Company Earnings Update | January 16, 2019 Register for Free Access Boohoo (LON: BOO) 3Q19 Trading Update: Sales Surge Prompts Raise in Full-Year Revenue GuidanceFor the four months ended December 31, U.K. sales grew 33% year over year, to £180.0 million. At constant currency, rest of Europe sales increased by 54% year over year to £44.4 million, U.S. sales increased 80% to £70.4 million, and rest of world sales increased 32% year over year to £33.4 million. Read More
Company Earnings Update | January 11, 2019 Register for Free Access Tesco (LSE: TSCO) 3Q19 and Christmas Update: Strongest U.K. Christmas Growth for a DecadeTesco, the U.K.’s biggest grocery retailer, reported results for 3Q19 (ended November 24, 2018), and the subsequent six-week Christmas period (ended January 5). For the core six-week Christmas period, Tesco grew comparable sales in its U.K. operations by 2.2%, above the consensus estimate of 1.4% from StreetAccount. The company said it outperformed the market in volume and value terms and versus the market “in all key categories: food, clothing and general merchandise.” Read More
Company Earnings Update | January 11, 2019 Register for Free Access Seven & i (TSE: 3382) 9M19 Results: Struggling at Home, Silver Lining in Overseas Convenience StoresJapan-based retailer Seven & i reported net sales of ¥4,110.6 billion for the nine months ended November 30, 2018, up 15.8% year over year. Operating income came in at ¥304.3 billion, up 2.9% year over year. Gross margin on net sales decreased by 200 basis points to 19.6% and operating margin fell by 60 basis points to 6.0%. Diluted EPS was ¥176.53, up 4.7% year over year. Below, we outline the performance of convenience store operations, superstore Ito-Yokado, food supermarket York-Benimaru and department store Sogo & Seibu. Read More
Company Earnings Update | January 11, 2019 Register for Free Access Marks & Spencer (LSE: MKS) 3Q19 Update: A Weak Quarter for Food and Clothing AlikeOn the management call, CEO Steve Rowe noted that the third quarter was “challenging.” He said that “market conditions were tough, particularly in November when footfall and online visits both dropped significantly,” he said. Rowe said the sales growth was in line with the company’s expectations and was “steady” in the first half. The company reduced inventory volumes, resulting in 25% less stock going into the December sale. Rowe pointed to an increase in sales of entry-level clothing products, saying “customers are looking for value, and we’re providing that.” The company lowered prices on 227 food products and stripped out “complex and confusing” promotions. Read More
Company Earnings Update | January 11, 2019 Register for Free Access B&M (LSE: BME) 3Q19 Trading Update: UK Growth Is Hit by a Tough NovemberB&M U.K reported a 1.6% decline in comparable sales, below the 0.9% growth in first half and missing the Street Account consensus of a 0.2% decline. After what the company called a “difficult November,” December B&M U.K. comps strengthened to 1.2%, while U.K. same-store cash gross margin was down in November but bounced back in December. Group sales grew 12.1% year over year to £1.09 billion, slightly above the consensus of £1.08 billion, while total U.K. sales grew 4.5% year over year to £874.5 million. B&M’s Jawoll chain in Germany grew revenues 5.5% at constant currency, while its Heron Foods chain in the U.K. grew revenues 12.6%. Read More
Company Earnings Update | January 10, 2019 Register for Free Access Sainsbury’s (LSE: SBRY) 3Q19 Trading Update: Lower Holiday Promotions Weigh on Top LineDespite the declines, CEO Mike Coupe believes grocery was “solid,” general merchandise outperformed the market and that clothing “performed well” in the quarter. General merchandise sales grew “strongly” over the “key Christmas weeks” (unspecified) and outperformed the market over the quarter — but sales declined in the quarter due to cautious spending by consumers and the company’s decision to reduce promotional activity around Black Friday. Read More
Company Earnings Update | January 9, 2019 Register for Free Access Morrisons (LSE: MRW) Holiday Trading Update: Wholesale Drives Growth; Retail Sales Impacted by Uncertainty£700 million of annualized wholesale supply sales expected ahead of initial end-2018 guidance. £1billion of annualized wholesale sales expected “in due course.” Further £4 million of incremental profit from wholesale, services, interest and online. In the second half, management expects lower costs of both Morrisons.com expansion and accelerated wholesale supply. Net debt will remain at a low level, consistent with the company’s capital discipline and the principles of capital allocation. Read More
Company Earnings Update | January 1, 2019 Register for Free Access Next (LSE:NXT) Holiday 2018 Trading Update: Very Weak In-Store Sales; Online Sales Continue to Grow StronglyBritish fashion retailer Next reported an increase of 1.5% in total full-price sales for the holiday period from October 28 to December 29, beating the consensus estimate of 0.4%. Read More
Company Earnings Update | December 18, 2018 Register for Free Access H&M (STO: HM-B) 4Q18 Sales Update: Constant-Currency Sales Rise 6.0%In 4Q18, H&M grew sales including value-added tax (VAT) by 11.9% in its reporting currency, the Swedish krona. Read More
Company Earnings Update | December 18, 2018 Register for Free Access ASOS (LSE: ASC) 1Q19 Trading Update: Challenging November Prompts Sales and Profit WarningASOS reported 1Q19 group revenue growth of 14.0% to £656.0 million in the three months ended November 30, 2018. The company warned of a “significant deterioration” in trading in November. Read More
Company Earnings Update | December 13, 2018 Register for Free Access Inditex (BME: ITX) 9M18 Results: Tight Control of Expenses, Limited Promotional Activity Boost ProfitsInditex reported 9M18revenue growth of 2.6% year over year, to €18.4 billion. At constant currency, sales grew by 7%. Read More
Company Earnings Update | December 12, 2018 Register for Free Access American Eagle Outfitters (AEO) 3Q18 Results: Reaches Milestone $1 Billion in Sales, but Misses Expectations and Lowers GuidanceAmerican Eagle Outfitters reported 3Q18 revenues of $1.004 billion, up 4.5% year over year and just shy of the $1.02 billion consensus estimate. EPS was $0.48, in line with the consensus estimate and up significantly from $0.36 in the year-ago quarter. Read More
Company Earnings Update | December 7, 2018 Register for Free Access Five Below (FIVE) 3Q18 Results: Beats Consensus Estimates and Raises GuidanceFive Below reported 3Q18 EPS of $0.24 (including a $0.02 accounting benefit), up 35.3% year over year and beating the $0.19 consensus estimate. Revenues were $312.8 million, up 23.7% year over year and beating the $304.1 million consensus. Read More
Company Earnings Update | December 7, 2018 Register for Free Access The Kroger Co (KR) 3Q18 Results: Mixed Results, Maintains Guidance for Second HalfKroger reported 3Q18 adjusted EPS of $0.48, beating the $0.43 consensus estimate and up 8.6% year over year. Revenues were $27.67 billion, slightly ahead of the $27.65 billion consensus estimate and down 0.3% year over year. Read More
Company Earnings Update | December 7, 2018 Register for Free Access (ETR: ADS) 1Q18 Results: Strong Profit Growth Beats Expectations Despite Currency Headwinds at the Top LineFigure 1. Adidas 1Q18 Key Metrics 1Q18 1Q17 YoY Change Revenues (EUR Mil.) €5,548 €5,447 1.9% Gross Margin 51.1% 49.6% 149 bps SG&A/Sales 39.1% 39.0% 19 bps Operating Margin 13.4% 11.7% 175 bps Diluted EPS (EUR) €2.64 €2.23 18.4% Source: Company reports/Coresight Research At constant currency, Adidas grew 1Q18 revenues by 10%. Currency effects meant… Read More
