Company Earnings UpdateFarfetch (NYSE: FTCH) 1Q19 Results: Strong Growth Driven by Platform GMV Coresight Research May 16, 2019 Executive Summary Farfetch 1Q19 revenues grew 38.6% to $174.1 million, beating the $171.1 million consensus estimate, primarily driven by 43.2% growth in platform services revenue to $141.8 million. GMV rose 43.2% to $419.3 million, driven mainly by an increase of 64.3% in active consumers to 1.7 million. The company reported adjusted EPS of $(0.22), missing the $(0.15) consensus estimate but improving from $(0.18) in the year-ago quarter. Guidance for 2019 includes 41% growth in GMV and an adjusted EBITDA margin of (16-17)%, slightly higher than the 4Q18’s outlook of 40% growth in GMV and an adjusted EBITDA margin of (18-19)%. This document was generated for
Company Earnings UpdateMacy’s (NYSE: M) 1Q19 Results: Revenues Down, Comp Sales Up, Beats EPS Estimates, Expanding Backstage to 50 Stores Coresight Research May 16, 2019 Executive Summary Macy’s fiscal 1Q19 revenues were $5.50 billion, down 0.7% year over year and just below the consensus estimate of $5.53 billion. The company reported 1Q19 adjusted EPS of $0.44, down 8.3% from the year-ago period but beating the consensus estimate of $0.33. The company saw comparable sales growth of 0.6% on an owned basis, and 0.7% on an owned plus licensed basis. For FY19, management affirmed its guidance for comparable sales growth of flat to 1% for owned stores and owned and licensed stores. The company expects net sales to be approximately flat, and diluted earnings per share to be $3.05-3.25 compared to consensus of $3.10. This document was generated for
Insight ReportInsights from China: China’s Nasdaq-Style Tech Board and Its Implications for Businesses Coresight Research May 16, 2019 Executive SummaryIn our weekly series Insights from China, we examine issues that affect international brands and retailers in China. We cover areas such as policy, consumer behavior, consumer sentiment, government regulations and the competitive landscape — as they affect the business operations and future outlook. This week, we look at China’s new Nasdaq-style tech board on the Shanghai Stock Exchange and the implications for businesses. Already a subscriber? Log in You are currently viewing a preview of this report. Please select an access option to view the full report. Hide Options - Show Options + Get unlimited access to all our research with one of our subscription plans. View Subscription Plans or Contact us to purchase this report. Contact us ✕ This document was generated for
Event CoverageWorld Retail Congress 2019: Day 2 Insights Coresight Research May 16, 2019 Executive SummaryThe Coresight Research team is in Amsterdam this week, attending and participating in the 2019 World Retail Congress, running May 14-16. These are some of the highlights from day 2: Coresight Research CEO and Founder Deborah Weinswig moderated a panel discussion on tech with humanity, looking at how retailers can approach the cutting edge of technology to ensures it is customer centric and above all useful. Technology is driving faster, more sustainable supply chains. China’s booming consumer market presents a huge opportunity for retailers, but breaking into the domestic market can be challenging. Localization, key opinion leaders and digitalization are the keys to success. Click here to view highlights from Day 1 and the 3-day recap. This document was generated for
Flash ReportKroger and Lindsay Goldberg Announce the Formation of PearlRock Partners Coresight Research May 16, 2019 Executive SummaryOn May 14, 2019, Kroger and Lindsay Goldberg, a private investment firm, announced a collaboration to form an investment vehicle named PearlRock Partners. PearlRock Partners has been created to identify attractive consumer product brands, invest in them and foster their growth. PearlRock Partners’ main focus is to look for emerging consumer brands with strong growth potential. Small and extra-small consumer brands are growing sales at a much faster rate than bigger players. This document was generated for
Event CoverageWorld Retail Congress 2019: Day 1 Insights Coresight Research May 15, 2019 Executive SummaryThe Coresight Research team is in Amsterdam this week, attending and participating in the 2019 World Retail Congress, May 14-16. These are some of the highlights from day 1: Coresight Research CEO and Founder Deborah Weinswig moderated a lunch session looking into best practices for cross-border retailing – especially in China’s booming domestic market. Purpose is emerging as retail’s North Star: Consumers embrace brands with purpose, but what does it mean? Coresight Research Managing Director of Luxury and Fashion Marie Driscoll hosted a panel on high-end velocity, looking at the shape of new luxury and what luxury brands need to do to keep ahead of changing consumer perceptions. Click here to view highlights from Day 2 and the 3-day recap. This document was generated for
Company Earnings UpdateRalph Lauren (NYSE: RL) 4Q19 Results: EPS Beats Expectations Coresight Research May 15, 2019 Executive Summary Ralph Lauren reported fiscal 4Q19 adjusted EPS of $1.07, above the $0.89 consensus estimate. Revenues in the fourth quarter dropped 1.3% to $1.51 billion on a reported basis, driven by declining sales in North America, but were above the $1.48 billion consensus estimate. Total comparable store sales were up 1% compared to the year-ago quarter. Comps in North America were down 4%, including a 7% decline in brick-and-mortar stores and a 6% rise in digital sales. Comps in Europe and Asia experienced a 5% and 4% lift, respectively. For FY20, the company expects net revenues to increase by 2%–3%. Foreign currency is expected to have a negative impact of 90-100 basis points for the year. For 1Q20, the company expects revenue to increase 3% to 5% in constant currency due to the positive impact of Easter. This document was generated for
Company Earnings UpdateUnicharm (TYO: 8113) 1Q19 Results: Net Sales Ahead of Consensus, Asia Remains a Growth Engine Coresight Research May 15, 2019 Executive Summary Unicharm reported 1Q19 net sales of ¥168.6 billion, broadly in line with the consensus estimate and up 4.8% from 1Q18. Net sales increased for both the personal care and pet care segments, with personal care up 5.1% year over year. Asia (ex Japan) was a key driver of top-line growth, with 14.7% net sales growth in 1Q19. This document was generated for
Company Earnings UpdateDufry (SIX: DUFN) 1Q19 Results: Higher Depreciation Costs Weigh on Operating Margin, Maintains FY19 Guidance Coresight Research May 15, 2019 Executive Summary Dufry reported 1Q19 total sales of CHF 1.88 billion, up 3.4% year over year and above the consensus estimate of CHF 1.86 billion recorded by StreetAccount. The company reported diluted EPS of CHF (2.20), compared to CHF (0.89) reported in the prior year’s quarter and below the consensus estimate of CHF 1.06. Dufry maintained its earlier mid-term organic growth guidance of 3-4%, and equity free cash flow generation in the range of CHF 350-400 million for 2019. This document was generated for
Deep DiveCoresight Matrix: Computer Vision Solutions for Product Search Coresight Research May 15, 2019 Executive SummaryThis is the first in a series of reports on the Coresight Matrix, a new product to help Coresight Research clients better understand what is happening in key segments and with key players in retail technology. In this report, we look at new developments in computer vision for product search, and use our Coresight Matrix to rate leaders and emerging players by innovation effort and market power. Advances in computing power, coupled with an increasingly competitive online retail environment, have led retailers and brands to place a greater focus on improving the e-commerce product search experience. Visual search technology, an application of computer vision, helps e-commerce sites and mobile apps interpret and group images, simplifying the shopping journey and offering new ways for shoppers to explore products and interact with retailers and brands. Shoppers can upload an image, for example, and the system will find and show similar items, eliminating frustrating keyword searches. Image and visual search provide product auto-tagging solutions, eliminating the manual process of tagging products with keywords individually, while also delivering more accurate search results and greater ease finding similar products. Tech giants such as Google, Microsoft, Amazon and Alibaba are leveraging the power of computer vision technology, while startups such as Markable and Syte continue to disrupt the market. Already a subscriber? Log in You are currently viewing a preview of this report. Please select an access option to view the full report. Hide Options - Show Options + Get unlimited access to all our research with one of our subscription plans. View Subscription Plans or Contact us to purchase this report. Contact us ✕ This document was generated for
Deep DiveUS Online Grocery Survey 2019 Coresight Research May 14, 2019 Executive SummaryThe number of US shoppers buying groceries online, even if only occasionally, is substantial and growing rapidly. Some 36.8% of US consumers bought groceries online in the past year, up from 23.1% in 2018’s survey. We estimate that equates to almost 35 million more consumers buying groceries online between 2018 and 2019. However, shoppers typically buy relatively little online. Fully 72.4% buy only a small proportion of their groceries online while 11.8% buy a lot of their groceries online. Our data suggest new online shoppers could be diluting the proportion of grocery shopping the average shopper does online. Fully 62.5% of all people who bought groceries online in the past year bought them on Amazon.com, keeping Amazon in first place. Amazon shoppers typically spend less of their grocery budget online than do shoppers using Walmart.com, Target.com or Kroger.com — suggesting Amazon grocery shoppers tend to be occasional or small-basket online shoppers. The portion of people buying groceries online who bought from Walmart jumped from 25.5% in 2018 to 37.4% in 2019. Target.com also grew shopper numbers substantially: Some 15.7% of online grocery shoppers bought from Target.com in the past year, versus just 6.9% in 2018. Already a subscriber? Log in You are currently viewing a preview of this report. Please select an access option to view the full report. Hide Options - Show Options + Get unlimited access to all our research with one of our subscription plans. View Subscription Plans or Contact us to purchase this report. Contact us ✕ This document was generated for
Event CoverageWPP & Alibaba Event: How China is Reshaping Retail Coresight Research May 14, 2019 Executive SummaryCoresight Research participated in an event jointly hosted by WPP Plc. and Alibaba Group on April 24 in New York City. Coresight Research CEO and Founder Deborah Weinswig discussed the many ways in which China is reshaping retail, focusing on the five trends you need to know to succeed in this fast-growing mega market. Here are our key insights from the event: Data, social commerce and speed are fundamental to China’s New Retail. Brands need to work harder to capture Chinese consumers’ attention, as they expect every aspect of the shopping journey to be personalized. Coresight Research identified five trends brands and retailers need to know about China: luxury purchasing, plus-sized expansion, the rise of male beauty, community buying and urban farming. This document was generated for
Event CoverageNotes from the 2019 Aptos Engage User Conference: A Parade of Devoted Customers Coresight Research May 14, 2019 Executive SummaryThe Coresight Research team attended Aptos‘ fourth annual ENGAGE user conference, held in Orlando Florida. Here are a few key takeaways from the event: The current retail environment was characterized as “tough out there,” with retailers facing a host of challenges from inside and outside the industry, but modernization is being held back by lackluster capital spending. The featured guest was the company’s Aptos ONE platform, a software platform that provides nearly all the functions a retailer needs, in a modular configuration comprising microservices for the various functions. The event included testimonials from customers such as Ross Stores, WSS, Tapestry, Cole Haan, The Art of Shaving, The Vitamin Shoppe, Michael Kors, Buckle, and many more. Every customer lauded improvement from using Aptos ONE. Aptos ONE, the successor to prior, more monolithic software packages, was designed from the ground up to be cloud native, omnichannel native, mobile first and flexible. The company stressed that users could continue to run prior packages such as the Store platform with Aptos ONE. This document was generated for
Insight ReportApril 2019 US Same-Store Sales: Costco Comps Ahead of Consensus, Buckle’s Men’s Segment Outperforms Women’s, Cato Posts Robust Comps Coresight Research May 14, 2019 Executive SummaryCoresight Research’s monthly reports keep you up to date on US and UK retail sales, US retail traffic and in-store metrics, selected US retailers’ same-store sales and key global consumer indicators. Click here to view our full collection of Monthly Reports. Our monthly US Same-Store Sales Report reviews comparable sales metrics reported by Costco, Buckle and Cato. Highlights from our April US Same-Store Sales report: Costco’s same-store sales growth beat the consensus estimate. Its e-commerce segment continued to post strong growth. Buckle’s comps showed sequential improvement: Its men’s segment performed better than its women’s segment. Cato posted robust same-store sales growth, benefiting from the Easter shift. Already a subscriber? Log in You are currently viewing a preview of this report. Please select an access option to view the full report. Hide Options - Show Options + Get unlimited access to all our research with one of our subscription plans. View Subscription Plans or Contact us to purchase this report. Contact us ✕ This document was generated for
Flash ReportInsights from Alibaba’s Newly Released “The New Chinese Goods Project”: Alibaba Empowering Chinese Brands to Grow at Home and Abroad Coresight Research May 14, 2019 Executive SummaryAlibaba Group launched “The New Chinese Goods Project” on May 10. Alibaba set five goals to empower Chinese brands, including helping 700,000 Chinese brands to sell overseas through Tmall Global, Lazada and AliExpress. Chinese “traditional” brands, defined as “intangible cultural heritage brands” or “time-honored brands” by Alibaba, are becoming “young” and growing fast in the online channel. Chinese brands are attracting younger generations (those born in the 1980s, 1990s and even the 2000s) more than older shoppers. This document was generated for
