Retail Research


Title Tickers Date Pages
DG: Dollar General - Finally A Print With No Drama! Post 4Q Takes, Guide the Surprise - Math Pencils Out on Our Bridge, Raising EPS, Stay Accumulate-Rated DG 2018-03-15
WSM: Williams-Sonoma - Bear Case in Weak Hands, Upgrade To Hold, New Price Target Set @ $55 WSM 2018-03-14
February Retail Sales Wrap: February Slows A Touch (+4.1% YOY) Consistent w/Survey Work; Surprise Gains in Clothing, Sporting Goods Lead the Way WSM, W, SFM, RH, TGT, LOW, FND, JCP, COST, HD, KSS, DG, M, WMT, DLTR, JWN, FIVE, PIR 2018-03-14
Team Grom's Consumer Survey - February '18 - Early Post Tax Refund Results + Macro Backdrop Still Healthy + Costco vs. Amazon Observations HD, KSS, DG, PIR, JWN, SFM, TGT, JCP, M, W, FIVE, FND, DLTR, AMZN, RH, LOW, COST, WMT, WSM 2018-03-13
Low + Middle Market Pricing Study - February 2018 - Family Dollar Invests More in Price + Target Gains Ground on Wal-Mart + Promo Tracker Suggests Benign Pricing Backdrop AMZN, KR, TGT, WMT, DG, DLTR 2018-03-12
The Weekend Warrior (3/9/18) - In Focus: Costco + Math Around JWN Deal + M Upgrade + Dept/Disc Store Report Card + HomeGoods SSS + Lumber Inflation LOW, JCP, COST, HD, M, KSS, JWN 2018-03-09
Tax Refund $ Similar YOY . . . BUT Delay In Refunds For Those Claiming EITC + ACTC Credits Creates Early 1Q Headwind WSM, W, SFM, RH, TGT, LOW, FND, JCP, COST, HD, KSS, DG, M, WMT, DLTR, JWN, FIVE, PIR 2018-03-09
Team Grom's Consumer Survey - February '18 - Traffic Slows vs. 6-Month Average in 10/11 Sub Groups; Home Improvement + Furniture Hold Their Own WSM, W, SFM, RH, TGT, LOW, FND, JCP, COST, HD, KSS, DG, M, WMT, DLTR, JWN, FIVE, PIR 2018-03-09
DG: Dollar General - Tweaking FY18 EPS Estimates Lower Post DLTR Print; PT Goes To $110; Stay Accumulate Rated DG 2018-03-08
DLTR: Dollar Tree - Post Management Call Takes + 2017-2019 Margin Bridge; Remain Buyers on Pullback DLTR 2018-03-08
COST: Costco Wholesale - Better RR's + Strong Core GPM + February SSS up 7.7% > Slightly Higher Tax Rate; Stay Long, Adjusting EPS & PT to $224 COST 2018-03-07
DLTR: Dollar Tree - What is Howard Levine Thinking Today? Post 4Q Takes, Stay Buy-Rated . . . But Patience Required; New PT Set @ $110 DLTR 2018-03-07
TGT: Target - Analyst Day Recap Part II; Tweaking Estimates, Price Target Stays At $76 TGT 2018-03-06
TGT: Target - 4Q Quality Review + 1Q SSS Guide in Focus + Store Tour/Reception Takes = Analyst Day Part I Recap TGT 2018-03-06
Dollar Tree - IN CASE YOU MISSED IT --> The Tree Returns To Investment Grade = Buybacks Provide Another Earnings Lever DLTR 2018-03-02
JCP: J.C. Penney - There Is More To This Print Than Meets The Eye; 3 Reasons to Be More Optimistic Post 4Q Results JCP, M, KSS 2018-03-02
JWN: Nordstrom - Fuel For Both Sides . . . Margin Inflection on the Horizon (Potentially); Post 4Q Thoughts JWN 2018-03-01
KSS: Kohl's - When Confusion Creates Opportunity; Aggressive Buyers on Today's Dip KSS 2018-03-01
FND: Floor & Decor - Guidance Concerns Now In Rearview Mirror, Solid Growth Story in A World With No Growth; Adjusting Estimates, PT Stays @ $50 FND 2018-03-01
M: Macy's - No Guts, No Glory; Deja Vu Back to 2009 ==> Upgrade to Buy from Hold w/$36 Price Target M 2018-03-01

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