Retail Research


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Title Tickers Date
WMT: Walmart - To Whom Much is Given . . . Much Is Expected; Stay Hold-Rated on Bentonville, Valuation Keeps Us Sidelined WMT 2018-11-15
JCP: J.C. Penney - The Bottom? Maybe, Maybe Not - Post 3Q Thoughts; Stay Hold-Rated with $1.25 Price Target, Management Call Back Notes Herein JCP 2018-11-15
October ’18 Retail Sales Wrap - October Retail Sales (Ex-Autos) Recovered Rising 6.7% YOY; 170bps Acceleration On The 2-Yr. . . Results Stronger Across the Board 2018-11-15
M: Macy's - Haters Gonna Hate, Hate, Hate . . . But We'll Fade, Fade, Fade =Stay Long Post Solid Print as 3 Key Sales Drivers Begin to Kick-In M 2018-11-14
HD: Home Depot - Quick Takes & Quality Review Post 3Q Print From the ATL HD 2018-11-13
Proprietary Credit Card Data & Analysis (11/12) - Prop CC Data/Analysis for October: Winners = Apparel/Off Price/Dept Store, Losers = Furniture/Home Improve 2018-11-12
Low & Middle Market Pricing Study - WMT Gets Back to Parity with the General . . . While FDO Also Shows Some Improvement; WMT Expands Middle Market Lead Modestly 2018-11-12
Shades of Grey Portfolio = Nov 2018; D/G = LOW, RH, & JWN - Sticking With The Barbell = Defensive (DG, HD, TSCO, COST, BJ) + Offensive (FIVE, M, KSS, TGT, FND) 2018-11-08
Home Improvement Deep Dive - HD = Stay Buy / LOW = Downgrading to Hold; 3Q Data Science Work + Housing Barometer + Survey; “Transitional Period” Likely in ‘19 2018-11-08
COST: Costco Wholesale - October Core SSS +6.6%; Management Call Back Notes, Stay Accumulate Rated COST 2018-11-07
October Macro Survey Results - General Sentiment Looks Fine . . . But Market Volatility + Housing Concerns Could Be Emerging on The Big Ticket Front 2018-11-07
FIVE: Five Below - Momentum Continuing with Strong Halloween Sell-Through; New 10 Below Test + Other Field Work Takes; Stay Buy-Rated with $150 PT FIVE 2018-11-06
COST: Costco Wholesale - Card Data + Survey + Footfall Work Suggests Solid Month for Issaquah; Modeling 6.0% Core Comp . . .Which Should Prove Conservative COST 2018-11-06
M: Macy's - Backstage Adding 9% Traffic Lift in Year 2; Class of ‘18 Stores Up ~16%; Alpha Hat Study = Stay Buy Rated . . . Despite Skepticism M 2018-11-05
W: Wayfair - Opaque Margin Outlook Keeps Us Sidelined, Post 3Q Thoughts; Lowering Estimates & Price Target to $97 W 2018-11-02
SFM: Sprouts Farmers Markets - Lowering Estimates Post 3Q Print; Great Concept + Great Team, but ~20x Seems Expensive Given Earnings Algo = Stay Hold Rated SFM 2018-11-02
FND: Floor & Decor Holdings - When You Are Going Through Hell . . .Keep On Going; Post 3Q Print – FND Poised to Finish Year on Better Note FND 2018-11-01
FIVE: Five Below - Empire State of Mind = 4 Key Takes Post NYC Flagship Store Opening; Reiterate Buy Rating + $150 Price Target FIVE 2018-11-01
FND: Floor & Decor Holdings - Reading the Print = Digging In, LT Thesis Intact... But NT Set-Up Tricky; Lowering 3Q18 EPS on SSS + FY19 EPS on Tariff FND 2018-10-29
W: Wayfair - Reading the Print = Raising 3Q Direct Revenue Growth to 42.0%; October Card Data > 3Q Trend W 2018-10-29

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