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November3,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
ChartoftheWeekStatoftheWeek
Deborah Weinswig Managing Director
FGRT
[email protected]
US: 917.655.6790
HK: 852.6119.1779
CN: 86.186.1420.3016
November 3, 2017
1) Thisweek’snote“FromtheDeskofDeborahWeinswig”discussestheupcomingretailholidayseason,includingBlackFriday,andourexpectationsregardingpromotionalactivitythisholidayseason.
2) Thisyear,moreAmericansareexpectedtobegintheirholidayshoppinginthemiddleoftheseason,orThanksgivingweekend,asopposedtolateintheseason,orearlyDecember,anewsurveyfromTheNPDGrouphasfound.
3) LessthanoneweekafterannouncingitsacquisitionofLord&Taylor’sflagshipstoreinNewYork,office-spacefirmWeWorkisreportedlysettopayaround£600million(US$796million)foralargedevelopmentintheCityofLondon.
4) SmartphoneshipmentsinIndiagrewby23%andcrossedthe40millionmarkforthefirsttimeinthethirdquarterof2017.ThatmeansIndiahasovertakentheUSinsmartphonesales.
TheInternetofThings(IoT):NumberofConnectedDevicesWorldwide(Bil.Units)
InformationandanalyticsfirmIHSMarkitforecaststhattheIoTmarketwillgrowfrom15.4billionconnecteddevicesin2015to75.4billionin2025,anincreaseofalmost400%.RetailsupplychainmanagementisexpectedtobeoneofthemainareasofgrowthforIoTapplications.
Source:IHSMarkit
• Amazon’sphysicalstoresgenerated$1,276millioninsalesinthethirdquarterof2017,accordingtothecompany’sOctober26resultsannouncement,whichbrokeoutsalesatphysicalstoresforthefirsttime.
• Amazon’sbrick-and-mortarpresenceincludesgrocerychainWholeFoodsMarket,whichthefirmacquiredonAugust28,andAmazonBooksbookstores.
Source:Companyreports
$1,276Mil.
15.41 17.6820.35 23.14
26.6630.73
35.8242.62
51.11
62.12
75.44
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November3,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
FromtheDeskofDeborahWeinswig
TheHolidays,BlackFridayandtheDiscountingSpiralPuttingtheHolidaysinContextLikeitornot,thepassingofHalloweenmeansthatwearenowracingtowardtheholidays.ThereareahandfulofcalendareventsthateachcontributebillionstoUSretailsalesthroughouttheyearand—equallyasimportant—promptshopperexcitementandsodrivetrafficintostores.Butotherthantheback-to-schoolandback-to-collegeshoppingperiod,noneofthesecalendareventscomesclosetothewinterholidays.Thisyear,weexpectAmericanshopperstospendabout$114billiononholidaygifts,foodandtreatsinthefinaltwomonthsoftheyear.
Thegraphbelowshowshowthemajorcalendareventsofthisyear,fromValentine’sDaythroughthewinterholidays,shapedup(orareforecasttoshapeup)forUSretailers.
EstimatedUSRetailSpendingonMajorCalendarEvents,2017(USDBil.)
WeExpectAnotherPromotionalHolidayThenextmajoreventonthecalendarsofretailanalystsandconsumersisBlackFriday.Itfallsearlythisyear,onNovember24,butthatwillnotbetheonlyfactorpullingholidayspendingforwardthisyear.Weexpecttoseemoreretailersseektopreemptthecompetitionbystartingpromotionsearlierthisyear,includingBlackFridaypromotions.
Lastyear,onlinecouponfirmRetailMeNotfoundthattheaverageholidayofferbegannearlyfivedaysbeforeThanksgiving.Accordingtothefirm’ssurveydata,nearly80%ofretailerswillbeginholidaymarketingeffortsearlierthisyearthantheydidlastyear,andRetailMeNotexpectsthattheThanksgiving–CyberMondayshoppingweekendwillstretchintotwofullweeksofpromotions.Similarly,newssiteBlackFriday.comisforecastingthatretailerswilllaunchearlyBlackFridaysalesthisyear,anditpointsoutthatAmazon’sCountdowntoBlackFridaybeganonNovember1lastyear.
Pullingforwardholidaydealsfurthercompoundsthediscountingspiralthathasconditionedshopperstoexpecttobuyonsaleandforcedretailerstooutflankeachotheronthedepthortimingofpromotions.USretailisabuzzwithchatteraboutstoreclosuresandtheneedforsomebrick-and-mortarstorestodownsizetheirestates,butretailersmustfindawayoutofthediscountingspiral,too,inordertorebuildequityintheirbrandsandintegrityintheirpricing.
18.2 18.4 23.614.1 15.5 9.1 7.1
83.6
113.6
*HolidayspendinginNovemberandDecemberSource:NationalRetailFederation/USCensusBureau/FGRT
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November3,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
USRETAILEARNINGS
Company
Revenues(USDMil.)
YoY%Change GrossMargin(%)
Change(bps)
NetIncome(USDMil.)
YoY%Change StoreFleetEOP
Period TY LY
TY LY
TY LY
TY LY
SimonPropertyGroup 3Q17 1,404 1,357 3.4 62.4 49.8 1,260 515 506 1.8 N/A N/A
UnderArmour 3Q17 1,406 1,472 (4.5) 45.9 47.5 (155) 54 128 (57.7) 280 225
WalgreensBootsAlliance 4Q17 30,149 28,636 5.3 24.3 25.0 (60) 802 1,030 (22.1) 12,831 12,857
Source:Companyreports
USRETAIL&TECHHEADLINESMarriottRewardsDebutsTooltoPreloadPointsBalancesWhenShoppingatRetailSites(November1)Skift.com
• Marriottisexpandingitsloyaltyprogram,MarriottRewards,toallowmemberstoearnandspendpointsoneverydayonlinepurchases.MarriottRewardsmemberswillbeabletoeitherpayforpurchaseswithpointsorelecttoearnpointswhenpayingwithcash.
• Fornow,theprogramisopentoUS,UKandCanadianretailers,with29,27and25partnersonboardineachregion,respectively.Amazon,Apple,BestBuyandBananaRepublicareamongtheretailersheadliningthepartnerlineup.
ThereMayBeFewer“Last-MinuteShoppers”ThisHolidaySeason,SurveyFinds (October30)CNBC.com
• Thisyear,moreAmericansareexpectedtobegintheirholidayshoppinginthemiddleoftheseason,orThanksgivingweekend,asopposedtolateintheseason,orearlyDecember,anewsurveyfromTheNPDGrouphasfound.
• Thismarksthefirsttimetheresearchfirmhasnoticedsuchadrasticshiftforwardinshoppers’spendingtimelinesduringtheNovemberandDecembermonths.NPDsurveyednearly3,800USconsumersinSeptemberontheirholidaypurchaseintentions.
FoodGoesDigital:OnlineGroceryShoppingBecomesFastest-GrowingSectorinUSRetail(October26)USAToday
• Atech-savvy,time-starvedpopulation,ledbythe18–35agegroup,hascatapulteddigitalgroceryshoppingintothefastest-growingsegmentinUSretail.
• ThelatestsurveybytheFoodMarketingInstitute,aretailtradegroup,foundthat,in2017,43%ofmillennialssurveyedsaidtheyshoponlineforgroceriesatleastoccasionally—a50%jumpfrom2016,withmuchofthegrowthcomingfromthosewhosaytheyshopforgroceriesonline“eitherfairlyoftenorallthetime.”
UnderArmourSlashesOutlookamidFallingUSSales,OpsChallenges(October31)ChainStoreAge.com
• UnderArmour’srevenuefellby5%inthecompany’smostrecentquarter,to$1.4billion,missingWallStreetexpectationsof$1.5billion.ThecompanycitedchallengesstemmingfromimplementationofitsnewenterpriseresourceplanningsystemaswellasadecreaseinNorthAmericansalesforitsrevenuedecline.
• UnderArmourslasheditssalesexpectations,andisnowcallingforrevenueinthelow-single-digitpercentagerange,downfromapreviousforecastofgrowthof9%–11%.Thecompanyexpects2017adjustedEPSof18–20cents.
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November3,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
EUROPERETAILEARNINGS
Source:Companyreports/FGRT
EUROPERETAIL&TECHHEADLINESAnotherNewCEOforAsda(October31)TheTimes.co.uk
• Walmart-ownedAsda,theUK’sthird-largestgroceryretailer,announcedthatitwillappointanewCEOinJanuary.RogerBurnley,whoiscurrentlyAsda’sCOOandDeputyCEO,willtakethereinsfromSeanClarke,whowasappointedCEOonlyinJune2016.
• BurnleywashiredfromJ.SainsburyinOctober2016.Asdahasbeenstrugglingwithadeclineinunderlyingsalesoverthelastthreeyears.
Marks&SpencerClosesParisChamps-ElyséesStore(October28)LeMonde.fr
• UKclothingandfoodretailerMarks&SpencercloseditsflagshipParisstoreonOctober31.Thestorewasopenedin2011underthecompany’spreviousCEO,MarcBolland.Marks&Spencer’scurrentCEO,SteveRowe,isselectivelywithdrawingthecompanyfromsomeinternationalmarkets.
• Marks&SpencerwillcontinuetosellinFrancethroughfranchisedfoodstoresanditswebsite.
BurberryPresidentChristopherBaileytoLeaveCompany(October31)Companypressrelease
• ChristopherBailey,PresidentandChiefCreativeOfficerofBurberry,issettoleavethecompanyattheendofMarch2018.
• BaileywasappointedCEOinMay2014beforebeingreplacedintheCEOrolebyMarcoGobbetti.“WehaveaclearvisionforthenextchaptertoacceleratethegrowthandsuccessoftheBurberrybrand,”Gobbettisaidthisweek.
AldiNordandAldiSüdCooperateonGiftCards(October31)ESMmagazine.com
• InGermany,AldiNordandAldiSüdthisweekannouncedthattheyarelaunchinggiftcardsthatwillberedeemableinallAldistoresinthecountry.Itisasignofclosercooperationbetweenthetwotraditionallydistinctcompanies.
• ThenewcardswillbeavailableinAldistoresacrossGermanybeginninginmid-November.
WeWorkAcquiresCityofLondonPropertyfor£600Million(October29)TheTimes.co.uk
• LessthanoneweekafterannouncingitsacquisitionofLord&Taylor’sflagshipstoreinNewYork,office-spacefirmWeWorkisreportedlysettopayaround£600million(US$796million)foralargedevelopmentintheCityofLondon.WeWorkisbuyingthe620,000-square-footDevonshireSquarecomplexnearLiverpoolStreetstation.
• Sincethestartoftheyear,WeWorkhassecured£1billion(US$1.3billion)ofUKleases.TheUKisthecompany’ssecond-largestmarketaftertheUS
Company
Revenues(USDMil.)
ChangeinUSD(%)
ChangeinReportingCurrency
(%) GrossMargin(%)Change(bps)
NetIncome(USDMil.)
YoY%Change StoreFleetEOP
Period TY LY
TY LY
TY LY
2017 2016
Debenhams FYESep2 2,956 3,331 (11.3) 1.1 12.4 12.9 (50) 61.8 123.9 (50.1) 246 250
DIA 3QESep30 2,553 2,588 (1.4) (6.4) N/A N/A N/A 71.4 68.2 4.8 7,425 7,430
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November3,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
ASIATECHHEADLINESChineseSocialMediaGiantWeiboIsRaising$700MilliontoFundAcquisitions(October25)TechCrunch.com
• Weibo,theTwitter-likeChinesesocialnetwork,israising$700millionasitlooksforacquisitionstocontinuetheskyrocketinggrowthitsbusinesshasseenin2017.TheBeijing-basedcompanyannouncedthatitwillofferupto$700millioninconvertibleseniornotesinordertofinance“workingcapitalneedsandpotentialacquisitionsofcomplementarybusinesses.”
• Weiboclaims159milliondailyusers—and361millionmonthlyusers—and,accordingtounauditedfiguresreleasedlastweek,itsmostrecentquarterlyprofitreachedarecord$101.1million,upfromathen-record$73.5millioninthepreviousquarter.Thecompany’sprofitsincreasedby184%yearoveryearinthepreviousquarter,soWeibohasplentyofmomentumrightnow.
NintendoSaysSwitchWillBeatWiiUTotalSalesWithinItsFirstYear(October31)TechCrunch.com
• Nintendo’snewSwitchconsoleislikelytooutselltheWiiU,itspredecessor,withinoneyearofitsrelease.NintendoraiseditspredictionfortotalSwitchsalesoveritsfinancialyear—whichrunsApril–March—to14millionunits,upfrom10millioninitially.Ifitcanhitthatnumber,thentheSwitchwillalreadyhavebestedtheWiiU,theflopconsolethatheraldedNintendo’sfirststepintohybridgamingandsoldjustover13.5millionunitsacrossitsentirelifecycle.
• SalesofSwitchconsolesandgames,combinedwithNintendo’slucrativesmartphonegames,helpedthefirmposta¥23.8billion(US$209million)operatingprofitontotalrevenueof¥220trillion(US$1.93billion)foritsfiscalsecondquarter.Overall,2.93millionunitswereshippedduringthequarter,takingtheSwitchto7.63millionunitsshippedtodate.
iPhone8LaunchPropelsAppletoGrowthinChinaAfter18MonthsofSalesDips(October31)TechCrunch.com
• ApplehasfinallyreturnedtogrowthinChina.ThecompanyhasbrokenarunofsalesdecreasesthatstretchesbacksixquartersthankstopromisingearlysignsforthenewlyreleasediPhone8,accordingtoanewreportfromCanalys.Theanalysisfirmrecorded40%annualgrowthforAppleinthethirdquarterof2017,with11millionshipmentsduringthethree-monthperiod.
• Apple’srevenuefromChinawasdownbymorethan50%fromtwoyearsago,accordingtoitsmostrecentearningsannouncement,sogrowthismuchneeded.However,despiteprogress,thefirmrankedonlyfifthintermsofsmartphoneshipmentsinChinaintheCanalysreport.
IndiaOvertakestheUStoBecometheWorld’sSecond-LargestSmartphoneMarket(October27)TechCrunch.com
• AccordingtoanewreportfromCanalys,smartphoneshipmentsinIndiagrewby23%andcrossedthe40millionmarkforthefirsttimeinthethirdquarterof2017.ThatmeansthatIndiahasovertakentheUSinsmartphonesales,withonlyChinaaheadofit.
• “Thisgrowthcomesasarelieftothesmartphoneindustry.DoubtsaboutIndia’smarketpotentialareclearlydispelledbythisresult,”CanalysResearchAnalystIshanDuttsaidinastatement.India’ssmartphonemarketwillrequirepatience,becauseissuessuchascomplicatedsupplychains,localretaillaws,importtaxes,lowerGDPandpoorer-qualityInternetservicearelikelytorestrictsmartphonesalesinthecountryforsometime.
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November3,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
LATAMRETAIL&TECHHEADLINESUberCEOVisitsBrazilAheadofMobilityBillVote(October30)ZDNet.com
• UberCEODaraKhosrowshahivisitedBrazilforappointmentsthatincludedavisittothecountry’scapitalofBrasíliaaheadofaSenatevotetoregulatemobilityapps.KhosrowshahiplannedtovisitUber’sBrazilheadquartersinSãoPauloandthenheadofftoBrasília,accordingtoinformationfromReuters.
• TheregulationsthatwerescheduledtobevotedoncouldthreatenthebusinessmodelpracticedbyUberandotherride-sharingappsoperatinginBrazil.Uberisbyfarthemostpopularride-sharingappinthecountry,followedbylocalfirm99andSpanishcompanyCabify.
BradescoSeeksFinancialServicesStartups(October27)ZDNet.com
• BrazilianbankinggiantBradescohaslaunchedthefourtheditionofitsaccelerationinitiativeaimedatfinancialservicesventures.TheInovaBraprojectisopentoreceivingapplicationsfromstartupsdevelopingproductsandservicesinareassuchaspayments,security,clientengagement,theInternetofThingsandblockchain.
• Theprogramhasatotaldurationof10months,withtheselectionprocessalonetakingfourmonths.Onceselected,theventureswillreceiveguidanceandimprovementoftheirproductsandservices—andwillalsohavethechancetoselltheirofferingstoBradesco.
BrazilianFintechNubankAimsfortheCountry’sUnbanked(October25)Reuters.com
• SãoPaulo–basedfintechNubankhasannounceditsplanstocatertoBrazil’sunbankedpopulationwithadigitalbankaccount.Approximately60millionpeopleinBrazildonothaveabankaccountduetoexcessivefeesandbureaucracy,saidNubankCEODavidVélez,whostartedthecompanythreeyearsagoasacreditcardprovider.
• Thenewproduct,dubbedNuConta,isnowbeingtestedwithalimitednumberofusersandwillberolledouttothecompany’sexistingbaseof2.5millioncreditcardcustomers.Theaimistomakethedigitalaccountavailabletoallbeginninginthefirstquarterof2018.
Brazil’sRennerBeatsProfitEstimatesasCreditOperationGivesBoost(October24)Reuters.com
• LojasRenner,Brazil’sbiggestapparelretailer,beatthird-quarterprofitestimatesasstrongperformancebyitscreditbusinessandhealthysalesatexistingstoresmorethanoffsetrisingoperationalcosts.
• PortoAlegre–basedRennersaidthatnetincometotaledR$140million(US$43million)inthequarter,up65%fromthesameperiodlastyearandaboveaReutersconsensusestimateofR$124million(US$37.9million).Same-storesales,ameasureofsalesatstoresopenforatleast12months,climbed13.4%fromayearearlierasarecoveryinconsumerspendinginBrazilgainedsteam.
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November3,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
MACROUPDATEKeypointsfromglobalmacroindicatorsreleasedOctober25–November1,2017:1) US:NewhomesalesintheUSjumped18.9%monthovermonthinSeptember,reaching667,000,
whichwasabovetheconsensusestimate.PendinghomesalesinSeptemberremainedunchangedfromthepreviousmonth.RealpersonalspendingandinflationmoderatedupwardinSeptember.GDPgrewby3.0%quarteroverquarterinthethirdquarter.
2) Europe:IntheUK,GDPinthethirdquarterincreasedby0.4%quarteroverquarter;theratewasslightlyhigherthantheconsensusestimate.Onayear-over-yearbasis,UKGDPincreasedby1.5%.ConsumerconfidenceintheUKregisteredat(10)inOctober.
3) Asia-Pacific:InSouthKorea,GDPinthethirdquarterincreasedby1.4%quarteroverquarter.InSingapore,industrialproductionincreasedby14.6%yearoveryearinSeptember.InJapan,retailsalesincreasedby0.8%monthovermonthinSeptember.
4) LatinAmerica:InBrazil,themanufacturingProducerPriceIndex(PPI)increasedby1.1%monthovermonthandby2.1%yearoveryearinSeptember.InMexico,retailsalesincreasedby0.2%monthovermonthinAugust,inlinewiththeconsensusestimate.
Country/Region Indicator Period Actual Survey Prior Impacton
Economy*US NewHomeSales(Thous.) Sep 667 554 561 +
US NewHomeSales(MoM) Sep 18.9% (1.1)% (3.6)% +
US PendingHomeSales(MoM) Sep 0.0% 0.5% (2.8)% –
US PendingHomeSales(NSA,YoY) Sep (5.4)% (4.2)% (3.3)% –
US RetailInventories(MoM) Sep (1.0)% – 0.6% =
US GDP(QoQ) 3Q 3.0% 2.6% 3.1% +
US RealPersonalSpending Sep 0.6% 0.5% (0.1)% +
US PCEDeflator(MoM) Sep 0.4% 0.4% 0.2% +
US PCEDeflator(YoY) Sep 1.6% 1.6% 1.4% +
US CorePCEDeflator(MoM) Sep 0.1% 0.1% 0.1% +
US CorePCEDeflator(YoY) Sep 1.3% 1.3% 1.3% +
UK GDP(QoQ) 3Q 0.4% 0.3% 0.3% +
UK GDP(YoY) 3Q 1.5% 1.5% 1.5% +
UK GfKConsumerConfidenceIndex Oct (10) (10) (9) –
SK GDP(Prelim.,SA,QoQ) 3Q 1.4% 0.9% 0.6% +
SK GDP(Prelim.,YoY) 3Q 3.6% 3.0% 2.7% +
SI IndustrialProduction(SA,MoM) Sep (0.5)% (7.3)% 0.6% +
SI IndustrialProduction(YoY) Sep 14.6% 10.0% 19.5% +
JP RetailSales(MoM) Sep 0.8% 0.8% (1.6)% +
JP RetailSales(YoY) Sep 2.2% 2.3% 1.8% +
BZ ManufacturingPPI(MoM) Sep 1.1% – 0.1% +
BZ ManufacturingPPI(YoY) Sep 2.1% – 1.3% +
MX RetailSales(MoM) Aug 0.2% 0.2% 0.2% –
MX RetailSales(YoY) Aug (0.2)% 0.5% 0.4% –*FGRT’sevaluationoftheactualfigure’simpactontheeconomyrelativetohistoricalbenchmarksandthecurrentmacroeconomicenvironment:+indicatesapositivesignalforthecountry’seconomy,–indicatesanegativesignaland=indicatesanegligibleormixedimpact.Source:USCensusBureau/NationalAssociationofRealtors/USBureauofEconomicAnalysis/UKOfficeforNationalStatistics/GfK(UK)/BankofKorea/SingaporeEconomicDevelopmentBoard/MinistryofInternalAffairsandCommunicationsofJapan/MinistryofEconomy,TradeandIndustryofJapan/InstitutoBrasileirodeGeografiaeEstatística/InstitutoNacionaldeEstadísticayGeografía/FGRT
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November3,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
EARNINGSCALENDAR
Sales(Mil.) EPS
Company
EarningsReleasePeriod Date
ConsensusTY LYActual
ConsensusTY LYActual Currency
Revlon(REV) 3Q17 Nov3 605 605 0.12 0.58 USD
CVSHealth(CVS) 3Q17 Nov6 46,186 44,615 1.48 1.53 USD
MichaelKors(KORS) 2Q18 Nov6 1,048 1,088 0.83 0.98 USD
AssociatedBritishFoods(ABF.L) FY17 Nov7 15,222 13,399 1.26 1.04 GBP
Fossil(FOSL) 3Q17 Nov7 650 738 (0.27) 0.42 USD
Tapestry(TPR) 1Q18 Nov7 1,302 1,038 0.45 0.36 USD
Zalando(ZAL.DE) 3Q17 Nov7 1,066 835 0.03 0.02 EUR
Marks&Spencer(MKS.L) 1H18 Nov8 5,086 4,994 0.10 0.14 GBP
Adidas(ADS.DE) 9M17 Nov9 5,942 5,413 2.55 1.90 EUR
Burberry(BRBY.L) 1H17 Nov9 1,238 1,159 0.28 0.27 GBP
Coty(COTY) 1Q18 Nov9 2,236 1,080 0.06 0.19 USD
Nordstrom(JWN) 3Q17 Nov9 3,578 3,542 0.64 0.85 USD
Kohl’s(KSS) 3Q17 Nov9 4,298 4,327 0.72 0.82 USD
Macy’s(M) 3Q17 Nov9 5,310 5,626 0.15 0.17 USD
J.Sainsbury(SBRY.L) 1H17 Nov9 14,869 12,639 0.08 0.09 USD
Dillard’s(DDS) 3Q17 Nov9(E) 1,333 1,407 0.32 0.67 USD
Unicharm(8113.JP) 3Q17 Nov10 145 160 20.75 19.89 JPY
Richemont(CFR.VX) 1H17 Nov10 5,516 5,086 1.57 1.10 EUR
JCPenney(JCP) 3Q17 Nov10 2,763 2,857 (0.40) (0.21) USD
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November3,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
EVENTCALENDAR
Event Location Date(s)
FGRTPresenting/Attending
RetailMarketingSociety:Holiday’17&Beyond NewYork,NY Nov7
RSAConference2017 AbuDhabi,UAE Nov7–8
AveryDennisonD-E-Q:DigitalEmotionalIntelligence NewYork,NY Nov8 √
FashwireLaunchatBlueprint+Co. NewYork,NY Nov8 √
ForesightFactory:Trending2017 London,UK Nov8
CESUnveiledNewYork NewYork,NY Nov9
CitiPrivateCompanyInnovationSummit SantaRosa,CA Nov9–10
Alibaba11.11GlobalShoppingFestival Shanghai,China Nov10–12 √
QTSInvestorDay2017 FortWorth,TX Nov13
MorganStanleyGlobalConsumer&RetailConference NewYork,NY Nov14–15
IDTechExShow:WearableUSAandPrintedElectronicsUSA SantaClara,CA Nov15–16
Coca-Cola2017InvestorDay Atlanta,GA Nov16
PlanalyticsQ3Recap&2017AnnualHolidayOutlook Webcast Nov16 √
LBrandsAnnualInvestorMeeting Columbus,OH Nov22
Asia-GlobalDialogue2017 HongKong Nov22
FortuneBrainstormTechInternational Guangzhou,China Dec5–6
AsianE-TailingSummit HongKong Dec6
HomeDepotInvestor/AnalystDay Boston,MA Dec6–7
FortuneGlobalForum Guangzhou,China Dec6–8 √
ICSCNewYorkDealMaking NewYork,NY Dec6–8
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November3,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
DeborahWeinswig,CPAManagingDirectorFGRTNewYork:917.655.6790HongKong:852.6119.1779China:86.186.1420.3016deborahweinswig@fung1937.comKirilPopovSeniorAnalyst
JohnHarmon,CFASeniorAnalyst
JohnMercerSeniorAnalyst
StevenWinnickResearchAssociate
CharliePoonResearchAssistant
HongKong:2ndFloor,HongKongSpinnersIndustrialBuildingPhase1&2800CheungShaWanRoad,KowloonHongKongTel:85223004406London:242-246MaryleboneRoadLondon,NW16JQUnitedKingdomTel:44(0)2076168988NewYork:1359Broadway,18thFloorNewYork,NY10018Tel:6468397017FungGlobalRetailTech.com
