Insight ReportSupervalu (SVU) 1Q17 Results: Earnings Come in Below Expectations on Lower Sales Coresight Research July 27, 2016 Executive Summary Supervalu reported fiscal 1Q17 revenues of $5.2 billion, down 3.9% year over year and below the $5.3 billion consensus estimate. Adjusted EPS was $0.19, down 17.4% year over year and below the consensus estimate of $0.22. All three of Supervalu’s main businesses experienced weak sales trends. Total net sales within the wholesale division decreased by 7.6% from the year-ago quarter. Save-A-Lot same-store sales decreased by 1.4% and retail segment same-store sales were down 4.5%. The company noted that it is seeing progress in the struggling wholesale business in replacing lost customers by expanding its private label offerings and its produce initiative—which management believes will sell more than its wholesale business has sold before. In June, Supervalu said it would spin off Save-A-Lot within the next two years. 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 UpdateWhole Foods Market (WFM) 3Q16 Results: Mostly In-Line Quarter; Comparable Store Sales Struggling Coresight Research July 27, 2016 Executive Summary Whole Foods Market reported fiscal 3Q16 revenues of $3.7 billion, up 2% year over year and roughly in line with the consensus estimate. Adjusted EPS was $0.37, in line with consensus and representing a 14% decrease from EPS of $0.43 in the year-ago quarter. Comparable store sales decreased by 2.6% in the quarter and transactions were down 2.7%. Year to date, comparable store sales are down 2.4%. The company downgraded its outlook for FY16, citing the year-to-date comparable store sales decrease of 2.4% and continued healthcare costs. This document was generated for
Flash ReportVF Corporation (VFC) 2Q16 Results: Lowers Full-Year Guidance, Noting Challenging Environment in the US Coresight Research July 26, 2016 Executive Summary VF Corporation reported 2Q16 EPS of $0.35, beating the consensus estimate by a penny and representing a 9.8% decrease from EPS of $0.39 in the year-ago quarter. The company reported revenues of $2.45 billion, up 1% in currency-neutral terms. Revenues were driven by positive results from the Outdoor & Action Sports, Jeanswear and Imagewear segments and the direct-to-consumer and international businesses. Outdoor & Action Sports revenues grew by 2% during the quarter. Within the segment, revenue for The North Face brand was up 2% and revenue for the Vans brand was up 4% (6% in currency-neutral terms). The company lowered its FY16 revenue guidance from mid-single-digit growth to 3%–4% growth, not including the Contemporary Brands coalition. This document was generated for
Company Earnings UpdateUnder Armour (UA) 2Q16 Results: Profits Negatively Affected by Liquidation of Sports Authority; Company Plans to Expand Brick-and-Mortar Locations in 2016 Coresight Research July 26, 2016 Executive Summary Under Armour reported 2Q16 revenues of $1 billion, up 28.2% year over year and roughly in line with the consensus estimate. EPS was $0.01, missing the consensus by a penny and representing an 83.3% decrease from EPS of $0.06 in the year-ago quarter. The direct-to-consumer business was the strongest-performing segment, driven by the popularity of Under Armour’s new partnership with basketball player Steph Curry. The company forecasted full-year revenues of approximately $4.9 billion, representing growth of 24% over 2015. This document was generated for
Insight ReportIs Pokémon Go a Stealth Fitness App? Coresight Research July 26, 2016 Executive Summary Although Pokémon was originally a video game for kids, the latest incarnation—Pokémon Go—has amassed an adult audience as well. Apple has confirmed that the app set a new record for first-week downloads. In contrast to traditional video games, which are played while sitting at home, Pokémon Go players (kids and adults) have to go outside and explore their neighborhood in order to find monsters, PokéSpots, Gyms and eggs, which means players are getting real fitness benefits. To incubate collected eggs, which hatch into a player’s own monsters, a player must travel 2–6.2 miles (2–10 km), depending on the kind of egg being hatched. Many players are reporting on social media the number of steps they have taken while playing the game by posting data from their fitness bands, and apps that encourage social interaction between players have also emerged. 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 ReportLVMH (ENXTPA:MC) 1H16 Results: Revenues Increase by 3.0%, Above Estimates Coresight Research July 26, 2016 Executive Summary LVMH reported revenues of €17,188 million in 1H16, up3% from €16,707 million in 1H15, and above the consensus estimate of €16,970 million. Organic growth for both 1H16 and 2Q16 was 4%, marking a sequential quarterly acceleration from 3% organic growth in 1Q16. Profit from recurring operations was flat,at €2,959 million, above the consensus estimate of €2,906 million. A 17% increase in recurring operating profit in the Wines and Spirits segment and 9% growth in the Perfume and Cosmetics segment offset profit weakness in other divisions. Selective Retailing posted a 5% decline in recurring profit. 1H16 reported diluted EPS was €3.39, slightly below the consensus estimate of €3.40. The company noted that its US market is strong, and that although most of Europe seemed stable, business in France was affected by a fall in tourism. Trends in Asia improved steadily during the period. 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 ReportVERIZON (NYSE: VZ) TO ACQUIRE YAHOO (NASDAQ: YHOO) OPERATING BUSINESS FOR $4.8 BILLION IN CASH Coresight Research July 25, 2016 Executive Summary Telecom carrier Verizon this morning announced a deal to acquire Yahoo’s core Internet business, some intellectual property and real estate. The deal is expected to close in 1Q2017, after which Yahoo will change its name and become a publicly traded investment company. The deal excludes a portfolio of about 3,000 non-core patents called the Excalibur portfolio, Yahoo’s 15% stake in Alibaba Group, Yahoo’s cash, its shares and notes from Yahoo Japan and certain minority investments. Yahoo serves a global audience of more than 1 billion users, including 600 million monthly mobile users, through its search, communications and digital content products, in addition to 225 million active monthly e-mail users. The Yahoo business will be integrated with Verizon’s AOL business, which was acquired about a year ago, and includes brands The Huffington Post, TechCrunch, Engadget, MAKERS and AOL.com. The combination will result in a total of 25 brands. The combined brands will create a distant third in digital-ad revenues, with an estimated 5.2% of total. This trails Facebook and Google, which together are expected to account for more than half of the $69 billion digital-ad market this year, according to eMarketer. This document was generated for
Insight ReportJune 2016 UK Retail Sales: Growth Softens, Apparel Slumps Coresight Research July 25, 2016 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 UK Retail Sales Report reviews the latest sector data published by the Office for National Statistics (ONS). Highlights from our June UK Retail Sales Report: Total UK retail sales rose by 1.1% year over year in June; the figure was below the 12-month average of 1.6% and marked a slowdown from solid growth in April and May. Total sector performance was helped by a 14.6% uptick in Internet sales, which registered strong growth across all sectors but one. Clothing sales were particularly challenged, declining by 7.9%. Most surprisingly, online clothing and footwear sales also declined, by 1.6%. It is noteworthy that, prior to June, online clothing and footwear sales had grown consistently every month for several years. 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 ReportLuxottica (LUX)1H16 RESULTS: SOFTER REVENUE TRENDS AND LOWERED GUIDANCE Coresight Research July 25, 2016 Executive Summary Luxottica reported adjusted 1H16 EPS of US$1.23, an increase of 1% year over year and above the consensus estimate of US$1.17. The company reported adjusted revenue declined by 0.7% to €4.7 billion (+1.6% at constant currency), below consensus of €4.8 billion. Adjusted EBIT declined by 2.5%, to €857 billion, above the consensus estimate of €853.2 million, while net income increased by 1.3%, to €532 million, above consensus of €511.5 million. Luxottica lowered FY16 guidance from its previously estimated revenue range of 5%–6% and now expects to generate 2%–3% revenue growth at constant exchange rates. The company expects to grow FY16 operating and net income in line with sales, also down from its previous range of operating and net income at a multiple of 1.5x sales. 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 ReportWeekly Retail Promo Update Jul 24, 2016 Coresight Research July 24, 2016 Executive Summary This week, JCPenney is running shorter, online-only sales compared to last year’s longer, in-store sales. Kmart’s back-to-school sale is identical to the one it ran during this week last year. The retailer is featuring discounts on backpacks, school folders, and notebooks. Macy’s is offering markdowns that are similar to last year’s, but it has extended the length of its sale from three days to five days. Bloomingdale’s is running short-term, online-only sales similar to last year’s in order to boost website traffic. Kohl’s is offering online markdowns similar to last year, but it has decreased the duration of its sale from seven days last year to three days this 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 Jul 22, 2016 Coresight Research July 22, 2016 Executive Summary This week, Fung Global Retail & Technology co-hosted a “Breakfast with The Disruptors” event with First Insight at the PROJECT New York conference. The event featured a panel discussion covering topics such as the millennial market, the omni-channel store shopper and the rise of customization, data analytics, retailtainment and the future of the in-store experience, and retailers in the media. MasterCard is the latest financial behemoth to jump into the mobile wallet game, launching a new system that will enable customers of partnered banks and retailers to send and accept money through a mobile phone. Mobile payments represented 30% of all electronic sales in 2015 and sales made on mobile phones grew by 53%. Supermarket chain Sainsbury’s has launched Chop Chop in the London borough of Wandsworth. The service is similar to Amazon Prime and shoppers can order up to 20 items to be delivered to them within an hour for a delivery charge of £4.99 (US$6.53). Samsung is introducing its mobile payments app, Samsung Pay, in Brazil just in time for the Olympic Games, in the hopes that Rio de Janeiro can be a springboard to more markets throughout Latin America. It will be the only mobile payments system available to mobile phone users at the Games. This document was generated for
Insight ReportJCPenney JCP Announces Appointment of CEO Marvin Ellison as Successor to Myron Ullman as Chairman Coresight Research July 21, 2016 Executive Summary On July 21, JCPenney announced the appointment of current CEO Marvin Ellison to the additional role of Chairman, effective August 1, 2016. Ellison succeeds current Chairman Myron Mike Ullman. Ullman is retiring as part of a transition plan the company announced in 2014. 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 Report(EBAY) 2Q 2016 RESULTS: QUARTER IN LINE, RAISES FULL-YEAR GUIDANCE ON SOLID CUSTOMER GROWTH, ACQUISITIONS Coresight Research July 21, 2016 Executive Summary eBay reported 2Q16 revenues of $2.2 billion, up 5.7% year over year and slightly above the consensus estimate. Gross merchandise volume (GMV) was $20.9 billion, up 4% year over year as reported and up 6% on a currency-neutral basis. Adjusted EPS was $0.43, as compared to $0.42 in the year-ago quarter, and beating the consensus estimate by a penny. StubHub achieved GMV of $1.1 billion, up 35% year over year, and revenues of $225 million, up 40%. Classifieds platforms generated revenue of $207 million, up 15% year over year. eBay raised full-year guidance and now expects revenues of $8.85–$8.95 billion, up from prior guidance of $8.6–$8.8 billion. The company also raised EPS guidance to non-GAAP EPS of $1.85–$1.90, up from $1.82–$1.87. 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 UpdateUnilever (LSE: ULVR) 1H16 RESULTS: SALES BEAT ESTIMATES DESPITE VOLATILE MARKET CONDITIONS Coresight Research July 21, 2016 Executive Summary Unilever reported 1H16 revenues of €26.3 billion, down 2.6% year over year and slightly above the consensus estimate of €25.9 billion. The decline was primarily driven by a negative currency impact of 7.6%, which offset sales growth of 4.7%. In the first half of 2016, Unilever’s underlying revenues in the Personal Care segment increased by 5.7% year over year, while underlying sales in the Food segment increased by 2.3%. Underlying sales in the Home Care segment were up by 6.5% and underlying sales in the Refreshment segment increased by 4.1%. Underlying sales in Asia increased year over year by 5.5% in 1H16, underlying sales in the Americas increased by 7.4% and underlying sales in Europe increased by 0.1%. This document was generated for
Insight ReportStarbucks (SBUX) 3Q16 Results: Comps Miss Expectations on Flat Transactions Coresight Research July 21, 2016 Executive Summary Starbucks reported 3Q16 EPS of $0.49, in line with the consensus estimate. However, its total same-store sales and total revenues missed analyst’s’ expectations. Full-year guidance calls for EPS of $1.88–$-1.89 per share, consistent with prior guidance. Sales guidance was lowered 10% from slightly above mid-single digits10%+ previously. Bright spots in the business includes a steady growth inof loyalty program enrollment and a strong, 7% comps in China. 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
