Retail Research


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Title Tickers Date Pages
KSS: Kohl's - Some Green Shoots . . . But Slope of SSS Recovery Still Opaque; Management Call Back Notes Post 1Q Print KSS 2020-05-19 6
WMT: Walmart - Good Print from Bentonville – Laterals to BJ, DG, DLTR, OPR’s, & TGT . . . + Management Callback Notes WMT 2020-05-19 7
JCP: J.C. Penney - Dropping Coverage Post Bankruptcy Filing JCP 2020-05-18 3
Model Update - Model Clean Up Ahead of 1Q EPS = WMT, DLTR, & KSS 2020-05-18 7
Tracking the Consumer & COVID-19 (Week #10) - Not So Fast!! Re-Opening Optimism Takes A Step Back as Consumer Aversion Augments, 9 Notable Callouts 2020-05-17 12
The Weekend Warrior (5/15/20) - Sticking w/Barbell Strategy Into EPS ( Offensive (W, TJX, TGT, WSM, ROST, BURL) + Defensive (DG, BJ, SFM, COST, WMT, TSCO) 2020-05-15 9
April ’20 Retail Sales Recap - Core April Sales Drop 18.4% - Similar to March, Grocery Chains, Discounters, Home Improvement, & E-Commerce Outperform 2020-05-15 4
Web Traffic Data Update (5/13) - Home Improve Continues to Shine – Led By HD, LOW, & TSCO... Essential Slow but Still +; Wayfair Up ~116% YOY; KSS + JWN > M + JCP 2020-05-13 4
Apple Mobility Trends/INRIX Data (5/11) - They Are Driving . . . But Are They Shopping? Traffic +15.4% in May + Up 56.1% From the Bottom in Early April 2020-05-12 7
April 2020 Macro Survey (#37) - Sentiment Index Recovers to 38.1 vs. 94.0 Average + Amazon Share Gains by Category + “Things” > “Experiences” 2020-05-11 8
The Weekend Warrior (5/8/20) - In Focus: Wayfair’s LT Margin Profile, Sprout’s Return to Growth, Our 3 Buckets for Top Long Ideas, & Stimulus Payout Progress 2020-05-08 10
COST: Costco Wholesale - Phew! Sometimes Being Wrong Can Feel So Right . . . April = 2020 Comp Nadir . . . Time To “Stock-Up” on Issaquah COST 2020-05-06 4
SFM: Sprouts Farmers Markets - Staying Constructive Despite Big Bounce Off the Bottom, Post 1Q Takes, Raising EPS Estimates and Price Target to $26 SFM 2020-05-05 6
W: Wayfair - Boosting P-Target to $210; Direct Revenue Momentum + New Found Margin Discipline Have Staying Power Beyond 1H20, Stay Buy-Rated W 2020-05-05 7
Apple Mobility Trends/INRIX Data (5/4) - Driving Traffic Up 30% in April + Solid Start to May . . . State-By-State Comparison - Essential vs. Non-Essential Retail Concepts 2020-05-04 6
Web Traffic Data Update (5/4) - Wayfair On a Roll into April Week #4. . . While Nordstrom, Tractor Supply, & Home Depot See Strong Acceleration 2020-05-04 3
Tracking the Consumer & COVID-19 (Week #8) - Some Signs We’ve Peaked on the “Fear” Front, But Aversion to Most Trafficked Areas Remains High Suggesting Slow Recovery; 12 Takes 2020-05-03 13
FND: Floor & Decor Holdings - Staying Sidelined as Pro Contraction + Consumer Uncertainties Likely To Linger . . . Management Call Back Notes Post 1Q Print FND 2020-05-01 6
M: Macy's - You Can Quarantine Me . . . But Don't Take Away My Macy's Thanksgiving Parade; Notes from CEO & CFO Fireside Chat M 2020-05-01 5
FIVE: Five Below - Lowering EPS as Store Growth Goals Reduced by ~40% in 2020 . . . Stores Begin To Open (+) & Curb-Side Feature (+); Mgmt. CB Notes FIVE 2020-04-29 5

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