Retail Research


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Title Tickers Date Pages
W: Wayfair - Downgrade to Accumulate from Buy; Strong DR Trends But Supplier Constraints + Rising Abandonment Rates Near-Term Headwinds W 2020-10-22 6
Data Update: Foot Traffic Analysis (Through 10/17) - 1H October Noticeably Stronger Than September with Broad Gains; Raising 3Q20 SSS Estimates for TGT, BJ, HD, LOW, TJX, & ROST 2020-10-21 11
WMT: Walmart - Not Your Father’s Sam’s Club = 4 Key Takes from Call with Entire Senior Team; Laterals Positive for Vertical, Including BJ/COST WMT 2020-10-20 4
SFM: Sprouts Farmers Markets - Downgrading to Hold-Rated from Buy-Rated, Price Target to $24; Time To Identify Which Covid Winners in 2020 Will Repeat in 2021 SFM 2020-10-20 5
TSCO: Tractor Supply Company - Data + CC with CEO/CFO Support Near-Term and Medium-Term Bullish Stance; Raising Estimates & Price Target to $166 TSCO 2020-10-19 8
September '20 Retail Sales Recap - Core +5.3% > Pre-Covid Levels; Usual Suspects (Home, HI, Digital, S-Goods) + Non-Usual Suspects (Dept Stores/Clothing) Strong 2020-10-16 4
Data Update: Web Traffic (10/13) - October Slower to Start, But Still Healthy on Absolute Level for BJ, FND, LOW, TSCO, HD, TGT, & COST; Wayfair Finished 3Q Strong 2020-10-13 3
FIVE: Five Below - FIVE Remains the Best Team in Philly . . . 5 Key Takes From Zoom Conference Call; CFO Bull > QB Wentz FIVE 2020-10-12 5
The Weekend Warrior (10/9/20) - COST, TGT, LOW in Focus; High-End vs. Low-End Spend Spread Narrows; Recap of New Footfall Data Report 2020-10-09 9
DG: Dollar General - Top Shelf Thinking with New “popshelf” Concept Store; Lateral Thoughts + Pictures + 5 Key Management Takeaways DG 2020-10-08 5
COST: Costco Wholesale - Best of Both Worlds = 16.7% Core SSS as Traffic Trends Continue to Recover – Stay Long with $400 Price Target COST 2020-10-07 4
Data Update: Foot Traffic Analysis (Through 10/3) - September Slows vs. August; Overall U.S. Traffic Down 15.4% YOY – Identifying Retail Winners & Losers with 2/3 of 3Q in the Books 2020-10-07 8
Tracking Consumer Behavior in a Covid World (Week #30) - Aversion Fears Continue to Drop . . . While Stock-Up + Home Spending Augments = Stick with 3 Legged Barbell Approach 2020-10-06 10
COST: Costco Wholesale - September SSS Pre-Game = We See An 11.0% Core COST 2020-10-05 6
Broadlines & Hardlines Retail - Stimulus Thoughts = Survey Work Suggests Spending Intentions Will Mirror Round #1 . . . Positive for WMT, DG, DLTR, BJ, & ROST 2020-10-01 3
September 2020 Macro Survey (#41) - GHRA Sentiment Index Expands To 72.3 . . .But Still Below 92.8 Average Since ’17; “CNN-Effect” Watch is Top of Mind Next 4-6 Weeks 2020-10-01 8
BJ: BJ's Wholesale Club, Inc. - CC with CFO Eddy Reinforces Bullish NT & LT Prospects; 5 Key Takeaways . . . Stay Buy-Rated with $54 Price Target BJ 2020-09-30 4
W: Wayfair - Gauging Success of Way Day 2020 Through SimilarWeb Checkout Domain Data; YOY Up ~380% . . . With Like-For-Like Rising ~26% W 2020-09-27 4
The Weekend Warrior (9/25/20) - Macro Friday: Freight Update, Lumber Prices, Gas Trends, August Existing Home Sales, & Latest MBA Purchase Index 2020-09-25 9
COST: Costco Wholesale - Even Better Than the Real Thing . . . Post 4Q Thoughts; Stay Long Issaquah COST 2020-09-24 6

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