Insight ReportUlta Beauty (ULTA) 2Q16 RESULTS: MOMENTUM CONTINUES Coresight Research August 26, 2016 Executive Summary Ulta Beauty reported 2Q16 revenues of $1,069.2 million, up 21.9% from last year’s $887 million and slightly above the consensus estimate of $1.07 billion. The company acquired new customers in 2Q16. Its loyalty program surpassed the 20-million-member milestone in the quarter, and now has 20.6 million active members, up 27% from last year. Ulta also raised guidance for fiscal year 2016. The company now plans to achieve 11%–13% comps versus the previously guided 10%–12%. EPS growth for the year is now expected to be in the low- to mid-20% range, compared to the previous guidance of low twenties. 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 ReportDollar Tree (DLTR) 2Q16 RESULTS: POSITIVE COMPS IN TOUGH ENVIRONMENT, ADJUSTS GUIDANCE Coresight Research August 26, 2016 Executive Summary EPS was $0.72 versus the $0.73 consensus estimate. Revenues were $5.0 billion, below the $5.08 billion consensus estimate, and not comparable due to the acquisition of Family Dollar in July 2015. Same-store sales were up 1.2%, driven by higher customer count and average ticket, up from up 2.7% in the year-ago quarter. The company reduced 2016 revenue guidance to $20.69–$20.87 billion from $20.79–$21.08 billion previously, on a low-single-digit increase in comps and a 4.0% increase in square footage, up from 2.4%. Dollar Tree narrowed/raised its EPS guidance range to $3.67–$3.82 from $3.38–$3.80. 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 ReportDollar General (DL) 2Q16 RESULTS: MISSES ESTIMATES BUT MAINTAINS GUIDANCE Coresight Research August 26, 2016 Executive Summary Dollar General reported EPS was $1.08, below the $1.09 consensus estimate. Revenues were $5.39 billion, up 5.8% year over year but below the $5.50 billion consensus estimate. Comps declined by 0.7% on higher transaction values offset by a decline in traffic. Dollar General maintained FY16 guidance for 7%–10% revenue growth and EPS growth of 10%–15%. 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 ReportGUESS (GES) 2Q17 Results: Revenues Flat; Comp any Revises Full-Year Outlook Coresight Research August 26, 2016 Executive Summary Guess reported 2Q17 adjusted EPS of $0.14, ahead of the $0.06 consensus estimate but down 33.3% year over year. Revenues were $545.0 million, down 0.2% year over year and below the consensus estimate of $550.5 million. Europe was the strongest-performing geographic region in the quarter; revenues in the European division were up 7% year over year and up 6% in constant currency. Sales in the region were offset by lagging sales in the Americas, where revenues decreased by 3%. In Asia, revenues decreased by 6%. Wholesale revenues in the US decreased by 8%. For FY17, the company guided for a revenue increase of 3%–5%, or 2.5%–4.5% in constant currency, down from 5.5%–7.5% previously. The company raised its EPS guidance to $0.62–$0.75 from $0.55–$0.75 previously; consensus calls for full-year EPS of $0.58. 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 ReportTIFFANY & CO. (TIF) 2Q16 RESULTS: LOWER COSTS, HIGHER PRICES DRIVE BETTER MARGINS Coresight Research August 26, 2016 Executive Summary Tiffany & Company reported 2Q16 adjusted EPS of $0.84 versus the consensus estimate of $0.72. Total revenue was $931.6 million versus expectations of $932.7 million. Comps were down 9% on a global basis, driven by a 9% decline in the Americas, a 9% decline in the Asia-Pacific region, a 3% decline in Japan and a 13% decline in Europe. Other comps were down 22%, driven by lower sales in the UAE and an increase in wholesale diamonds. Management attributed the declines in sales to both local customers and foreign tourists in most regions. Management reiterated its prior guidance. EPS for the full year is expected to decline by a mid-single-digit percentage from last year’s $3.83. Sales are expected to decline by a low-single-digit rate year over 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
Analyst CornerWeekly Insights Aug 26, 2016 Coresight Research August 26, 2016 Executive Summary This week’s note “From the Desk of Deborah Weinswig” offers a view of American department stores and how the sector landscape differs from that in Europe. Over the next few months, Nordstrom will launch Space—its in-store concept boutique dedicated to advanced fashion—in four new locations. Space has attracted a new customer to Nordstrom, while the company’s existing customer has enthusiastically embraced Space’s brands, which include Vetements, Comme des Garçons and Simone Rocha. UK supermarket chain Tesco has trialed 24-hour opening at seven additional London stores on Fridays and Saturdays in order to capitalize on the new Night Tube service, the round-the-clock London Underground service that launched last weekend. On the Night Tube’s opening weekend, Tesco also operated “hydration stations,” where employees handed out Tesco Finest Orange Juice and bottled water from 3 a.m. to 7 a.m. El Puerto de Liverpool, Mexico’s biggest department-store operator, made its second major purchase this summer and won over investors. The company agreed to acquire a minority stake in Chile’s Ripley for at least US$300 million. This document was generated for
Company Earnings UpdateAhold Delhaize (AD) 1H16 RESULTS: REVENUES AND NET PROFIT UP, INTEGRATION ON COURSE Coresight Research August 26, 2016 Executive Summary Ahold reported 1H16 revenues of €20,720 million, up 3.7% from €19,977 million in 1H15. Net income grew by 10.3% to €450 million, and diluted EPS grew by 10.2% to €0.54. Sales in the US grew by 3.1% at constant currency, in the Netherlands by 4.8% and in the Czech Republic by 0.1%, also at constant currency. Delhaize Group reported 1H16 revenues of €12,439 million, up 4.2% from €11,934 million in 1H15. Net income grew by 69.4% from €134 million in 1H15 to €227 million in 1H16. Southeastern Europe saw the highest rise in revenue, 14.9%, since 1H16. Operating profit grew by 51.3% there, mainly due to strong sales in Greece and Romania and effective cost control. Ahold Delhaize is confident it will reach its synergy target of €500 million on an annual run-rate basis by mid-2019. The company expects a positive impact of €30 million to the operating income during the second half of FY16, from merger synergies. This document was generated for
Insight ReportPVH (PVH) 2Q16 Results: Mixed Picture as International Division Continues to Outpace US Division Coresight Research August 25, 2016 Executive Summary PVH Corp. reported 2Q16 adjusted EPS of $1.47 versus the consensus estimate of $1.28. Revenues increased by 4%, to $1.93 billion, from $1.86 billion in the second quarter last year, and missed the consensus estimate of $1.94 billion. Calvin Klein revenue was up 12% and Tommy Hilfiger revenue was up 6%, but these increases were offset by a 14% decrease in revenues for the company’s Heritage Brands. For FY16, the company increased its EPS guidance to $6.55–$6.65, which includes an impact of $1.60 per share related to foreign currency exchange. This is up from previous EPS guidance of $6.45–$6.55, which included a negative impact of $1.55 from foreign currency. 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) Second-Quarter FY2016 Earnings Review: Beats on EPS, Guidance Unchanged Coresight Research August 25, 2016 Executive Summary Procter & Gamble (P&G) reported fiscal-second-quarter 2016 net sales of $16.9 billion, down 9% year over year and in line with consensus estimates. The revenue decline was driven by currency, which more than offset organic growth. The company reported core EPSof $1.04 for the quarter, up 9% year over year, beating the consensus estimate of $0.98. P&G maintained its fiscal 2016 guidance for an all-in sales decline in the high-single digits and a decline in core EPS of 3%–8%. 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 ReportWilliams-Sonoma (WSM) 2Q16 RESULTS: REVENUE MISS, DOWNBEAT GUIDANCE CITES “CAUTIOUS” SHOPPER Coresight Research August 25, 2016 Executive Summary Williams-Sonoma reported 2Q16 EPS of $0.58, in line with the consensus estimate and flat year over year. Revenues were $1.16 billion, up 2.8% year over year and slightly below the consensus estimate of $1.17 billion. Comps increased 0.6% year over year, below consensus of 2.8%, based on 15.8% growth at West Elm that was partially offset by a 4.8% decline at Pottery Barn and a 5.2% decline at Pottery Barn Teen. Management lowered its full-year guidance for EPS of $3.35–$3.55 compared to prior guidance of $3.50–$3.65 and the consensus of $3.57. That is based on expected revenue growth of 2%–5%, which implies sales of $5.08–$5.23 billion versus the consensus of $5.22 billion. Comps are expected to increase in the 1%–4% range versus prior guidance of 3%–6% and consensus estimate of 3.9%. 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 ReportD’AUCHEL: A NEW WAY FOR CUSTOMERS TO EXPERIENCE PERSONAL LUXURY GOODS Coresight Research August 22, 2016 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 ReportFoot Locker (FL) 2Q16 RESULTS: TOPS EXPECTATIONS DRIVEN BY SAME-STORE SALES Coresight Research August 22, 2016 Executive Summary Foot Locker reported 2Q16 revenues of $1.78 billion, up 5% from the year-ago quarter and above the consensus estimate of $1.76 billion. Reported EPS were $0.94, up 11.9% year over year and exceeded expectations of $0.90. Comps were up 4.7%, driven by gains across basketball, running, classic footwear and apparel. Foot Locker Canada led all banners, with comps up in the low double-digits range on top of double-digit comp gains last year. The company maintained fiscal 2016 guidance of EPS up double-digits, in line with the consensus EPS of +10% or $4.72. Comps are expected to be up mid-single-digits versus the consensus of +4%. For 3Q16, management expects comps up mid-single digits compared to the consensus of +4.7%. EPS is projected to increase “close to” double-digits versus the consensus of +12% or $1.12. 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 DiveGlobal Furniture and Homewares E-Commerce Coresight Research August 22, 2016 Executive SummaryGlobal online furniture and homewares revenues are projected to increase by a five-year compound annual growth rate (CAGR) of 15% to US$220 billion in 2020, according to Statista. The US and the UK are expected to see 7.6% and 13.7% CAGRs in online furniture and homewares sales, respectively, for the same time period. The UK had the highest percentage of furniture and homewares purchases made online in Europe at approximately 12.1% in 2015, even higher than the 8.6% in the US. The online channel is very suitable for researching hundreds of varying designs and products, without the need to visit an endless round of stores. More customization options are available online and allow for a level of differentiation not available in-store. In the last few years, numerous innovative pure-play furniture and home furnishings retailers have been established across the world, including Made.com and Loaf.com in the UK 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
Insight ReportNetEase (NTES.US) 2Q16 RESULTS: REVENUE AND EARNINGS BEAT; VR/AR DEVELOPMENT TO PROPEL FUTURE GROWTH Coresight Research August 22, 2016 Executive Summary NetEase, a leading online game service provider in China, reported second-quarter revenues of ¥8.95 billion, up 96% year over year and 6% ahead of the consensus estimate. Non-GAAP earnings per American Depository Share (ADS) was ¥24.41, up 103% year over year and beat the consensus estimate of ¥18.43. Online game service revenue increased 76% year over year to ¥6.44 billion and accounted for 72% of total revenues. Email, e-commerce and other services posted a revenue growth of 311%. During the earnings call, management guided the company will leverage on virtual reality (VR) and augmented reality (AR), invest in its core gaming platforms, and expand its advertising business and e-commerce platform to drive future growth. 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 ReportTidal Labs: Data-Driven Consumer-to-Consumer Marketing Coresight Research August 22, 2016 Executive Summary Tidal Labs gives companies access to influencers on a mass scale and helps media outlets manage the content that influencers create for them. The company’s data-driven platform, ContentMetric, matches multiple influencers with brands and solves the problem of scale in influencer marketing. The trend of higher portions of marketing budgets being directed towards influencers across many industries presents an opportunity for companies like Tidal Labs. Influencer marketing currently accounts for 2–10% of total marketing budgets. 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
