Company Earnings UpdateL Brands (NYSE: LB) 4Q18 Results: Mixed Results, Victoria’s Secret to Close 53 Stores in 2019 Coresight Research March 1, 2019 Executive Summary L Brands 4Q18 revenues were $4.85 billion, up 0.6% year over year and lower than the consensus estimate of $4.91 billion. The company reported 4Q18 adjusted EPS of $2.14, higher than the consensus estimate of $2.08. Comparable sales increased 3% for the 13-week quarter. By brand, Victoria’s Secret comparable sales decreased 3% in the fourth quarter, compared to a 1% decrease in the fourth quarter in the year ago period. Bath & Body Works comparable sales for stores and direct sales increased 12% in the quarter, compared to a 6% increase in the year ago period. The company expects 2019 full-year earnings per share (EPS) to be $2.20-2.60, including breakeven EPS in 1Q19. This document was generated for
Company Earnings UpdateFarfetch (NYSE: FTCH) 4Q18 Results: Strong Finish to 2018, Beating Consensus Estimates Coresight Research March 1, 2019 Executive Summary Farfetch’s 4Q18 revenues grew 54.6% to $195.5 million; GMV rose 50.1%, or $155.8 million to $466.5 million. Active customers rose 44.6% and the number of orders increased 57.8% as average transaction value declined 4.9% or $33.10 to $637.30. Outlook for 2019 includes 40% YoY growth in GMV and full year adjusted EBITDA margin of (18%) – (19%). This document was generated for
Company Earnings UpdateZalando (XTRA: ZAL) 4Q18 and FY18 Results: Final Quarter Bounce Back, But Falling Basket Sizes and Rising Fulfilment Costs Remain Problematic Coresight Research March 1, 2019 Executive Summary Zalando reported a strong conclusion to the year with revenues up 24.6% year over year in 4Q18. 4Q18 adjusted EBIT came in comfortably ahead of expectations. Full-year revenue growth and EBIT were in line with guidance. The company will begin reporting gross merchandise volume (GMV) to reflect the scale of the business. Average basket sizes declined further and the fulfilment cost ratio climbed again in 2018. This document was generated for
Event CoverageCountdown to Shoptalk 2019: Startup Pitch Competition Participant Profile, Part 8 — DeepMagic Coresight Research March 1, 2019 Executive SummaryThe Coresight Research team will attend and participate in Shoptalk 2019 March 3-6 in Las Vegas. The event brings together more than 8,000 attendees and more than 300 speakers to discuss rapid evolution of how consumers discover, shop and buy. On March 3, Coresight Research CEO and Founder Deborah Weinswig will emcee a startup pitch competition featuring 15 early-stage technology companies. Judges will select two winners for a $25,000 prize. Participating startups all have: $3 million or less in funding. Four years or less since founding. Scalable and innovative solutions for physical retail, omnichannel and e-commerce. Business-to-business (B2B) solutions. Below, we look at the last company that will compete: DeepMagic. This document was generated for
Company Earnings UpdateSteve Madden (NASDAQ: SHOO) 4Q18 Results: Steady Navigation Amid Rough Seas on Strength of Steve Madden Brand Portfolio Coresight Research February 28, 2019 Executive Summary 4Q18 sales rose 12.6% driven by a 14.1% increase in wholesale revenues and a 7.9% increase in retail sales. Same store sales rose 4% reflecting a 30% increase in SteveMadden.com sales growth. Adjusted operating profit contracted 80 bps to 9.2% of sales on 90 bps gross margin contraction in the wholesale segment offset by modest gross margin improvement in the retail segment. Adjusted EPS increased 31.3% to $0.42. Adjusted EPS guidance for 2019 is $1.75-1.83 versus adjusted EPS of $1.83. Guidance includes $0.21 in expected impact from the Payless ShoeSource bankruptcy ($0.16) and a higher tax rate ($0.05). This document was generated for
Company Earnings UpdateBest Buy (NYSE: BBY) Fiscal 4Q19 Results: Beats Consensus Estimates and Guides at or Above Consensus for FY20 Coresight Research February 28, 2019 Executive Summary Best Buy reported fiscal 4Q19 adjusted EPS of $2.72, up 12.4% year over year and beating the $2.56 consensus estimate. Revenues were $14.80 billion, down 3.7% year over year but beating the $14.68 billion consensus estimate. Domestic comps increased 3.0%, beating the 1.8% consensus estimate, while international comps increased 2.5%. Domestic online comps increased 9.3%. The company offered FY20 revenue guidance of $42.9-$43.9 billion, above the $42.8 billion consensus estimate, and adjusted EPS guidance of $5.45-$5.65, with the midpoint above the $5.49 consensus estimate. This document was generated for
Company Earnings UpdateAhold Delhaize (ENXTAM: AD) 4Q18 and FY18 Results: Merger Synergies Continue to Boost Profits Coresight Research February 28, 2019 Executive Summary Ahold Delhaize reported FY18 net sales of €62.8 billion, up 2.5% at constant exchange rates, and slightly above the consensus estimate of €62.5 billion by S&P Capital IQ. The company reported diluted EPS from continuing operations of €1.52, up 6.3% year over year and above the consensus estimate of €1.49 by CapitalIQ. Ahold Delhaize expects underlying earnings per share from continuing operations to grow by high single digits as a percentage compared to last year. This document was generated for
Insight ReportInsights from China: Millennials Travel Overseas for An Experience Coresight Research February 28, 2019 Executive SummaryWith this inaugural report in our Insights from China series, we kick off a weekly series of updates in which Coresight Research analysts provide a weekly review of what’s happening in China – and what international brands and retailers need to know. We’ll cover areas such as policies, consumer behavior, consumer sentiment, government regulations and the competitive landscape – as they affect international companies selling to Chinese consumers or looking to enter the market. This week, we look at how the changing nature of Chinese outbound tourism will affect retailers worldwide. 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
Company Earnings UpdateThe TJX Companies (NYSE: TJX) 4Q19 Results: Revenues Up, Full-Year Comps Up for 23rd Consecutive Year Coresight Research February 28, 2019 Executive Summary TJX Cos. fiscal 4Q19 revenues were $11.13 billion, up 1.5% year over year and beating the consensus estimate of $11.02 billion. The company reported adjusted EPS of $0.68, down 1.4% year over year but exceeding the high end of its guidance range of $0.66-0.67 and in line with the consensus estimate. The company saw comparable store sales growth of 6%, versus a 4% increase in the same period last year. For the full fiscal year, comparable sales increased 6%, versus a 2% increase the previous year. For 1Q20, TJX Cos. anticipates diluted EPS of $0.53-0.54, compared with $0.56 in the same period last year and below the consensus estimate of $0.58. The company estimates comparable sales growth of 2%-3% on a consolidated basis and growth of 3-4% at Marmaxx. For fiscal year 2020, the company expects EPS of $2.55-2.60, compared with the consensus estimate of $2.60. This document was generated for
Company Earnings UpdateLowe’s (NYSE: LOW) Fiscal 4Q18 Results: Mixed Results and In-Line Guidance, Yet Many Opportunities for Improvement in 2019 Coresight Research February 28, 2019 Executive Summary Lowe’s reported adjusted fiscal 4Q18 EPS of $0.80, up 8.1% year over year and beating the consensus estimate by a penny. Revenues were $15.65 billion, up 1.0% but below the $15.75 consensus estimate. Comps were 1.7%, below the 2.1% consensus estimate. US home-improvement comps increased 2.4%. Online comps increased 11%. For FY19, the company guided for 2% sales growth (slightly above the 1.8% consensus estimate), 3% comps growth and EPS of $6.00-$6.10, in line with the $6.04 consensus estimate. This document was generated for
Event CoverageCountdown to Shoptalk 2019: Startup Pitch Competition Participant Profile, Part 7 — LexSet and Mystore-E Coresight Research February 27, 2019 Executive SummaryThe Coresight Research team will attend and participate in Shoptalk 2019 March 3-6 in Las Vegas. The event brings together more than 8,000 attendees and more than 300 speakers to discuss rapid evolution of how consumers discover, shop and buy. On March 3, Coresight Research CEO and Founder Deborah Weinswig will emcee a startup pitch competition featuring 15 early-stage technology companies. Judges will select two winners for a $25,000 prize. Participating startups all have: $3 million or less in funding. Four years or less since founding. Scalable and innovative solutions for physical retail, omnichannel and e-commerce. Business-to-business (B2B) solutions. Below, we look at two of the companies that will compete: LexSet and Mystore-E. This document was generated for
Event PresentationRetail Trends and From East to West (ICSC OAC Summit) Coresight Research February 27, 2019 Executive SummaryThis presentation was given at the OAC (Open Air Center) Summit hosted by the International Council of Shopping Centers (ICSC), titled “Changing Tides – New Approaches to Research and Technology in a Shifting Demographic Landscape” and featured industry experts discussing the changing demographic landscape and its effect on the shopping center industry. Topics include: Retail trends including reshaping physical retail, fresh thinking and changing demands Trends from East to West, including growth in China and India The changing definition of luxury in Asia 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
Company Earnings UpdateMacy’s (NYSE: M) 4Q18 Results: Revenues Down But Comp Sales Up, Beating Estimates Coresight Research February 27, 2019 Executive Summary Macy’s fiscal 4Q18 revenues were $8.46 billion, down 2.5% year over year but beating the consensus estimate of $8.44 billion. The company reported 4Q18 adjusted EPS of $2.73, excluding special items, down 4.2% from the year ago period but beating the consensus estimate of $2.53. The company saw comparable sales growth of 0.4% on an owned basis, and 0.7% on an owned plus licensed basis. The company had its fifth consecutive quarter of positive comp sales and achieved a full year of positive comparable sales growth for the first time since 2014. The company announced a multiyear restructuring program to streamline management structure and fund reinvestment in the business. For FY19, management said the company anticipates comparable sales growth of flat to 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. This document was generated for
Event CoverageCountdown to Shoptalk 2019: Startup Pitch Competition Participant Profile, Part 6 — Cymbio and Spruce Labs Coresight Research February 27, 2019 Executive SummaryThe Coresight Research team will attend and participate in Shoptalk 2019 March 3-6 in Las Vegas. The event brings together more than 8,000 attendees and more than 300 speakers to discuss rapid evolution of how consumers discover, shop and buy. On March 3, Coresight Research CEO and Founder Deborah Weinswig will emcee a startup pitch competition featuring 15 early-stage technology companies. Judges will select two winners for a $25,000 prize. Participating startups all have: $3 million or less in funding. Four years or less since founding. Scalable and innovative solutions for physical retail, omnichannel and e-commerce. Business-to-business (B2B) solutions. Below, we look at two of the companies that will compete: Cymbio and Spruce Labs. This document was generated for
Company Earnings UpdateHome Depot (NYSE: HD) 4Q18 Results: Misses on Revenues and Comps, Guides Below Consensus, Housing Starts and Permits Down Coresight Research February 27, 2019 Executive Summary Home Depot reported 4Q18 EPS of $2.09, up 37.2% and beating the $2.16 consensus estimate (excluding a $0.16 charge.) Revenues were $26.49 billion, slightly below consensus. Comps were up 3.2%, missing the 4.5% consensus estimate. US comps were up 3.7%. The company guided for 2019 comp growth of 5.0% and sales growth of 3.3%, in line with consensus, and EPS of $10.03, below the $10.26 consensus estimate. Separately, the Commerce Department announced that December housing starts fell 11.2% year over year on a seasonally adjusted basis. Housing permits increased 0.3% year over year. This document was generated for
