Insight ReportGGP (GGP) 2Q16 Results: General Growth Properties Lowers FY16 Outlook on Higher Transactions Coresight Research August 2, 2016 Executive Summary For fiscal 2Q16, General Growth Properties reported diluted FFO of $0.35, up 6.1% year over year but slightly below the consensus estimate of $0.36. The company reported revenues of $574.6 million, down 0.9% year over year and below the $580.4 million consensus estimate. The company revised its FY16 outlook; it guided for an FFO increase of $0.01 related to operations and a $0.02 decrease from transactions. The company now expects FFO of $1.51–$1.55, down from $1.52–$1.56 previously and versus the consensus estimate of $1.55. 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 ReportJD.com (JD) to Embrace Brick-and-Mortar Coresight Research August 2, 2016 Executive Summary In China, online shopping mall JD.com is embracing a brick-and-mortar strategy to expand beyond its roots as a pure play. The company has opened brick-and-mortar service and distribution centers to tap into the home appliance market in rural China market. JD.com is also opening a pharmacy in Qingdao as an experimental step in its online-to-offline (O2O) strategy for pharmaceutical products, and is cooperating with third-party pharmacies to sell pharmaceutical products on its online platform. 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 ReportProcter & Gamble (PG) 4Q16 Results: Volume and Organic Sales Up; Beats Estimates Coresight Research August 2, 2016 Executive Summary Procter & Gamble (P&G) reported fiscal 4Q16 core EPS of $0.79, beating the consensus estimate of $0.74. Revenues were $16.1 billion, a decrease of 3% versus the year-ago period. The company cited foreign currency exchange, Venezuelan deconsolidation and minor brand divestitures as the reasons for the decrease. The Health Care segment was the strongest performer out of P&G’s five business segments, posting a 5% increase in volume, a 2% increase in price, a 6% increase in net sales, and an 8% overall increase in organic sales. Organic sales in Oral Care were up due to increased marketing, innovation and increased pricing. Personal Health Care organic sales increased due to higher prices in developing markets and a late cough and cold season. P&G is forecasting organic sales growth of approximately 2% for FY17. It expects the combined headwinds of foreign exchange and minor brand divestitures to reduce sales growth by about one percentage point. The company estimates total growth of approximately 1% for FY17. 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 ReportBaidu (BIDU) 2Q16 Results: Earnings and Margins Decline Due to Headwinds from Online Advertising Regulations Coresight Research August 1, 2016 Executive Summary Baidu’s gross merchandise value totaled ¥0 billion (US$2.7 billion) for 2Q16, an increase of 166% year over year. Total revenues rose by 10.2% year over year. Adjusted EBITDA declined by 19.1% year over year, excluding an exchange of Qunar shares with Ctrip. The contribution from mobile climbed to 62% from 50% in the year-ago quarter. Operating margin contracted to 15.7% from 20.9% a year ago, due to the impact of new Internet advertising regulations and increasing traffic acquisition costs as a percentage of revenue. Management guided for 3Q16 total revenues of ¥0–¥18.6 billion (US$2.7–US$2.8 billion), representing growth of (1.9)%–1.1% year over year. This document was generated for
Insight ReportGroupe Casino (EPA:CO) 1H 16 RESULTS: PROFIT JUMPS ON DISPOSAL OF ASIAN BUSINESSES Coresight Research August 1, 2016 Executive Summary Groupe Casino reported net sales of €19.7 billion in 1H16, down 8.8% from the restated 1H15 revenue and in line with the consensus estimates. EBITDA for 1H16 was €670 million, down from 1H15’s restated EBITDA of €801 million and missing the consensus estimate of €699.5 million. The margin fell by 31 basis points. Diluted underlying EPS for the group was €(0.49), down 2.1% from 1H15. The EPS reflects the dilutive effects of Monoprix convertible bonds. 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 ReportLAB 2016: Profiling John Lewis’s Accelerator Program Coresight Research August 1, 2016 Executive Summary JLAB is British retailer John Lewis’s accelerator program. Five finalists are enrolled in the 12-week program, which culminates in an investment of up to £100,000. We were invited to visit the John Lewis head office to meet the participating startups. DigitalBridge is a computer vision company that provides a platform for users to visualize how different kinds of home décor, such as wallpaper, carpet, paint, artwork and furniture, will look in their own home. Robotical offers educational robots for kids that are designed to be usable from the later stages of primary school right through to college. Ding Labs’ smart doorbell allows users to talk with the person at their door from wherever they are in the world. Link Big is an automatic tool that enables brands and retailers to sell products directly from their Instagram profile. Wedding Planner is an online wedding-planning platform where users can check suppliers’ prices, availability and recommendations. 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 ReportSupply.AI: Solving the Problem of Returns Coresight Research August 1, 2016 Executive Summary Supply.AI is an applied artificial intelligence (AI) platform that helps retailers derive maximum cost efficiencies from their order-to-cash cycle by minimizing returns of online purchases. In 2015, returns represented a $260 billion problem for retailers. The average in-store return rate has increased from 8% in 2015 according to the National Retail Federation’s Annual Return Fraud Survey to over 20% in 2016, according to Supply.AI’s analysis. Supply.AI uses AI deep learning to correlate consumers’ individual online shopping trends with their shipping patterns and return history in order to determine how likely they are to return an item. Supply.AI helped one large omni-channel retailer identify and prevent an estimated $61.2 million in returns. 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 ReportL’Oréal (ENXTPA: OR) 1H16 Results: Beats on EPS, but France Holds Back Growth Coresight Research July 29, 2016 Executive Summary French cosmetics group L’Oréal reported 1H16 revenue of €12,895 million, up 0.6% year over year and marginally below the consensus estimate of €12,958 million. At constant exchange rates, revenue climbed 4.5%. A bolstering of gross margins was partially offset by higher SG&A, in part due to a 9% jump in research and development costs. Diluted EPS, excluding nonrecurring items, came in at €3.59, beating consensus of €3.57. The company noted the difficulties of the French 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
Company Earnings UpdateAmazon (AMZN) 2Q16 RESULTS: AMAZON HAS A BIG QUARTER WITH 31% REVENUE GROWTH Coresight Research July 29, 2016 Executive Summary Amazon reported 2Q16 revenues of $30.4 billion, up 31.1% year over year, beating the $29.6 billion consensus estimate and at the high end of the guidance range of $28–$30.5 billion. EPS was $1.78, compared to $0.19 in the year-ago quarter and consensus of $1.11. Amazon Web Services (AWS) was the fastest-growing segment in the quarter, with revenues growing 58.2% to $2.9 billion. Electronics and general merchandise was the largest revenue contributor, with revenues up 33.8% year over year to $22.0 billion. For 3Q16, the company guided for revenues of $31.0–$33.5 billion, up 22%–32% year over year, compared to consensus of $31.7 billion. Amazon also guided for operating income of $50–$650 million, below the consensus estimate of $830 million. This document was generated for
Company Earnings UpdateAdidas (ETR: ADS) Raises FY16 Guidance Following Very Strong 2Q16 Results Coresight Research July 29, 2016 Executive Summary Adidas unexpectedly announced preliminary results for 2Q16 and raised its FY16 sales and profit forecasts. The 2Q16 results widely beat analysts’ estimates, and Adidas raised its profit forecast for the fourth time this year. Sales in 2Q16 received a boost from the UEFA Euro 2016 soccer tournament and from an early termination payment to end the company’s sponsorship deal with England’s Chelsea soccer club. Total 2Q16 revenues increased by 13% year over year and by 21% on a constant-currency basis, to €4.4 billion, in line with consensus. As a result of a higher gross margin and operating expense leverage, the company’s operating profit increased by 77%, to €414 million, in 2Q16. Net income from continuing operations increased by 99%, to €291 million, in the quarter, easily beating consensus of €206 million. Adjusted basic EPS doubled, to €1.45, year over year, and far exceeded the consensus of €1.01. Adidas did not provide a sales breakdown by brand or geographic region. The company will report detailed 2Q16 earnings results on August 4, 2016. This document was generated for
Analyst CornerWeekly Insights Jul 29, 2016 Coresight Research July 29, 2016 Executive Summary In this week’s From Deborah’s Desk, we discuss how social media, more affordable apparel and e-commerce are making fashion faster in Western markets. Wal-Mart has partnered with WeChat, a popular mobile-based social network, to deliver an expedited check-out process when consumers show a bar code within the app to the cashier. Additionally, a digital gift card feature allows users to send and receive virtual gift cards. The new omni-channel feature has increased shopper interaction. Online giant Amazon has announced plans to invest €500 million in the construction of a major logistics center near Rome, Italy. This comes after the Italian government passed a new policy to aid the promotion of e-commerce in Italy in order to bring it closer to the level of other major European economies. The last batch of 100,000 new tickets for the Olympic Games went on sale last Thursday and sold out within five hours of their release. The batch included tickets for swimming and tennis events (both of which were previously marked as sold out) as well as tickets for the Opening Ceremony. This document was generated for
Flash ReportCarrefour (ENXTPA: CA) 1H16 Results: Group Sees Growth in Latin America, While Sales Weaken in France and China Coresight Research July 28, 2016 Executive Summary Carrefour reported net sales of €36.3 billion in 1H16, down 3.8% from 1H15 and missing the consensus estimate of €37.1 billion. At constant currency, sales grew by 2.2%. Recurring operating income fell by 3.0%, to €706 million, but beat the consensus estimate of €686.4 million. Adjusted net income (excluding nonrecurring items) edged up 0.9%, to €235 million, beating the consensus estimate, but reported net income for the group fell by 40.8%, to €129 million, missing the consensus estimate. Adjusted EPS was €0.32 for the period, unchanged from 1H15 but beating the consensus estimate of €0.26. This document was generated for
Company Earnings UpdateAlphabet (GOOGL) 2Q16 Results: Alphabet Has a “Terrific” Quarter, Beats on Top and Bottom Lines Coresight Research July 28, 2016 Executive Summary Alphabet (the parent company of Google) reported 2Q16 revenues of $21.5 billion, up 21.3% year over year and ahead of the $20.7 billion consensus estimate. Non-GAAP EPS was $8.42, up 20.4% year over year and beating the $8.04 consensus estimate. Mobile and video were the key growth drivers in the quarter. The company did not offer guidance, but commented that it will continue to invest responsibly in many compelling opportunities. This document was generated for
Insight ReportTaubman (TCO) 2Q16 Results: Strong Quarter; Company Fine-Tunes 2016 Outlook Coresight Research July 28, 2016 Executive Summary Taubman Centers’ net income and FFO were both up in 2Q16, reaching $158.9 million and $1.04, respectively. Revenues increased by 20.4% from the year-ago quarter. Comparable center net operating income was up 6.2% in the quarter. Average rent per square foot also increased, by 5.4%. The company revised its FY16 outlook after incurring an unanticipated, two-cent legal charge, which affected FFO. 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 ReportKERING (ENXTPA: KER) 1H 16 RESULTS: SOLID SALES GROWTH DESPITE CHALLENGING MARKET Coresight Research July 28, 2016 Executive Summary French luxury group Kering reported 1H16 revenue of €5,693 million, up 3.3% from €5,513 million in 1H15. Revenues were above the consensus estimate of €5,605 million. At constant currency, revenues rose an impressive 5.5%. The Luxury activities segment’s revenue increased by 3.1% year over year and 4% on a constant currency basis to €3,878 million in 1H16. The Sports and Lifestyle activities segment’s revenue increased by 3.8% year over year, or 9.1% on a constant currency basis to €1,797 million in 1H16. Recurring operating profit grew by 4.9% to €811 million in 1H16, above the consensus estimate of €787 million. Recurring EPS increased by 6.4% to €4.13, below the consensus estimate of €4.18. Going forward, the Luxury activities will focus on achieving same-store revenue growth and a targeted and selective expansion strategy for the store network. Puma expects to achieve further revenue growth and an increase in recurring operating income for FY16. 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
