andWalmart,basedinBentonville,AR,arenearinganagreementonapilotinwhichAffirmwouldofferinstallmentloanstosomeWalmartshoppersintheUSassoonasthisfall,thepeoplesaid.
LowPriceIstheOnlyWinnerinRetail(August18)TheWallStreetJournal• Itmightseemlikethemostbasicretailmaxim,butthesecondquarterdrilledithomefor
investors:lowpricesmatter.Theonlywinnersinthesecondquarterinanotherwisebleakretaillandscapeweretheonesofferingthelowestprices.
• Thelistofcompaniesthatpostedsalesgrowthinthequarter,includingWalmart,Target,RossStoresandAmazon.com,shareonemajorcharacteristic:lowprices.EvenGapgotaboostfrom5%same-storesalesgrowthatitsinexpensiveOldNavybrand.Thetrendisgrimforbrandsthathavecommandedpremiumsandfortraditionalretailers,especiallybecausetheyallneedtobeinvestingine-commercejusttokeepup.
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August25,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
MoreParentsHoldingOffonBack-to-SchoolShopping(August22)NRFpressrelease• Eventhoughmoreparentsstartedback-to-schoolshoppingearlythisyear,manyfamilies
stillhavealotofshoppinglefttodoastheypreparetheirchildrenforthestartofschool.AccordingtotheNationalRetailFederation’s(NRF’s)annualsurvey,theaveragefamilywithchildreningradesK–12hadcompletedonly45%oftheirshoppingasofearlyAugust.
• Thatisdownfromapeakof52%atthesametimein2013and48%lastyear,anditisthelowestlevelsincethefigurehit40%in2012.OfparentssurveyedAugust1–9,only13%hadcompletedalltheirshopping—and23%hadnotstartedatall.Thenumberofparentswhoplannedtostartshoppingatleasttwomonthsbeforethebeginningofschoolwasupthisyear,at27%,comparedwith22%lastyear.
USE-CommerceSalesSurge16.3%inSecondQuarter(August17)SGBMedia• TheUSCensusBureauestimatedthatUSretaile-commercesalesforthesecondquarterof
2017,adjustedforseasonalvariationbutnotforpricechanges,totaled$111.5billion,anincreaseof16.2%fromthesecondquarterof2016.
• Totalretailsalesincreasedby4.1%,to$1.27trillion,inthesameperiod.E-commercesalesinthesecondquarterof2017accountedfor8.9%oftotalsales;however,adeeperlookintothenumbersrevealsamuchhighershareofbusinessfortheInternetchannel.
EUROPERETAILHEADLINESUKRetailSalesGrowAheadofInflationinJuly(August17)ONSpressrelease• JulywasanothersolidmonthforUKretail,accordingtotheOfficeforNationalStatistics
(ONS),withsalesup4.2%yearoveryear.Theratewascomfortablyaheadofsectorwideinflationof2.7%,meaningthatBritscontinuedtogrowtheirretailspendinginrealterms.
• Yearoveryear,clothingspecialists’saleswereup6.0%,whileInternetpureplaysandmailorderretailersgrewsalesby20.9%,andgroceryretailersenjoyeda3.6%increaseinsales.
LidlBecomesUK’sSeventh-LargestGroceryRetailer(August22)KantarWorldpanelpressrelease• DiscounterLidlhasbecometheUK’sseventh-largestgroceryretailer,accordingtonewdata
frommarketmeasurementfirmKantarWorldpanel.LidlgrewitsUKsalesby18.9%inthe12weeksendedAugust13.FellowdiscounterAldi,whichisalreadytheUK’sfifth-largestgroceryretailer,grewsalesby17.2%.
• MarketleaderTescosawsalesincreaseby3%,whileSainsbury’swasup2.0%,Asda1.4%andMorrisons2.6%.Thetotalgrocerymarketgrewby4.0%andinflationstoodat3.3%inthe12-weekperiod.
MissguidedBrotherLabelMennaceLaunchesinSeptember(August21)DrapersOnline.com• ThechiefexecutiveofMissguided,NitinPassi,issettolaunchamenswearbrand,Mennace,
onaseparate,stand-alonee-commercesiteinSeptember.• Thebrand,whichisseparatefromMissguidedbutsitswithinthesamegroup,launcheda
capsulecollectiononASOSlastDecember,butwillnowrolloutafullcollection,includinghoodies,joggers,jeans,T-shirtsandjackets.
SportsDirectIncreasesStakeinDebenhamsto21%(August22)RetailGazette.co.uk• BritishsportinggoodsretailerSportsDirecthasincreaseditsstakeinDebenhamsyetagain,
from19%to21%.InApril,theretailerhadonlya13.38%stake.• SportsDirectownerMikeAshleyhasnotrevealedtheintentionsbehindboostinghis
company’sholding,althoughmediasourcespredictthatthiswillleadtoatakeover.
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August25,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
AldiSellsGamesinGermany(August21)RetailDetail.eu• BothAldiNordandAldiSüdwillstartsellingonlinevideogamesinGermanybeginning
August21,thedaybeforeEurope’slargestgamingconventionbegins.• Thediscounter’swebshopwillhousegamesfrommorethan100developersandstudiosas
wellasfromeverymajorgamingplatform,makingAldioneofthelargestgamingstoresinGermany.
ASIATECHHEADLINESAlibabaLeads$1.1BillionInvestmentinIndonesia-BasedE-CommerceFirmTokopedia(August17)TechCrunch.com• AlibabahascontinueditspushintoSoutheastAsiaafterleadinga$1.1billioninvestmentin
Tokopedia,ane-commercefirmbasedinIndonesia.Tokopedia,whichwasfoundedin2009,operatesamarketplacethatallowssmallretailersandlargebrandstoselltoconsumersinIndonesia,SoutheastAsia’slargesteconomy.
• “ThepartnershipwithAlibabawillenhancethescaleandqualityofTokopedia’sofferingstoitscustomersandmakeiteasierformerchantsandpartnerstodobusinessacrossthearchipelagoandbeyond,”thecompaniessaidinanannouncement.
Alibaba,Tencent,DidiandOtherTechFirmsPour$12BillionintoMobileOperatorChinaUnicom(August16)TechCrunch.com• Chinaisabouttotakenetneutralitytothenextlevelafteragroupofinfluentialtech
companiesthatincludesBaidu,Alibaba,Tencent,DidiChuxingandJD.comagreedtoinvestnearly$12billionintostate-runmobileoperatorChinaUnicom,thesecond-largestoperatorinChina,with269millionmobilecustomers.
• TheinvestmentisbeingmadeaspartofChina’s“mixedownership”strategy,whichwasannouncedin2014andencouragesstateentitiestotakeonprivatecapital.ChinaUnicomsaidinafilingthatthedealwillhelpitrethinkitscorporatestructureandencouragemoreinnovativethinkingwithinitsstrugglingbusinessunits.
JurassicParkSpursUKGameMakerBackedbyTencenttoRecord(August22)Bloomberg.com• FrontierDevelopments,aBritishvideo-gamemakerbackedbyTencent,willreleaseJurassic
WorldEvolutionforPC,PlayStation4andXboxOneconsolesinthesummerof2018.ThefranchisecoulddoubleFrontier’srevenueby2019,saidLiberumanalystAndrewBryant.
• FrontierwilllikelybenefitfrommarketingspendingbyComcast’sUniversalPictures,whoseJurassicWorld:FallenKingdommovieisdueforUSreleaseinJunenextyear.“It’sclearlyveryexciting,”Bryantsaid.“Asafranchise,JurassicWorldishuge.What’simportantisthatthistitleistiedwiththefilmrelease,soFrontierbenefitsfromthemarketingspendbyUniversal.”
Alibaba’sProfitDoublesto$2.1BillionAfterAnotherHugeQuarterofBusiness(August17)TechCrunch.com• Chinesee-commercegiantAlibabareportednetprofitof¥14billion(US$2.1billion)forits
recentquarter,up96%yearoveryear.Totalrevenuegrewby56%,to¥50.2billion(US$7.4billion),withthefirmreporting466millionactivebuyersovertheprevious12-monthperiod.
• “Alibabahadastrongstarttofiscal2018,reflectingthestrengthanddiversityofourbusinessesandthevaluewebringtocustomersonourplatforms.Ourtechnologyisdrivingsignificantgrowthacrossourbusinessandstrengtheningourpositionbeyondcorecommerce,”AlibabaCEODanielZhangsaid.
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August25,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
LATAMRETAILANDTECHHEADLINESSASAppointsNewBrazilHead(August17)ZDNet.com• AnalyticssoftwarecompanySAShaspromoteditsformerheadofitscommercialdivisionto
presidentofitsBraziliansubsidiary.Aspartofatransitionalperiod,CássioPantaleoniwillbeworkinguntiltheendoftheyearalongsideConradoLeister,whohadbeenactingaspresidentforbothBrazilandLatinAmericaandtheCaribbean.
• AccordingtoSAS,thedecisiontosplitLeister’sroleistheresultofthepositiveperformanceithasseenoverthelastfewquartersinBrazil.Despitetheeconomicandpoliticalinstabilitythecountryhasundergoneoflate,Brazilisstilloneofthecompany’stopfiveglobalmarkets.
BrazilianFashionRetailerWorthMorethanRalphLauren(August18)LeadersLeague.com• OnJune16,theBrazilianpublicationExamereportedthatLojasRenner,aBrazilianprêt-à-
porterretailer,hasovertakenfamousAmericanbrandRalphLaurenintermsofmarketvalue.LojasRennerwasworth$5.75billion,whileRalphLaurenwasworth$5.64billion,themagazinesaid.
• ThesenumbersweregatheredbythecompanyEconomaticaatExame’srequestinordertocomparethesizeofthefashioncompaniesintheUSandBrazil.Pertheresearch,US-basedTJXCompaniesisthemostvaluablefashionretailerinbothnations,withmorethan$47.4billionofstocksinthemarket.
DufryOpens400-Square-MeterShopatT2MexicoCityAirport(August18)TRBusiness.com• TheDufryGrouphasinaugurateditsnewstoreatMexico’sBenitoJuárezInternational
AirportTerminal2.ThetravelretailerwasawardedtherighttooperatetheconcessionearlierthisyearatthesametimethatitsealedanagreementwithMadrid-basedcruiselineGrupoPullmantur.
• Locatedintheinternationaldepartureshallandspanning400squaremeters,themainstorestocksawideassortmentoffragrances,foodandbeverages,tobaccoandluxuryaccessories.Inaddition,theshopwillstocklocaldelicaciessuchasfinetequila,mezcal,Mexicanchocolate,hotsaucesandgourmetcoffee.
BxbluetoMovePayroll-SecuredLoansOnlineinBrazil(August15)Reuters.com• Payroll-securedloansarea$40-billion-a-yearbusinessinBrazil,butthatbusinesslargely
happensoffline.AstartupinYCombinatorcalledBxbluewantstochangethatbycreatingamarketplaceforborrowerstoevaluatemultipleloanoptionsallinoneplace.
• InBrazil,oneofthemorepopularpersonalloanproductsisavailabletogovernmentemployeesandpensioners.Lendersofferattractivepersonalloanstothisgroupbecausetheirincomeisregularandguaranteed,andthebankscanautomaticallydeductpaymentsdirectlyfromaborrower’spaycheck.
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August25,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
MACROUPDATEKeypointsfromglobalmacroindicatorsreleasedAugust16–23,2017:
1) US:InJuly,UShousingstartsdroppedby4.8%monthovermonth,to1.16million,whileindustrialproductionincreasedby0.2%monthovermonth.Bothreadingscameinweakerthanconsensusestimates.Consumersentimenttickedupto97.6inAugust.
2) Europe:IntheUK,theunemploymentrateedgeddownto4.4%inJune;theratewasslightlylowerthantheconsensusestimate.UKretailsaleswerestrongerthanexpectedinJuly:excludingautofuel,retailsalesgrewby0.5%monthovermonth,comparedwiththemarket’sestimateof0.1%growth.
3) Asia-Pacific:InAustralia,theunemploymentratestoodat5.6%inJuly,inlinewiththemarket’sexpectation,whilethelaborparticipationratetickedupslightly,to65.1%.InJapan,departmentstoresalesfellby1.4%yearoveryearinJuly.
4) LatinAmerica:InBrazil,theFGVGeneralPriceIndex-10(IGP-10)decreasedby0.2%monthovermonthinAugust.IndustrialconfidenceinBrazilincreasedto52.6inAugustandthecountry’stradebalanceincreasedto$1.3billion.
*FGRT’sevaluationoftheactualfigure’simpactontheeconomyrelativetohistoricalbenchmarksandthecurrentmacroeconomicenvironment:+indicatesapositivesignalforthecountry’seconomy,–indicatesanegativesignaland=indicatesanegligibleormixedimpact.Source:USCensusBureau/USFederalReserveBoard/UniversityofMichigan/UKOfficeforNationalStatistics/Eurostat/AustralianBureauofStatistics/JapanDepartmentStoreAssociation/JapanFranchiseAssociation/FundaçãoGetulioVargas/ConfederaçãoNacionaldaIndústria/MinistériodaIndústria,ComércioExterioreServiços/FGRT
Country Indicator Period Actual Survey Prior ImpactonEconomy*
US HousingStarts(Thous.) Jul 1,155 1,220 1,213 –
US HousingStarts(MoM) Jul (4.8)% 0.4% 7.4% –
US BuildingPermits(Thous.) Jul 1,223 1,250 1,275 –
US BuildingPermits(MoM) Jul (4.1)% (2.0)% 9.2% –
US IndustrialProduction(MoM) Jul 0.2% 0.3% 0.4% –
US UniversityofMichiganIndexofConsumerSentiment(Prelim.) Aug 97.6 94.0 93.4 +
UK ILOUnemploymentRate(3Mos.) Jun 4.4% 4.5% 4.5% +
UK RetailSalesexAutoFuel(MoM) Jul 0.5% 0.1% 0.6% +
UK RetailSalesexAutoFuel(YoY) Jul 1.5% 1.2% 2.8% +
AU UnemploymentRate Jul 5.6% 5.6% 5.7% +
AU LaborParticipationRate Jul 65.1% 65.0% 65.0% +
JP NationwideDepartmentStoreSales(YoY) Jul (1.4)% – 1.4% –
JP TokyoDepartmentStoreSales(YoY) Jul (0.9)% – 1.1% –
JP ConvenienceStoreSales(YoY) Jul 0.0% – (0.1)% –
BZ FGVInflationIGP-10(MoM) Aug (0.2)% (0.1)% (0.8)% =
BZ CNIIndustrialConfidence Aug 52.6 – 50.6 +
BZ TradeBalance(Weekly,Mil.) Aug20 $1,332 – $873 =
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August25,2017
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
BigLots(BIG) 2Q17 Aug25 1,214 1,203 0.62 0.53 USD
Carrefour(CA.PA) 1H17 Aug30 40,161 37,292 0.30 0.31 EUR
Chico’sFAS(CHS) 2Q17 Aug30 579 636 0.21 0.25 USD
FiveBelow(FIVE) 2Q17 Aug30 277 220 0.26 0.18 USD
VeraBradley(VRA) 2Q18 Aug30 112 119 0.10 0.18 USD
DollarGeneral(DG) 2Q17 Aug31 5,805 5,392 1.09 1.08 USD
LululemonAthletica(LULU) 2Q17 Aug31 567 515 0.35 0.38 USD
G-IIIApparelGroup(GIII) 2Q18 Aug31(E) 522 442 (0.26) 0.02 USD
RestorationHardware(RH) 2Q17 Sep7(E) 607 543 0.46 0.28 USD
Morrisons(MRW.L) 1H18 Sep14 8,404 8,032 0.06 0.05 GBP
Prada(1913.HK) 1H17 Sep15(E) 1,528 1,554 0.06 0.06 EUR
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
RiteAid(RAD) 2Q18 Sep21(E) 7,836 8,030 0.00 0.02 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) 9M17 Sep28 53,678 48,982 3.10 2.91 SEK
Tesco(TSCO.L) 1H17 Oct4 27,997 27,338 0.04 0.01 GBP
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August25,2017
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 √
10
August25,2017
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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