stat of the week chart of the week $65.15 bil. · 2 december 15, 2017 deborah weinswig, managing...

1

December15,2017

DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.

ChartoftheWeek StatoftheWeek

Deborah Weinswig Managing Director

FGRT [email protected]

US: 917.655.6790 HK: 852.6119.1779

CN: 86.186.1420.3016

December15,2017

1) Thisweek’snote“FromtheDeskofDeborahWeinswig”isthefirstoftwowherewelookbackattheretailyearinreview.Thisweek,wediscuss2017’snotableretailmergers,acquisitionsandinvestments.

2) InsomeUSapparelcategories,privatelabelscombinedaccountfor20%ofthemarket,accordingtoTheNPDGroup,whichmeansthatstorebrandsinaggregatearelargerthananysinglebrand.

3) FrenchcommercialpropertygiantUnibail-RodamcoissettobuyAustralianmalloperatorWestfieldinacashandsharedealvaluedat$24.7billion.

4) MobilepaymentandlifestyleplatformAlipayhaslauncheditslatestDouble12GlobalShoppingFestivalin15countriesspanningfourcontinents.Alipaywillintroducecampaignsforitsstrategicpartners’locale-walletusersforthefirsttime.

China:PercentageofApparelBoughtOnlineAccordingtoaSeptember2017onlinesurveyconductedbyProsperChina,morethan33%ofChineseconsumersbuyatleasthalfoftheirclothingonlineand3.3%buyalloftheirclothingonline.

Base:5,600ChineseInternetusersages18–56Source:ProsperChinaQuarterlySurvey

• IntheperiodfromNovember1throughDecember5,USonlineholidaysalesreached$65.15billion,up14.7%yearoveryear,accordingtoAdobeDigitalInsights.

• ThefirmexpectstotalUSonlineholidaysalesto

reach$107.4billionbyDecember31.Source:AdobeDigitalInsights

$65.15Bil.

6.5%

14.9%

22.4%

23.2%

18.9%

11.0%

3.3%

0%

1%to10%

11%to25%

26%to50%

51%to75%

76%to99%

100%

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December15,2017


FromtheDeskofDeborahWeinswig

ReviewingRetailin2017,Part1:Mergers,AcquisitionsandInvestments

2017wasamoreeventfulyearinretailthanmanyprobablyexpected.Thisweekandnext,wewillreviewtheyear,andconsiderwhatitsdevelopmentstellusaboutthestateofthesectorandthestrategiesretailersareadoptingtowin(ormaybejustsurvive).Inthisweek’snote,welookatmergers,acquisitionsandinvestments;nextweek,wewillreviewcollaborations.

Mergers,AcquisitionsandInvestments

LegacyretailersinvestinInternetbrands:WalmartboughtastringofInternet-focusedapparelbrandsandretailersthisyear:ShoeBuyinJanuary,MoosejawinFebruary,ModClothinMarchandBonobosinJune.InMay,Targetinvestedanunconfirmed$75millionindirect-to-consumermattressbrandCasper,accordingtotechnologynewswebsiteRecode,andTargetstartedsellingCasperproductsinitsstores.GroceryretailerAlbertsonsacquiredmeal-kitfirmPlatedforanundisclosedsuminSeptember.

• Keytakeaway:Long-standingretailersarenotsimplyseekingtoacceleratetheire-commercerevenues;theyhaverecognizedthatconsumersareturningtodistinctive,specializedbrandsthatresonatewiththeirlifestyles,andhaveacquiredsomeofthesebrandsasaresult.

Healthcareretailersseeknewopportunities:InSeptember,WalgreensBootsAlliancefinallyacquiredjustunderhalfofRiteAid’sstorenetwork,followingaprotractedefforttobuythechainoutright.WalgreensstatedthattheacquisitionwouldboostRiteAid’sprovisionofintegratedfrontlinecare.Then,inDecember,CVSHealthannouncedplanstoacquirehealth-servicesproviderAetna,promisinga“uniquelyintegrated,community-basedhealthcareexperience.”

• Keytakeaway:Promptedbyanagingsocietyandconsumerdemandforvalue-for-moneyhealthservices,healthcareretailersappeartohavespottedopportunitiestostrengthentheirpresenceinservices.

Onlinetooffline:InNovember,AlibabaGroupannouncedthatitwasbuyingamajor(thoughnotmajority)stakeinChinesehypermarketgroupSunArtRetailfor$2.9billion.AlibabaannouncedanewstrategicalliancewithSunArt’smajorshareholders—AuchanRetail,aFrance-basedinternationalretailgroup,andTaiwaneseconglomerateRuentex—toexplorenewretailopportunities.And,ofcourse,wecannotdiscussonline-to-offlinemoveswithoutmentioningtheAmazon-WholeFoodsMarketdealthatclosedinlateAugust.

• Keytakeaway:Thesetwoacquisitionsconfirmthatgrocerystandsapartfromnonfoodcategoriesintermsofonlineversusofflineretailing.Eventhebiggestplayersine-commerceappeartohaveacknowledgedthatcrackingthegrocerymarketintheforeseeablefuturerequiresownershipofasubstantialbrick-and-mortarnetwork.

Onlineluxury:InJune,Chinesee-commercegiantJD.cominvested$397millioninluxurymarketplaceFarfetch.Atthesametime,thefirmssignedastrategicpartnershipagreementdesignedtohelpgrowFarfetchinChina.InSeptember,privateequityfirmApaxPartnersacquiredamajoritystakeinluxuryretailerMatchesfashion.comforareported,thoughunconfirmed,figureof$1billion.Matchesfashion.comoperatessomephysicalstoresintheUK,but95%ofitsrevenuesaregeneratedonline,and80%ofthoseonlinesalesaremadeoutsidetheUK,accordingtoindustrynewssiteTheBusinessofFashion.

• Keytakeaway:Onlinemultibrandportalsareagrowthareainthestill-immatureluxurye-commercemarket.LVMHlauncheditsownmultibrandsite,24Sèvres,thisyearandTmalllauncheditsLuxuryPavilionsite,providingfurtherevidenceofthesegment’sgrowth.Weseesuchportalscateringtoconsumerdemandforacompellingmixofauthenticityandtrustedbrands,astrongservicepropositionandwidechoice.Anumberofhigh-enddepartmentstores,boutiquesandmonobrandwebsiteswillneedtoinvestinstrongserviceofferingsinordertocompeteeffectivelywiththesemultibrandportals.

Thedogthatdidn’tbark:Finally,wenotetheabsenceofanysignificantacquisitionsbyhard-hitdepartmentstoreretailersthisyear.Againstabackgroundofstoreclosuresanddecliningsales,noUSdepartmentstorechainssoughttofollowWalmartandTargetbybuyingorinvestinginbrandsthatcouldincreasetheirrelevance,drivetrafficorevenjustconvinceinvestorsthattheyareonthefrontfootratherthaninretreat.Wedid,however,seesomenotablecollaborations,suchasbetweenKohl’sandAmazonandbetweenHudson’sBayCompanyandWeWork—andwewilldiscusssomeofthoseinnextweek’snote.

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December15,2017


USRETAILEARNINGS

Company

Revenues(USDMil.)

YoY%Change GrossMargin(%)

Change(bps)

NetIncome(USDMil.)

YoY%Change StoreFleetEOP

Period TY LY

TY LY

TY LY

TY LY

AmericanEagleOutfitters 3Q17 960 941 2.1 39.0 40.2 (110) 64 76 (15.9) 1,263 1,215

DollarGeneral 3Q17 5,904 5,320 11.0 29.9 29.8 10 253 235 7.3 14,321 13,205

G-IIIApparelGroup 3Q18 1,025 883 16.0 38.1 36.4 175 82 71 15.7 378 362

LululemonAthletica 3Q17 619 544 13.7 52.0 51.1 85 59 68 (13.7) 388 389

RestorationHardware 3Q17 592 549 7.9 36.2 32.0 415 19 4 363.4 84 85

VeraBradley 3Q18 14 127 (9.9) 55.9 57.6 (160) 7 8 (5.3) 164 159Source:Companyreports/FGRT

USRETAIL&TECHHEADLINESRetailersAreUsingOnlineReviewsfromOtherSitestoFightAmazon(December12)USAToday.com

• With8.4%ofallUSretailshoppingnowdoneontheweb,accordingtotheDepartmentofCommerce,reviewswillonlybecomemoreimportant,raisingtheurgencyforcompaniestoofferplentiful,crowd-sourcedinsight.

• Forconsumersthatrelyonthesereviewstochoosebetweenonebrandormodelandanother,itisimportanttoknowthatabountyofreviewsdoesnotnecessarilymeankillerdemandforacertaintoyorappliance.Andfewprobablyrealizethatacompany,behindthescenes,hasahandindistributingreviewstovarioussites.

RetailJobsIncreasedinUSDuringNovember2017:NRF(December12)Fibre2Fashion.com

• TheretailindustryintheUShasseenanincreaseinemploymentin2017,and12,900retailjobswerecreatedinNovemberversusalossof10,300jobsinOctober.However,clothingandclothingaccessoriesstores,includingonlinestores,recordedadecreaseinemployment.

• TheannualhiringoftemporaryholidayworkersisontracktomeettheNationalRetailFederation’sforecast,whichcalledfor500,000–550,000seasonalpositions.

CharmingCharlieFilesforChapter11Bankruptcy(December11)Reuters.com

• FashionjewelrychainCharmingCharliesaidonMondayithadfiledforChapter11bankruptcyandenteredintoarestructuringagreementwithlendersandequitysponsors.

• Theretailersaidithadsecured$20millionindebtor-in-possessionfinancingfromamajorityofitsexistingterm-loanlendersandenteredintoa$35millionasset-backedloanwithcurrentlenders.CharmingCharlieplanstorollouta“backtobasics”strategy,closeunderperforminglocationsandsimplifyitsbusinessoperations.

WEINSWIG’SWATCHING

Thisweek,membersoftheFGRTteamparticipatedinapaneldiscussionattheFungRetailingGroup’sannualconferenceandcohostedtheFGRT-PlanalyticsHolidayHomestretchwebcast.

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December15,2017


WatchOut,AmazonandWalmart:KrogerIsAlsoBuildinganAdvertisingBusiness(December11)Digiday.com

• Krogerissellingitssuppliersadunitsandsolutions,anditisdevelopingaprogrammaticplatformthatwillgolivenextyear.

• LikeWalmart,Krogerboaststhatitsloyaltyprogramdataandpurchasedatagatheredfromitsmobileapps,brandwebsitesandaround2,800storesacross35statesintheUScanhelpitssuppliers(mostlyconsumerpackagedgoodscompaniessuchasProcter&Gamble)servetargetedadsonKroger’spropertiesandtheopenweb.

TheRetailApocalypseIsFueledbyNo-NameClothes(December11)Bloomberg.com

• Thisyear,AmazonwillleapfrogT.J.MaxxownerTJXCompaniesandMacy’stobecomethesecond-biggestsellerofapparelandfootwearintheUS,WellsFargoestimates.Insomecategories,privatelabelscombinedaccountfor20%ofthemarket,accordingtoTheNPDGroup.

• Thatmakesstorebrandsinaggregatelargerthananysinglebrand,whichshouldstrikefearintheexecutivesuitesofLululemonAthletica,NikeandUnderArmour.

EUROPERETAILEARNINGS

Company

Revenues(USDMil.)

ChangeinUSD(%)

ChangeinReporting

Currency(%)GrossMargin

(%)Change(bps)

NetIncome(USDMil.)

YoY%Change StoreFleetEOY

Period TY LY

TY LY

TY LY

2017 2016

Inditex 9MEOct31

20,237 18,339 10.4 9.5 57.4 57.9 (42) 2,640.7 2,469.7 6.9 7,504 7,240

MetroGroup

FYESep30 41,032 40,598 1.1 1.6 18.9 19.1 (23) 381.2 576.5 (33.9) 1,041 1,041

Source:Companyreports/FGRTEUROPERETAIL&TECHHEADLINESAmazonIntroducesItsTreasureTrucktoManchesterandLondon(December9)Companypressrelease

• AmazonhasintroduceditsTreasureTruckintheUKforthefirsttime,bringinganothernewretailexperiencetothecountryfollowingitsrecentBlackFridaypop-upshopinLondon.Thetrucks,whichfeaturearangeofexclusive,limited-quantityoffers,willrunthroughManchesterandLondon.

• Thetruckswilltravelacrossbothcitiesseveraltimesamonthandbestationedatprominentspotswhereshopperscanplaygames,participateinseasonalevents,winprizesandsometimesmeetcelebrities.

UKRetailFootfallRisesinRun-UptoChristmas(December11)BRCpressrelease

• UKretailfootfallgrewby0.2%yearoveryearinthefourweeksendedNovember25,2017,accordingtotheBritishRetailConsortium(BRC).AsitwasmainlydrivenbyBlackFridaysales,this“welcome”improvementafterfourconsecutivemonthsofdeclinesdoesnotindicate“areversalofthelonger-termtrend,”BRCChiefExecutiveHelenDickinsonsaid.

• Shoppingcentersperformedtheworst,whilehigh-streetfootfallgrewinallbutthreeregionsintheUK.Retailparkfootfallcontinuedtogrow,butataslowerrateof0.3%.

JoulesSeesFirst-HalfSalesGrow(December12)Companypressrelease

• BritishclothingandlifestylebrandJoulespostedgrouprevenuegrowthof18.2%,to£96.2million($128.1million),inthe26weeksendedNovember26,2017.Atconstantcurrency,thecompanygrewrevenueby17.5%.

• Retailrevenuejumped16.2%,to£65.9million($87.9million),drivenbybothin-storeandonlinesalesgrowthandtheopeningof10newstoresduringtheperiod.Wholesalerevenuegrewby23.0%(20.6%atconstantcurrency),to£30.1million($40.2million),reflectingexpansioninthecompany’stargetinternationalmarkets.

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December15,2017


CurrysPCWorldLaunchesSame-DayDelivery(December11)RetailGazette.co.uk

• BritishelectricalgoodsretailerCurrysPCWorldhasintroducedsame-daydeliveryaspartofitsmultichannelofferingforcustomersintheUK.Customersplacingordersforsmallitemsbefore4p.m.willseetwo-hourdeliverytimeslotsdisplayedonthecheckoutpage.

• Theservicecosts£9.95($13.30)andisavailableeverydayoftheweektocustomerswhoseaddressesarewithina10-mileradiusofaCurrysPCWorldUKstore.

• Unibail-RodamcotoBuyWestfield(December12)Reuters.com

• FrenchcommercialpropertygiantUnibail-RodamcoissettobuyAustralianmalloperatorWestfieldinacashandsharedealvaluedat$24.7billion.Westfieldowns35mallsintheUKandtheUS,andisdevelopingamallinItaly.

• Unibail-RodamcosaiditwillpayWestfieldshareholders$7.55ashare,whichisan18%premiumtoitslasttrade.Thecombinationofthesetwocompanieswillcreateaglobalretailrealestategiantwortharound$72billion,with104propertiesacrossEurope,AustraliaandtheUS.

ASIARETAIL&TECHHEADLINESSpotifyandTencentAgreetoSwapStakesinTheirMusicBusinesses(December8)TechCrunch.com

• TencentMusicEntertainment(TME),thesubsidiarythatmanagesTencent’smusic-streamingandkaraokeservices,willmakeanundisclosedminorityinvestmentinSpotifythroughnewshares,whileSpotifywillbuyasimilarundisclosedstakeinTME.TencentwillalsomakeitsowninvestmentinSpotifybypurchasingsecondarysharesfromexistingbackers.

• “Followingthesetransactions,SpotifywillholdaminoritystakeinTME,andbothTencentandTMEwillholdminoritystakesinSpotify,”thecompaniessaidinajointstatement.Spotify’sIPOishotlyanticipatedandmaytakeplaceassoonasnextyear.Thecompanycouldoptforadirectlisting,goingpublicwithoutholdinganIPO,meaningthatonlyinsiders,notthecompany,wouldsellsharestothestockmarket.

Alipay’sDouble12Launchesin15Countries(December11)InsideRetail.Asia

• MobilepaymentandlifestyleplatformAlipayhaslauncheditslatestDouble12GlobalShoppingFestivalin15countriesspanningfourcontinents.AlipayisrunbyAntFinancial(partofAlibabaGroup),whosestrategicpartnersinHongKong,India,ThailandandthePhilippineswillintroducecampaignsfortheirlocale-walletusersforthefirsttime.ThesepartnersincludePaytminIndia,TrueMoneyinThailandandGCashinthePhilippines.

• “Inshort,wecallit‘glocalization’,”saidAntFinancialPresidentofInternationalBusinessDouglasFeagin.“ThisconceptisaboutdevelopingAlipaygloballywhilealsodevelopinglocalizedserviceofferings.Workingwithourglobalmerchantsnetwork,wealsocontinuetofocusonenhancingtheAlipaymobilepaymentexperienceforMainlandChinesetouristswherevertheytravel.”

China’sJDPartnerswithAcceleratorProgramPlugandPlaytoReachUSStartups(December7)TechCrunch.com

• E-commercegiantJD.com,theclosestrivaltoAlibabainChina,isbroadeningitspresenceinSiliconValleyafterannouncingacollaborationwithacceleratorfirmPlugandPlaytoseekoutandworkwithpromisingUSstartups.

• Thee-commercegiantsaiditwillsharetechnologies,includingartificialintelligence,cloudandsmartsupplychaintech,withtheprogramgenerallyandworktogetherwithPlugandPlaytolaunchanewcohortofstartupsthattapsintoitsextensivepresenceinChina.PlugandPlaywillcontroltheselection,withJDonhandtoofferexpertise,mentorship,technologyandmore.

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December15,2017


AlibabatoInvest$200MillionInIndianOnlineGrocer(December8)Bloomberg.com

• Alibaba,China’se-commercegiant,planstoinvestabout$200millioninIndia’slargestonlinesupermarket,Bigbasket,leadinga$280millionfundingroundinthestartup,accordingtopeoplefamiliarwiththenegotiations.

• Alibabaistakingastakeofabout25%inBigbasketaftermonthsofnegotiations,saidthepeople,whoaskednottobeidentifiedbecausethematterisprivate.TheBangalore-basedgrocerybusinesshadpreviouslybeenintalksforaninvestmentfrome-commercepioneerAmazon.com,whichagreedinJunetoacquireUSgrocerWholeFoodsMarket.

LATAMRETAIL&TECHHEADLINESGooglePartnerswithLatAmTelcostoLaunchRCS-BasedMessaging(December11)ZDNet.com

• GoogleisworkingwithsomeofthelargestmobileoperatorsinLatinAmericatolaunchRichCommunicationServices(RCS)viaitsJibecloudhub.ThewebgianthaspartneredwithAméricaMóvil,AT&TMexico,OiandTelefónicatorollouttheRCSinitiativeinthenextfewmonthstousersinLatinAmerica.

• AccordingtoGoogle’sheadofRCS,AmirSarhangi,asRCSmessagingrollsout,peoplewhoalreadyhavetheAndroidMessagesappontheirphonewillautomaticallygetaccesstoRCSservices,whichwillbeupdatedovertime.Inaddition,SarhangipointedoutthatRCSwillalsoenablebrandstosend“moreusefulandinteractivemessages”byhelpingcustomers“accessrichermessagesfromthebusinessestheycareabout.”

BrazilSeesMobilePhoneSalesSlowdownin3Q(December8)ZDNet.com

• TheBrazilianmobilephonemarketsawaslowdowninthethirdquarterof2017,accordingtoanalystfirmIDC.Some12.4milliondevicesweresoldovertheperiod,2%lessthaninthethirdquarterof2016.Ofthetotal,11.7millionweresmartphones(5%morethaninthethirdquarterof2016).

• Featurephonesalesdroppedbyhalfinthethirdquarter,with700,000unitssoldbetweenJulyandSeptember.AccordingtoIDC,onefactorinfluencingthedeclinewasthatconsumersweresavingtheircashforBlackFridayandChristmaspurchases.

BrazilianDrivingLicensestoAdoptChip-and-PinCardModel(December6)ZDNet.com

• Braziliandrivinglicenseswillresembleachip-and-pinplasticbankcardby2019,accordingtothecountry’sauthorities.Themaingoaloftheinitiativeistoreducefraud,asthecurrent,paper-baseddocumentsarerelativelyeasytocounterfeit.

• Anotherimprovementexpectedfromthenewlicensemodel—whichhasalreadybeeninplacefordecadesinEuropeandtheUS—isthatdrivingrecordswillbeintegratedwiththoseofothercountries.Currentlicenseswillbeprogressivelyreplacedwiththenewplasticversionastheyexpire.

WalmexExpandsWi-FiinMexicanStores,PushingOnlineShopping(December7)Reuters.com

• WalmartdeMexicosaidthatitwillinstallWi-FithroughoutallbutoneofitschainsinMexicobynextsummerinanattempttocollectuserdataanddriveonlinesalesbyfamiliarizingshopperswithtechnology.Walmexwillbringtheservicetoeverystoreexceptwarehouse-styleBodegaAurreraExpressstoresbymid-2018.

• TheretailerhopesthatfreeaccesswillhelpInternet-resistantshoppersbecomemorecomfortableonlineandultimatelyboostitsnascente-commercebusiness,whichrepresentedlessthan1%ofsalesinthethirdquarter.ManyretailersinMexico,includingAmazon,arecompetingforonlinesalesinacountrywhereshoppersarewaryofcreditcardfraudandoftenearntheirlivinginpapercurrency.

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December15,2017


MACROUPDATEKeypointsfromglobalmacroindicatorsreleasedDecember6–13,2017:

1)US:InNovember,nonfarmpayrollsincreasedby228,000,aheadoftheconsensusestimateof195,000.Theunemploymentrateremainedat4.1%inNovember.InDecember,theUniversityofMichiganIndexofConsumerSentimenttickeddownto96.8,belowthemarket’sestimate.

2)Europe:IntheUK,housepricesedgedupby0.5%monthovermonthinNovember,exceedingthemarket’sestimateofa0.2%increase.IndustrialproductionintheUKstayedflatmonthovermonthinOctober,inlinewiththemarket’sexpectation.

3)Asia-Pacific:InChina,M2moneysupplyincreasedby9.1%yearoveryearinNovemberversusthemarket’sexpectationofan8.9%increase.NewyuanloansandaggregatefinancinginChinabothincreasedbymorethanthemarkethadexpectedinNovember.InSingapore,retailsalesgrowthwasweakerthanexpectedinOctober.

4)LatinAmerica:InBrazil,inflationgrewby2.8%yearoveryearinNovember,indicatingahealthypriceenvironment.InMexico,consumerpricesincreasedby6.6%yearoveryearinNovember.

Country/Region Indicator Period Actual Survey Prior Impacton

Economy*US ChangeinNonfarmPayrolls(Thous.) Nov 228 195 244 +

US UnemploymentRate Nov 4.1% 4.1% 4.1% +

US UniversityofMichiganIndexofConsumerSentiment(Prelim.) Dec 96.8 99.0 98.5 =

US UniversityofMichiganCurrentEconomicConditions(Prelim.) Dec 115.9 114.3 113.5 =

US UniversityofMichiganIndexofConsumerExpectations(Prelim.)

Dec 84.6 90.5 88.9 –

UK HalifaxHousePriceIndex(MoM) Nov 0.5% 0.2% 0.3% =

UK HalifaxHousePriceIndex(3Mos./Year) Nov 3.9% 3.9% 4.5% =

UK IndustrialProduction(MoM) Oct 0.0% 0.0% 0.7% =

UK IndustrialProduction(YoY) Oct 3.6% 3.5% 2.5% =

CN M2MoneySupply(YoY) Nov 9.1% 8.9% 8.8% =



CN NewYuanLoans(CNYBil.) Nov 1,120.0 800.0 663.2 =

CN AggregateFinancing(CNYBil.) Nov 1,600.0 1,250.0 1,038.7 =

SG RetailSales(SA,MoM) Oct 1.5% 2.0% (4.2)% –

SG RetailSalesexAutos(YoY) Oct 0.8% 2.2% 3.3% –

SG RetailSales(YoY) Oct (0.1)% 1.0% (0.6)% –

BZ IBGEInflationIPCA(MoM) Nov 0.3% 0.4% 0.4% +

BZ IBGEInflationIPCA(YoY) Nov 2.8% 2.9% 2.7% +

MX ConsumerPriceIndex(YoY) Nov 6.6% 6.6% 6.4% –*FGRT’sevaluationoftheactualfigure’simpactontheeconomyrelativetohistoricalbenchmarksandthecurrentmacroeconomicenvironment:+indicatesapositivesignalforthecountry’seconomy,–indicatesanegativesignaland=indicatesanegligibleormixedimpact.Source:USBureauofLaborStatistics/UniversityofMichigan/Markit/Halifax/UKOfficeforNationalStatistics/ThePeople’sBankofChina/SingaporeDepartmentofStatistics/InstitutoBrasileirodeGeografiaeEstatística/InstitutoNacionaldeEstadísticayGeografía/FGRT

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December15,2017


EARNINGSCALENDAR

Sales(Mil.) EPS

Company

EarningsReleasePeriod Date

ConsensusTY LYActual

ConsensusTY LYActual Currency

IconixBrandGroup(ICON) 3Q17 Dec15(E) 54.1 90.9 0.10 0.14 USD

Ceconomy(CEC.DE) FY17 Dec19 22,092 20,983 0.52 0.32 EUR

Nike(NKE) 2Q18 Dec21 8,390 8,180 0.40 0.50 USD

RiteAid(RAD) 3Q18 Dec21 7,499 8,090 (0.02) 0.02 USD

FinishLine(FINL) 3Q18 Dec21 361 372 (0.36) (0.23) USD

WalgreensBootsAlliance(WBA) 1Q18 Jan4 30,734 28,501 1.26 0.96 USD

ExpressScripts(ESRX) 4Q17 Jan8(E) 25,055 24,863 2.06 1.41 USD

AvonProducts(AVP) 4Q17 Jan9(E) 1,602 1,568 0.07 0.01 USD

FastRetailing(9983.JP) 1Q18 Jan11 572 529 582 684 JPY

Supervalu(SVU) 3Q18 Jan17(E) 4,032 3,003 0.47 0.32 USD

Kimberly-Clark(KMB) 4Q17 Jan23 4,604 4,544 1.55 1.44 USD

Procter&Gamble(PG) 2Q18 Jan23 17,348 16,856 1.14 1.10 USD

Alibaba(BABA) 3Q18 Jan23(E) 79,132 53,248 10.72 7.07 CNY

eBay(EBAY) 4Q17 Jan24(E) 2,610 2,395 0.59 0.48 USD

LVMH(MC.PA) FY17 Jan25 42,288 37,600 9.77 8.08 EUR

DeckersOutdoor(DECK) 3Q18 Jan25(E) 743 760 3.79 4.11 USD

Alphabet(GOOGL) 4Q17 Jan25(E) 25,556 26,064 12.37 7.63 USD

Colgate-Palmolive(CL) 4Q17 Jan26 3,920 3,721 0.75 0.75 USD

UnderArmour(UA) 4Q17 Jan30(E) 1,310 1,305 0.00 0.23 USD

GGP(GGP) 4Q17 Jan30(E) 605 610 0.46 0.43 USD

Apple(AAPL) 1Q18 Jan30(E) 86,218 78,351 3.77 3.36 USD

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December15,2017


EVENTCALENDAR

Event Location Date(s)

FGRTPresenting/Attending

Li&FungGSM HongKong Dec14–15 √

Celect–2017inReview:TheRetailTurningPoint Webcast Dec20 √

PlanalyticsPost-HolidayWrap-Up Webcast Jan4 √

CES2018MediaDays LasVegas,NV Jan7–8 √

PepcomDigitalExperience LasVegas,NV Jan8

J.P.Morgan16thAnnualTechForumatCES2018 LasVegas,NV Jan8–9

ICRConference2018 Orlando,FL Jan8–10

CES2018 LasVegas,NV Jan9–12 √

RetailInsidersParty NewYork,NY Jan14

NRFFoundationGala NewYork,NY Jan14

RetailAnalyticsInterWorksDinner NewYork,NY Jan14 √

NRF2018Retail’sBigShow NewYork,NY Jan14–16 √

InforRetail’sNRFParty NewYork,NY Jan15

UltimateE-CommerceLeadersParty NewYork,NY Jan15

FinancoCEOForum NewYork,NY Jan15

Microsoft/FGRTNYInnovatorsBoardBreakfast NewYork,NY Jan16 √ MicrosoftDigitalInnovation2025ExecutiveRoundtableDiscussion NewYork,NY Jan19 √

GoldmanSachsTechnology&InternetConference SanFrancisco,CA Feb13–15

MorganStanleyTechnology,Media&TelecomConference SanFrancisco,CA Feb26–Mar1

AAFAExecutiveSummit Washington,DC Feb28–Mar2

NACSConvenienceSummit–Asia HongKong Mar12–14

SPECSShow2018:TheForefrontofPhysicalRetail Dallas,TX Mar18–20 √

Shoptalk2018 LasVegas,NV Mar18–21 √

WorldRetailCongress Madrid,Spain Apr17–19 √

ICSCRECon:TheGlobalRetailRealEstateConvention LasVegas,NV May20–23 √

VRWorld2018 London,UK May22–23

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December15,2017


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

stat of the week chart of the week $65.15 bil. · 2 december 15, 2017 deborah weinswig, managing...

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