Insight ReportThe TJX Companies Inc (TJX) 4Q15 Results: Beats Expectations with Solid Comps, Guides Down for 2016 Due to Currency and Wages Coresight Research February 24, 2016 Executive Summary The TJX Companies reported 4Q15 revenues of $9.0 billion, up 7.9% year over year and ahead of the $8.7 billion consensus estimate. EPS of $0.99 beat the consensus estimate of $0.94 and grew by 6.1% versus last year. Higher store traffic drove a 6% increase in comps, which were up from a 4% increase in the year-ago quarter. Comps at TJX Canada were 14% versus a 1% comp in Europe and Australia. The company expects same-store sales growth of 1%–2% in 2016 to be more than offset by foreign currency and wage increases of 4% each. That would put 2016 revenues down 6%–7%, to about $28.9–$2 billion. 2016 EPS is expected to be $3.29–$3.38, up 1%–2%. Guidance for both revenue and EPS is below consensus. 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 ReportLimited brands (LB) 4Q15 Results: Beats Forecasts, Outlook Below Consensus Coresight Research February 24, 2016 Executive Summary L Brands reported 4Q15 revenue of $4.40 billion, up 8.1% year over year and slightly above the consensus estimate of $4.37 billion. The company reported EPS of $2.15 for the quarter, up 13.7% year over year and beating the consensus estimate of $2.05. Guidance called for EPS of $2.05. The upside was driven by sales at Victoria’s Secret and Bath & Body Works, which were up 8.6% and 6.7%, respectively. The company provided diluted EPS guidance for 2016 of $3.90–$4.10, below the consensus estimate of $4.19. L Brands expects 1Q16 diluted EPS of $0.50–$0.55, short of the $0.65 consensus estimate. Forecasts include negative impacts related to foreign currency exchange rates. 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 UpdateLowe’s (LOW) 4Q15 Results: Solid and Balanced Results Across Regions and Product Categories Coresight Research February 24, 2016 Executive Summary Lowe’s reported 4Q15 revenues of $13.2 billion, up 5.6% from $12.5 billion in 4Q14 and slightly higher than the consensus estimate of $13.1 billion. Total comps increased by 5.2%, while comps for the US home improvement business increased by 5.5%. Adjusted EPS was $0.59, up 28.3% from the year-ago quarter and in line with consensus. The company guided for 2016 sales growth of 6%, based on 4% growth in comparable sales, and for EPS of $4.00. This document was generated for
Insight ReportWayfair (W) 4Q15 Results: Online Home- Retailer Continues Strong Growth Coresight Research February 24, 2016 Executive Summary Online furniture-retailer Wayfair reported 4Q15 revenue of $739.8 million, up 81.0% year over year, both exceeding the consensus estimate of $679.1 million and company guidance of $625–$665 million. The company reported adjusted EPS for the quarter of $(0.07), up 61.1% year over year and beating the consensus estimate of $(0.14). The company posted positive- adjusted EBITDA for the first time. Growth is being driven by strong customer retention, a growing customer base, and higher-than-average order values. Wayfair expects 1Q16 revenue to increase by 56%−65% year over year, to $660-$700 million, versus the consensus estimate of $628.8 million. The company is expected to begin investing internationally in Canada and Western Europe. 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 ReportFemsa (FEMSAUBD) 4Q15 Results: FEMSA’s Revenues Increase, but Acquisitions and New Stores Hurt Margins Coresight Research February 24, 2016 Executive Summary In 4Q15, FEMSA Comercio split its fuel and retail divisions into two separate businesses. FEMSA Consolidated reported a 27.5% increase in revenue to MXN 89.5 billion and an 8.8% increase in operating income to MXN 10.6 billion in 4Q15. Organic growth was 7.6% and 4.1%, respectively. FEMSA’s Retail Division reported a 40.2% increase in 4Q15 revenues to MXN 40.4 billion, and operating income grew 32.2% to MXN 4.2 billion. Organic growth was 13.0% and 19.4%, respectively. The Retail Division continued to expand in 2015, opening 1,208 new OXXO stores and integrating Grupo Socofar. The company rotated its top talent in the beginning of 2016 to prepare for the difficulties it may face in the coming year with declining consumer demand in Brazil and the volatile foreign-exchange environment 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 UpdateTarget (TGT) 4Q15 Results: Strong Digital Channel Sales Contributed to Comp Growth Coresight Research February 24, 2016 Executive Summary Target reported 4Q15 revenues of $21.6 billion, down 0.6% from $21.8 billion in the year-ago quarter and in line with consensus estimates. Positive comps were offset by the impact of the sale of the pharmacy business to CVS Health. Sales growth of 34% in the digital channel contributed 1.2% of the 1.9% total comp increase for the quarter. Adjusted EPS was $1.52, a 2.1% increase year over year and in line with guidance, but below the consensus estimate of $1.54. The company guided for a 1.5%–2.5% increase in comp sales in 2016, to be offset by a 4.5%–5.0% sales decline from divestitures. It guided for EPS of $5.20–$5.40 for the full year and for EPS of $1.15–$1.25 for 1Q16. This document was generated for
Insight ReportDia (BME: DIA) 2015 Results: Solid Revenue Growth Boosted by Acquisitions, Emerging Markets Coresight Research February 24, 2016 Executive Summary DIA reported 2015 gross revenue of €10.5 billion, up 12.2% from the prior year and up 13.9% in local currency terms. Net attributable profit was €299.2 million, down 9.1% from 2014. Revenue growth was aided by recent acquisitions and strength in Iberia and emerging markets. Management expects constant-currency revenue growth in the high single digits in 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 ReportRestoration Hardware (RH) Provides A Weak 4Q Update Coresight Research February 24, 2016 Executive Summary RH reported preliminary 4Q EPS of $0.99 versus expectations of $1.39 and provided a business update. Total 4Q revenue is expected to be $647.2 million versus consensus of $711.1 million. Comps were up +9% in the quarter. Demand sales/written orders, which is the value of orders booked by customers during the period were up 21% during 4Q. Management cited three factors that had a negative effect on 4Q results: 1) shipping delays in RH Modern product, 2) weakness in markets affected by energy, oil or currency fluctuations and 3) a slowdown in spending by high-end consumers. 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 ReportGildan (GIL) 4Q15 Results: Beats on Revenues and EPS, Guides Down for 2016 Coresight Research February 24, 2016 Executive Summary Gildan reported 4Q15 adjusted EPS of $0.28, in line with the consensus estimate. Net revenue for the quarter was $543.8 million, up 39.2% year over year, versus $390.6 million in the year-ago quarter. The revenue growth was mainly driven by a sales increase of 77.7% in the printwear clothing segment. Gildan provided EPS guidance of $1.50–$1.60 for 2016 versus the consensus estimate of $1.78. This figure is based on expected net sales of at least $2.6 billion, versus consensus of $2.7 billion. 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 ReportSteve Madden (SHOO) 4Q15 Results: Earnings Were in Line, but Outlook Is Soft Coresight Research February 24, 2016 Executive Summary Steve Madden reported 4Q15 revenue of $344.3 million, up a modest 0.5% year over year and slightly above the consensus estimate of $344.1 million. The company reported diluted EPS of $0.43 for the quarter, up 26.5% year over year and in line with the consensus estimate. Guidance called for a 25% increase. The upside was driven by better fashion footwear trends and stronger product assortment, as reflected by a 6.1% increase in comparable same-store sales. The company provided diluted EPS guidance for FY16 of $1.93–$2.03, short of the $2.10 consensus estimate. Revenue is expected to increase by 2%–4% year over year, to $1.43–$1.46 billion, compared to the consensus estimate of $1.46 billion. 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 ReportESPRIT (0330.HK) 1H16 Results: Sales Declines Stabilize, Company Continues to Execute Vertical and Omni-Channel Strategy Coresight Research February 23, 2016 Executive Summary Esprit reported fiscal 1H16 revenues of HK$9.3 billion, down 13.1% year over year and down just 0.4% in local currency terms, a substantial improvement over prior periods. Reported EPS was HK$(0.12), compared to a profit of HK$0.02 per share in the prior period. In local currency terms, retail sales, which account for 67.2% of group sales, grew by 6.0% year over year, driven by sales growth of 8.6% in Europe. The company continues to execute its strategic plan, focusing on vertical and omni-channel models. 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 (M) 4Q15 Results: Sales Picked Up in January as the Weather Turned Colder Coresight Research February 23, 2016 Executive Summary Macy’s reported 4Q15 EPS of $2.09, excluding items, versus the consensus estimate of $1.89. Total revenue was $8.87 billion versus consensus of $8.83 billion. Comps were down 4.8% on an owned basis and down 4.3% on an owned and licensed basis. Sales trends improved in January as the weather turned colder in the Northern region. FY16 guidance calls for EPS of $3.80–$3.90 versus expectations of $3.90. That is based on a 2% decline in total revenue, implying total revenues of $26.54 billion versus consensus of $26.48 billion. Comps on an owned and licensed basis are expected to decline by 1%, while comps on an owned basis are expected to be down 50 basis points. This document was generated for
Insight ReportHome Depot (HD) 4Q15 Results: Record Sales and Earnings Coresight Research February 23, 2016 Executive Summary Home Depot reported 4Q15 revenue of $21.0 billion, slightly above the consensus estimate of $20.4 billion and up 9.5% compared to the same quarter a year ago. The company reported diluted EPS of $1.17 for the quarter, up 11.4% year over year and beating the consensus estimate of $1.10. The growth was driven by continued recovery in the housing market, favorable weather and the company’s successful merchandising strategy. Home Depot provided EPS guidance for FY16 of $6.12–$6.18 or a 12%–13% year-over-year increase. 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 UpdateForest City (FCE.A) 4Q15 Results: Beats on Earnings, Led by Acquisitions, Increased Occupancies and Rent Coresight Research February 23, 2016 Executive Summary Real estate investment trust Forest City reported 4Q15 adjusted revenues of $347.1 million, up 8.1% year over year, beating the consensus estimate of $326.8 million. Fourth-quarter comparable net operating income (NOI) increased by 5.9% year over year, led by increases of 7.6% in office, 5.6% in apartments and 4.2% in retail. Operating funds from operations (FFO) per diluted share was $0.39, up 8.3% year over year and above the consensus estimate of $0.34. The increase was primarily driven by new property openings and acquisitions of $13.2 million and by decreased interest expense, both corporate and in the mature portfolio, of $9.8 million. Reported FFO per diluted share were $0.29, down 70.5% from the year-ago quarter. FFO declined year over year due a one-time gain in 2014 of $139.5 million, or $0.51 per share, on change in control of interests offset by a charge of $10.4 million, or $0.04 per share, related to converting into a real estate investment trust. This document was generated for
Insight ReportWestfield (WFD.AU) Full-Year 2015 Results: First Full Year in Line with Guidance, Solid Outlook Coresight Research February 23, 2016 Executive Summary Westfield Corp. announced 2015 funds from operations (FFO) of US$783 million, or US$0.377 per security, in line with guidance. Westfield was created on June 30, 2014, and reported 2H14 FFO of US$391 million, or US$0.123 per security. IFRS net profit was US$2.3 billion, compared to AIFRS net profit of US$582 million during 2H14. For 2016, the company expects FFO of US$0.342–US$0.345 per security, representing pro forma growth of 3%–4%. 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
