February 25, 2019 Company Earnings Update Register for Free Access Vipshop (NYSE: VIPS) 4Q18 Results: Active Customers Increase Thanks to WeChat Mini Programs, but Revenue Growth SlowsVipshop reported revenue of ¥26.1 billion for the fourth quarter of 2018, up 8.1% year over year. Revenue growth was driven by the increase in the number of total active customers and the apparel category. Gross profit for the quarter increased 2.8% year over year to ¥5.4 billion, while gross margin decreased 110 basis points to 20.6%.
February 22, 2019 Company Earnings Update Register for Free Access Loblaw (TSX: L) 4Q18 Results: Revenues Miss Expectations as Food Demand Proves “Moderate” and Pharmacy Sales Remain SoftLoblaw fourth quarter 2018 revenues miss expectations as food demand moderates and pharmacy sales remain soft. Full year revenues were up just 0.2% while EPS climbed a moderate seven cents per share.
February 22, 2019 Company Earnings Update Register for Free Access Gildan (NYSE: GIL) 4Q18 Results: Activewear Drives Strong Revenue GrowthGildan 4Q18 sales rose 13.6% driven by a 22.3% increase in activewear sales. Adjusted operating margin expanded 230 bps due to a 300 bps decline in the SG&A expense ratio. The company’s 2019 outlook includes a 10% increase in adjusted EPS and mid-single-digit sales growth.
February 22, 2019 Company Earnings Update Register for Free Access CVS (NYSE: CVS) 4Q18 Results: Revenues Beat Consensus; FY19 Profit Outlook Poor Due to Aetna IntegrationCVS reported 4Q18 revenues of $54.4 billion and adjusted EPS of $2.14, up 11.5%. FY18 revenues increased 5.3% to $194.0 billion and adjusted EPS by 19.9% to $7.08. CVS expects FY19 revenues to grow 28.4-30.7% to $249.9-254.3 billion.
February 21, 2019 Market Navigators/Market Outlook Premium Sector Overview: Convenience Stores — As Consumers Seek Ever More Convenience, Digitalization PrevailsThe convenience store sector is changing to adapt to consumers who live in an increasingly digitalized world who expect both quality and convenience. E-commerce, hypermarket and supermarket operators are muscling into the space, opening their own smaller retail formats. We expect consolidation as M&A activity continues.
February 21, 2019 Market Navigators/Market Outlook Premium Sector Overview: Mass Merchants — Dollar Stores Expand, Mass Merchandisers Digitalize and Costco Widens Its Lead Among Warehouse ClubsAs store closures resume in earnest in 2019, dollar stores are bucking the trend, expanding rapidly. Look for technology to be a deciding factor in the coming years as brick and mortar companies integrate online and offline offerings.
February 20, 2019 Company Earnings Update Register for Free Access Walmart (NYSE: WMT) Fiscal 4Q19 Earnings: Beats EPS Estimates from Strong Expense ManagementWalmart reported fiscal 4Q19 revenues of $138.8 billion, up 1.9% year over year and in line with the consensus estimate. Total revenues excluding foreign currency effects were $140.5 billion, up 3.1%. Membership and other income was $1.1 billion, down 6.0%. Walmart U.S. e-commerce sales increased 43%, benefiting from strong online grocery sales. U.S. comps increased 4.2%, ahead of the 3.1% consensus estimate.
February 20, 2019 Market Navigators/Market Outlook Premium Sector Overview: Apparel & Footwear — Consumer Connectivity Changing Sector LandscapeNew digital marketplaces have made the apparel and footwear market truly global, giving consumers access to brands and products once available only by traveling. Brands are bringing products to neighborhoods that previously had very little access to the latest fashion trends.
February 18, 2019 Company Earnings Update Register for Free Access Unicharm (TYO: 8113) FY18 Results: Revenue Below Consensus, China Remains a Main MarketUnicharm reported FY18 revenue of ¥688.3 billion, slightly below the consensus estimate of ¥689.2 billion and up 7.3% from FY17.
February 15, 2019 Market Navigators/Market Outlook Premium Sector Overview: Luxury — New Customers and New Business Models Equals a New LuxuryRapidly changing consumer attitudes, sophistication and expectations have shaken the status quo in luxury, pushing purveyors into the tech-savvy 21st century. Those that don’t keep pace with the new luxury consumers will be left behind.
February 15, 2019 Company Earnings Update Register for Free Access Canada Goose (NYSE: GOOS) 3Q19 Results: Revenue and EPS Beat Consensus, Raises FY19 GuidanceCanada Goose revenues up 50%, EPS up 64%, revises guidance upwards, plans two new Canada manufacturing facilities, bringing total to eight.
February 15, 2019 Company Earnings Update Register for Free Access Taubman Centers (NYSE: TCO) 4Q18 Results: Beats Consensus Estimates, Lowers 2019 Guidance, Announces Sale of Half its Stake in Asia MallsTaubman Centers revenues down 2.7%, net operating revenue down 2.6%, EPS slides 84.9%. Company to sell 50% of its interests in three Asia shopping centers for $480 million.
February 14, 2019 Company Earnings Update Register for Free Access Unibail-Rodamco-Westfield (AMS: URW) FY18 Results: Earnings Beat Guidance, Capital-Consolidation Phase Ahead in the Near TermUnibail-Rodamco-Westfield (URW) reported 2H18 gross rental income of €1.22 billion, up 33.7% year over year and FY18 gross rental income of €2.2 billion, up 21.3% year over year.
February 14, 2019 Company Earnings Update Register for Free Access Kering (ENXTPA: KER) FY18 Results: Gucci’s Momentum Sets Kering’s StrideKering reported 2018 EPS from continuing operations of €20.88, up 52.2% from €13.72 in 2017. Total revenues were €13.67 billion, up 26.3% year over year (up 29.4% on a comparable currency basis) and above the €13.59 billion consensus estimate.
February 14, 2019 Market Navigators/Market Outlook Premium Sector Overview: Beauty Brands and Retailers — Global Companies are Innovating with Independent Brands to Expand PortfoliosThe $464 billion global beauty industry is seeing independent brands, diversification of traditional retailers, growth in men and children and new channels such as popups, medical retailers and pharmacies. Consumers are looking for “clean beauty” and dermocosmetics.
