Company Earnings UpdateMacy’s (M) 4Q17 Results: Beats on EPS and Comps, Optimistic Outlook for 2018 Coresight Research February 28, 2018 Executive Summary Macy’s reported 4Q17 revenues of $8.67 billion, up 1.8% and roughly in line with the consensus estimate. Adjusted EPS was $2.82, beating the $2.67 consensus estimate and up from $2.02 in the year-ago quarter. Comp sales were up 1.3% on an owned basis versus the 0.4% consensus estimate and were up 1.4% on an owned-plus-licensed basis. In FY18, Macy’s expects comps on both an owned and owned-plus-licensed basis to be flat to up 1%. The company expects total sales to decline by 0.5%–2% for the year and adjusted EPS to be $3.55–$3.75, versus the consensus estimate of $3.18. Please Login to read the full report. Not a member? To access this content for free, register for a free account. This document was generated for
Insight ReportWaymo Set to Make the First Move in Autonomous Ride-Hailing Coresight Research February 27, 2018 Executive SummaryIn this report, we look at Waymo, a company leading the pack in self-driving technology. We also examine some recent developments that are keeping it ahead in the race for autonomous cars. In December 2016, Alphabet announced it had spun off the Google self-driving car project it had been working on into an independent entity called Waymo. In 2017, Waymo completed 352,545 miles of autonomous driving on California public roads. On January 30, 2018, Fiat Chrysler Automobiles announced an agreement “to supply thousands of Chrysler Pacifica Hybrid minivans to Waymo to support the launch of the world’s first driverless ride-hailing service.” Waymo has developed its proprietary self-driving system entirely in-house, and in the process, has managed to cut the cost of the lidar sensors (ranging technology that uses laser light) it uses by nearly 90%. Waymo had previously announced that it was looking to commercialize its self-driving technology, and develop and launch a fully autonomous car by 2020. 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 UpdatePrimark (LSE: ABF) 1H18 Pre-Close Update: Warm October Weather Holds Back Growth Coresight Research February 27, 2018 Executive Summary Primark’s parent, Associated British Foods (ABF), reported a pre-close trading statement for its 1H18 results, for the period ending March 3, 2018. ABF will announce detailed half-year results on April 17, 2018. ABF expects to report a 7% rise in Primark’s 1H18 sales at constant currency and a 9% rise as reported, driven by increased selling space. The company expects Primark’s comparable sales to decline by 1% during the period, as growth was hindered by an unusually warm October—a month when comps saw a “significant decline.” Management expects Primark’s operating margin for 1H18 to be similar to last year’s margin. The company plans to open 1.2 million square feet of selling space over FY18. Please Login to read the full report. Not a member? To access this content for free, register for a free account. This document was generated for
Deep DiveThe CORE Framework for Artificial Intelligence in Retail Coresight Research February 27, 2018 Executive SummaryWe outline the CORE framework for Artificial Intelligence (AI) in retail. This framework notes the value of AI in four areas for retailers seeking to compete with platforms such as Amazon and JD.com: Communication, with personalized homepages, emails and app experiences, plus chatbots, virtual assistants and voice assistants. Optimize Pricing, by forecasting demand and reviewing competitor pricing, which feed into dynamic pricing. Rationalize Inventory, through forecasting consumer demand, smart allocation of inventory and automated audits. Experiential Retail, with AI bringing new ways for shoppers to engage, discover, buy and pay. Click here to view more reports on AI in retail. 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 UpdateWayfair (W) 4Q17 Results: Mixed Quarter, Company Guides Down on Profitability Coresight Research February 26, 2018 Executive Summary Wayfair reported 4Q17 adjusted EPS of $(0.58), below the $(0.34) year-ago figure and missing the $(0.53) consensus estimate. Net revenue was $1.44 billion, up 46.2% year over year and ahead of the consensus estimate of $1.36 billion. Average order value was $229, above the $206.70 consensus estimate and the $203 figure from the year-ago period. The company guided for 1Q18 revenue of $1.33–$1.36 billion, above the consensus estimate of $1.28 billion. However, the company guided for an adjusted EBITDA margin of (4.2)%–(3.9)%, which is below consensus of (1.2)%. Please Login to read the full report. Not a member? To access this content for free, register for a free account. This document was generated for
Deep DiveDeep Dive: Chinese Apparel Shoppers – Online Vs. Offline Preferences and Drivers of Customer Satisfaction Coresight Research February 26, 2018 Executive Summary Although e-commerce is the preferred channel for purchasing apparel in China, brick-and-mortar is still very relevant. Our proprietary consumer survey shows that the vast majority of Chinese consumers (96%) purchase apparel both online and offline. Brick-and-mortar purchases are driven primarily by the ability to touch and feel a product before buying, while online wins for product range, price and convenience. Uniqlo earned the top spot for customer satisfaction among the top-ten apparel retailers in China, while Taobao ranked last. According to our key driver analysis, the availability of value-for-money products is the key driver of customer loyalty; fit and quality are also important. 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 PresentationThe CORE Framework for AI in Retail Coresight Research February 26, 2018 Executive SummaryThree Stages of AI Development Artificial Narrow Intelligence (ANI): “Weak AI” that specializes in one area. We have so far conquered this stage. Artificial General Intelligence (AGI): “Strong AI,” or human-level AI, that is as smart as a human across the board—a machine that can perform any intellectual task that a human being can. Artificial Super Intelligence (ASI): Much smarter than the best human brains in practically every field, including scientific creativity, general wisdom, and social skills. 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
Analyst CornerWeinswig’s Weekly February 23, 2018 Coresight Research February 23, 2018 Executive Summary This week’s note “From the Desk of Deborah Weinswig” discusses the competition among Amazon, Walmart and Alibaba as they expand their businesses in India. Grocer Albertsons will buy drugstore chain Rite Aid in a deal that would accelerate the remaking of the US retail and healthcare industries. Chanel has taken a minority stake in London-based luxury platform Farfetch as part of a tie-up to develop digital services. Under the deal, Chanel will not sell its products through Farfetch, but will work with the platform on digital innovations linked to customer services. Mexico’s biggest retailer, Walmex, reported fourth-quarter net profit and sales growth despite rising inflation last year. The company said its fourth-quarter net profit rose by 1.7% year over year, boosted by same-store sales across Mexico and Central America. Please Login to read the full report. Not a member? To access this content for free, register for a free account. This document was generated for
Store TrackerWeekly Store Openings and Closures Tracker 2018, Week 8: Warby Parker to Open 36 Stores Across the US Coresight Research February 22, 2018 Executive SummaryCoresight Research tracks store closures, openings and bankruptcies for a select group of retailers in the US and the UK. Our Weekly Store Tracker focuses on department stores and specialty retail stores, including, but not limited to, those selling softlines, hardlines, consumer electronics, groceries and furniture. Click here to view our full collection of Weekly US and UK Store Trackers. Highlights from this week’s Store Tracker: Year-to-date 2018, the number of US store closure announcements stands at 1,790 and the number of store openings is 1,546. Warby Parker will open around 36 stores, aiming to operate nearly 100 stores across the US by the end of the year. Winn-Dixie may prepare to file for bankruptcy and close 200 of its stores as early as March. Tops Friendly Markets may seek court protection as early as this month, which may lead to the closure of its 170 grocery stores. Gap CEO Jeff Kirwan is stepping down and Brent Hyder will oversee the brand while a search for a replacement is under way. Albertsons will acquire more than 2,500 Rite Aid stores. Year to date in the UK, there have been 76 store closure announcements and 491 store opening announcements. 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 UpdateVF Corporation (VFC) 4Q17 Results: Mixed Results, Mixed Guidance Coresight Research February 22, 2018 Executive Summary VF Corporation reported 4Q17 adjusted EPS of $1.01. Revenues were $3.65 billion, slightly below the consensus estimate of $3.67 billion. During the quarter, the company announced that it had reached a decision to sell its Nautica brand business. The company guided for 1Q18 EPS of $0.65, above the consensus estimate of $0.63. The company expects 1Q18 revenue of $2.9 billion, which is lower than the consensus estimate of $2.95 billion. Please Login to read the full report. Not a member? To access this content for free, register for a free account. This document was generated for
Company Earnings UpdateHome Depot (HD) 4Q17 Results: Beats on Earnings and Comps, Boosted by Hurricane-Related Sales; Raises FY18 Guidance Coresight Research February 22, 2018 Executive Summary Home Depot reported 4Q17 adjusted EPS of $1.69, up from $1.44 in the year-ago quarter and beating the $1.62 consensus estimate. Total revenues were $23.9 billion, beating the consensus estimate of $23.7 billion. Total comps rose by 7.5% during the quarter, beating the 6.5% consensus estimate. Comps for US stores were up 7.2%. Comp growth was driven by a 5.5% increase in average ticket spend and a 1.9% increase in customer transactions. Home Depot raised its FY18 guidance. The company now expects revenue growth of 6.5% year over year, versus 6.3% previously, and comp growth of 5.0%. Please Login to read the full report. Not a member? To access this content for free, register for a free account. This document was generated for
Flash ReportGap Announces Departure of Gap Brand President Coresight Research February 22, 2018 Executive Summary On February 20, Gap Inc. announced that Jeff Kirwan, President and CEO of the Gap brand, would leave the company. In the interim, Brent Hyder, current EVP of Global Talent and Sustainability for Gap Inc., will oversee the brand. Hyder previously served as COO of the Gap brand and as VP and General Manager of Gap Japan, leading all aspects of the business in Japan. Kirwan has served as President and CEO of the Gap brand since December 2014. He joined the company in April 2007 and previously held various roles at Gap China, Old Navy and Old Navy Canada. Please Login to read the full report. Not a member? To access this content for free, register for a free account. This document was generated for
Insight ReportAmazon’s Patents: Measuring the Tech Giant’s Intellectual Property Coresight Research February 22, 2018 Executive SummaryIn this report, we explore Amazon’s patent initiatives and history and examine some of the company’s latest inventions. As of January 23, 2018, Amazon owned 7,096 US patents filed under two business entities, Amazon Technologies, Inc., and Amazon.com, Inc. The company holds more patents than most other US retailers and more patents than its closest global competitor, Alibaba. Amazon holds more US patents related to emerging technologies—such as machine learning, cloud computing, artificial intelligence (AI) and robotics—than tech firms Apple and Facebook do. Amazon spent $16.1 billion on various R&D initiatives in 2017, making it one of the top-ranked companies in terms of R&D investment last year. 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
Insight ReportWhere Have Macy’s Shoppers Gone? Coresight Research February 21, 2018 Executive SummaryMacy’s is the US department store market leader, but the company has experienced falling sales and consequent loss of market share in recent years. To find out where those shopper dollars have gone, we surveyed US consumers and asked those respondents who said that they shop less for apparel at Macy’s than they used to which retailers they have switched their apparel spending to. Amazon is frequently cited as the cause of sales declines at department stores, but much less than half of the consumers we surveyed who had switched some or all of their apparel spending away from Macy’s redirected that spending to Amazon. J.Maxx/Marshalls, Target, Kohl’s and Walmart have gained meaningfully as consumers have transferred their apparel spending away from Macy’s, according to our survey. The prominence of value retailers as switching destinations indicates that shoppers have downgraded apparel as a spending priority. Fully 37.5% of US consumers we surveyed agreed that clothing is now less of a spending priority for them than it was about three years ago. Amazon Prime membership represents a big divide in terms of what retailers shoppers transfer apparel spending to when they switch from Macy’s. Among respondents who spend less on apparel at Macy’s than they used to, 53% of Prime members said they have switched spending to Amazon versus just 22% of those who are not Prime. 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 UpdateWalmart (WMT) Fiscal 4Q18 Results: Solid Quarter, Outlook Slightly Below Consensus Coresight Research February 21, 2018 Executive Summary Walmart reported fiscal 4Q18 adjusted EPS of $1.33, up from $1.30 in the year-ago quarter and missing the $1.37 consensus estimate. Total revenues were $136.3 billion, up 4.1% year over year and ahead of the consensus estimate of $134.9 billion. US comp sales increased by 2.6%, ahead of the 2.2% consensus estimate, on a 1.6% increase in traffic. E-commerce sales and gross merchandise volume (GMV) increased by 23% and 24%, respectively. The company’s FY19 guidance calls for revenue growth of 1.5%–2.0%, equivalent to $507.8–$510.3 billion, below the $512.0 billion consensus estimate. The company expects FY19 EPS of $4.75–$5.00, with the $4.88 midpoint below the $4.99 consensus estimate. Please Login to read the full report. Not a member? To access this content for free, register for a free account. This document was generated for
