december 5, 2014...gasoline prices have fallen below $2.00 gallon in some parts of the us housing...

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December 5, 2014

FBIC Global publication: Retail research weekly insights

December 5, 2014

Black Friday is no longer a one-day affair and Thanksgiving holiday spending is clearly moving online, with mobile playing a major role Gasoline prices have fallen below $2.00 gallon in some parts of the US Housing prices were flat in October, and housing starts rose Third-quarter earnings continue to trickle in, with most retailers reporting YoY revenues declines

D E B O R A H W E I N S W I G E x e c u t i v e D i r e c t o r - H e a d G l o b a l R e t a i l R e s e a r c h a n d I n t e l l i g e n c e F u n g B u s i n e s s I n t e l l i g e n c e C e n t r e d e b o r a h w e i n s w i g @ f u n g 1 9 3 7 . c o m N e w Y o r k : 6 4 6 . 8 3 9 . 7 0 1 7 S u p p o r t e d b y T e r e s a L a m F u n g b u s i n e s s i n t e l l i g e n c e c e n t e r – H e a d A s i a D i s t r i b u t i o n a n d R e t a i l t e r e s a l a m @ f u n g 1 9 3 7 . c o m H o n g K o n g : 8 5 2 . 2 3 0 0 . 2 4 6 6

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December 5, 2014


FROM THE DESK OF DEBORAH WEINSWIG

The FBIC Global team spent the past holiday weekend checking out the Black Friday scene, visiting several hundred stores in multiple locations, including Hawaii and even London—yes, Black Friday has taken that city (and parts of Europe, Australia and the Middle East) by storm, despite the lack of a Thanksgiving Day. Black Friday has become a global US export!

We published our Thanksgiving/Black Friday Spending Recap issue earlier this week, but here are some highlights:

For us, the most surprising change from previous Black Fridays past was the relative calm of the day itself: no stampeding hordes, no trouble finding a parking space

and no long lines at checkout. There are a few explanations for this: Black Friday is no longer a one-‐day affair, though it still attracted the most foot traffic of the four-‐day span. Bargain hunters are now rushing to retailers opened on Thanksgiving Day (that’s when we saw lines winding around buildings and stores doing crowd-‐control). The nearly month-‐long cascade of special pre-‐Black Friday deals also siphoned off sales.

Thanksgiving holiday spending is clearly moving online, with mobile playing a major role. Though estimates vary, the data show that retailer e-‐commerce sales grew by leaps and bounds this year. Interestingly, early and longer promotions have diminished Cyber Monday one-‐day dominance, with sales up 8% YoY (according to IBM), versus growth of nearly 21% last year.

Meanwhile, “everywhere, anytime” holiday shopping is here to stay, as consumers ping-‐ponged from physical to stores to desktops, laptops and smartphones to do their browsing and gift-‐buying—and, to many retailers’ glee, making impulse purchases for themselves and loved ones along the way. Mobile traffic accounted for roughly 38% of all online traffic and 20% of online sales, both up around 30% from last year.

Though traffic and sales were soft versus prior years, merchants that offered maximum (and seamless) channel maneuverability—along with great deals and free shipping—won the day. From all accounts, tech-‐savvy department stores and big-‐box retailers reported a banner five-‐day stretch. Our channel checks reveal that heavily discounted high-‐end apparel, tablets, TVs, sheets, kid’s clothing and video games were the best sellers this year.

There’s another phenomenon that gives us great hope for sales gains in the of 3%-‐5% range this holiday season: Gasbuddy.com predicted that gas stations across the US would offer $2.00 per gallon gas by Christmas. Prices have already fallen below that level in parts of the South and Midwest. We haven’t seen pump prices this low since the depth of the recession in March 2009. Though forecasts of the potential boost to consumer spending vary widely, most analysts agree that the biggest beneficiaries will be discounters with the largest store footprints. With signs that energy prices are likely to stay low or fall further, the outlook for US consumer spending in 2015 just keeps getting brighter and brighter.

Oxford Street, London

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December 5, 2014


US WEEKLY TRAFFIC AND SALES INDICES (12/3)

Figure 1. ShopperTrak Weekly US Traffic YoY%

Through November 28, 2014 Source: ShopperTrak

• US store traffic fell by just 1% YoY for the week ended Nov. 28, the smallest decline since December 2013 as Thanksgiving and Black Friday promotions drove people to stores.

• November traffic ended 1.7% YoY, or the best monthly traffic showing since August 2012 as predicted.

• Winter apparel and gear benefited from improved traffic during a cold Thanksgiving weekend; electronics store sales rose by mid-‐single digits

Figure 2: ICSC Weekly Sales Estimate YoY%

Through November 28, 2014 Source: ICSC

Figure 3: Johnson Redbook US Weekly Sales Estimate YoY%

Through November 28, 2014 Source: Johnson Redbook

Note: The differences between the two index results reflect differences in coverage and methodology. The ICSC-‐Goldman Sachs index is a statistically derived estimate of industry sales that is weighted by sales volume. Redbook’s index encompasses 13 retailers, spanning specialty apparel, department stores and discounters.

• According to ICSC, US retail sales had the best weekly sales, +2.8% YoY in six weeks, due to aggressive promotion in the extended Black Friday Week. As gas price is at $2.80 per gallon, or 15.1% below last year’s price, ICSC is projecting a 4%-‐5% increase in overall November sales. However, department and non-‐speciality stores remain weak.

• Johnson Redbook data showed a 4.8 % YoY gain for the same week ended November 29; discount stores strongly outperformed (up 5.7%), while department stores lagged (up 3.3%) Redbook expects a 4.5% gain in December.

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December 5, 2014


US RETAIL HEADLINES OF THE WEEK RetailNext reported that in-‐store sales declined (-‐11.0%) YoY, as an (-‐11.45%) drop in store traffic was offset by a +0.1% gain in the conversion of shoppers into buyers. The sharp drop in both traffic and sales is directionally a shift in the prevailing trend of the past few months when we saw sequentially diminishing YoY declines. A contributing factor to the traffic decline was ecommerce momentum, with comScore reporting a 15% gain in digital sales to $22.7 billion for the first 28 days of November (through Black Friday). On the plus side, average transaction value (ATV), which turned negative in October for the first time, is back in positive territory, at +0.9%, despite the high level of promotional activity prevalent through November and leading up to and through Thanksgiving and Black Friday weekend. Conversion was has been a positive metric for the past four months, suggesting consumers arrive with a planned expenditure. We believe more browsing is taking place online.

Black Friday holiday promotions drive store traffic. In terms of highs and lows for the month, Black Friday experienced the highest sales, traffic and transactions, while conversion hit its peak on November 20. The lowest traffic and transactions occurred on November 3, likely reflecting weather in early November, which was relatively cold and severe, hindering store traffic overall.

By region, YoY traffic comparisons were the softest in the Northeast (-‐13.4%) and strongest in the Midwest (-‐5.5%); ATV was weakest in the Midwest, at (-‐2.4%), and all other regions reported positive growth in ATV, led by the northeast, +1.5% and closely followed by the west, at +1.4%.

Comprehensive In-‐Store Analytics (Average % YoY Change)

Sales

Traffic

Transactions

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% Return

Average Transaction

Value

Sales Per Shopper

Nov. (11.0)% (11.4)% (11.7)% 0.1% (0.6)% 0.9% 0.4%

Oct. (3.10)% (4.50)% (1.70)% 0.8% (1.00)% (1.30)% 1.8%

Sept. (4.1)% (5.9)% (4.6)% 0.3% (1.1)% 0.7% (0.4)%

Aug. (4.0)% (7.9)% (5.9)% 0.4% (1.0)% 2.0% 4.2%

July (4.5)% (7.8)% (9.5)% (0.1)% (1.1)% 6.7% 3.5%

As of December 5, 2014 Source: RetailNext

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December 5, 2014


Abercrombie & Fitch (ANF) sees trends weaken across all brands in 3Q (December 3). Consolidated comps decreased (-‐10%), reflecting a

(-‐6%) drop at adult A&F, (-‐10%) at kids and (-‐12%) at Hollister. By geography, US comps were (-‐7%) and international comps (-‐15%). Trends in China were positive, improving sequentially from 2Q and reporting a positive comp. During 3Q, A&F opened its first mall-‐based store in Chengdu, China and is encouraged by the growth potential for both A&F and Hollister in there. By product category, tops suffered steep drops in comparables, while bottoms comped positively, with denim doing well and dresses very strong. US outlets comps were up 10%, benefiting from made-‐for-‐factory product. Progress on the omnichannel front includes ship-‐from-‐store at 730 US locations, order-‐in-‐store at 660 stores, and reserve in-‐store and in-‐store pickup will be activated in 2015. Guidance is for 4Q comps to decline by mid-‐to high single digits and a higher gross margin YoY (versus 59%), but lower than the YTD gross margin rate of 62%. ANF shares traded up 3.5% on Dec. 3. Company press release and conference call

One-‐hundred days back at Aéropostale (ARO), Julian Geiger articulates path to profitable growth (December 3). In tandem with 3Q results: sales down (-‐12%), comps (-‐11%) and doubling of the loss per share to ($0.66), CEO Julian Geiger spoke about organizational change; disciplines and confidence-‐building, brand positioning and assortments; and assortment planning and allocation to drive sales and gross margin. A significant reduction in sub-‐brands will allow for accelerated growth of key proprietary sub-‐brands, focusing on Tokyo Darling in girls and Brooklyn Calling for guys. The mandate is to juggle the contradiction of the 14-‐to-‐17-‐year-‐old who wants to dress with individuality but, at the same time, wear a “uniform” that makes him or her cool and fit in. Trends improved through most of November, with a low-‐single-‐digit comp gain and increases in gross-‐margin dollar contribution until Thanksgiving weekend, when comps declined about (-‐15%). Guidance for 4Q is for a net loss in the range of ($0.37) to ($0.44) per share, and Aéropostale entered 4Q with inventory down 20% YoY, 16% on a square foot basis. ARO shares traded down 22.3% on Dec. 4. Company press release and conference call

Moody’s lowers outlook for Amazon (AMZN) (December 1) to negative from stable, and affirmed its Baa1 senior unsecured rating, in reaction to Amazon's announcement that it was issuing a sizeable, yet to be determined amount, of new senior unsecured notes. Proceeds of the notes are to be used for general corporate purposes supporting Amazon's growth initiatives. The additional notes will further exacerbate Amazon's already weak interest coverage due to, among other things: the lack of visibility surrounding the cadence for deployment of proceeds, potential areas of future growth and investment utilizing these proceeds, and the timing of potential positive returns, according to Moody's. Concurrently Moody’s affirmed Amazon’s Baa1 rating due to Amazon’s “excellent liquidity.” AMZN shares closed down (-‐3.7%) on Dec. 1. Company press release

American Eagle (AEO) reports flat Q3 revenues, continues to close more stores (December 4). AE’s 3Q revenues were $854 million, flat YoY, based on a (-‐5%) decrease in comps. Gross margins were 36.9%, up 207 b.p. YoY. Inventories increased +60.7% YTD but decreased (-‐9.7%) YoY. Inventory

cost per foot declined 14%. Based on a review of its store fleet and their performance, the company impaired 48 AE and 31 aerie stores. Guidance was for Q4 EPS of approximately $0.30-‐$0.33, excluding potential asset impairment and restructuring charges, vs. $0.27 YoY. AE shares traded down (-‐11.8%). Company press release

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December 5, 2014


Gap (GPS) reports strong November comp led by standout performance at Old Navy (December 4). Comp performance across the brands was bifurcated: value-‐priced Old Navy led with an +18% comp followed by a +2% comp gain at

Banana Republic, while comps declined (-‐4%) at Global Gap brand, reflecting ongoing challenges, especially in women’s. This contrasts with increasing momentum in women’s at Old Navy. Sales performance was particularly strong on Veteran’s Day as well as Thanksgiving and Black Friday. GPS shares traded up 0.4% on Dec. 5. Press release and conference call

Guess? (GES) sees overall trends weakening heading into 4Q (December 3). Guess reported better than projected 3Q EPS of $0.24 versus its guidance of

$0.15 to $0.20 and $0.42 YoY, despite a (-‐4%) sales decline. Retail was down in all geographies, offset by flat wholesales revenues. Same store sales comparisons at Marciano were ~10% and are gaining momentum heading into December and North American e-‐commerce was another bright spot during 3Q, accreting at a 38% pace to $17 million (less than 3% of 3Q sales). Although IMU improved, net merchandise margins decreased due to steeper markdowns. 4Q, including Thanksgiving weekend, has seen a slowdown in North America retail in tandem with weak traffic and conversion, while European retail comps are up in the low single digits. Fashion denim has picked up and women’s outerwear is enjoying sales growth. 4Q guidance is for sales of $695-‐710 million (vs. $768M YoY) and EPS of $0.53-‐0.63 (vs. $0.83 YoY). FY 14 guidance was brought down to $2.42-‐2 43 billion from $2.44-‐2.48 billion on the top line EPS of $1.00 -‐1.10 from $1.05-‐1.20. GES shares traded down (-‐9.5%) on Dec. 4. Company press release and conference call

LBrands (LB) reports +8% November comps (December 4). For the four weeks ended Saturday November 29, L Brands bucked prevailing weak mall traffic and reported a +6% comp at Victoria’s Secret and +11% at Bath & Body Works. Both brands had record Black Fridays. Merchandise margin rate was roughly flat to last year, reflecting expansion at Victoria’s Secret and Bath & Body Works, offset by exiting various apparel categories in the Victoria’s Secret Direct business. With inventories down 14% per square foot entering December, along with current momentum, which is likely to build at Victoria’s Secret with the airing of the Victoria’s Secret Fashion Show on December 9, FBIC Global sees strong productivity in the remainder of FQ4 for L Brands. LB shares traded up 0.6% on Dec. 4. Company press release

PVH (PVH) reports solid Q3, offset currency headwinds (December 4). PVH’s third-‐quarter revenues were $2.23 billion, a 2% increase when adjusted for the sale of the Bass business. Management described macro third-‐quarter business

trends in all distribution channels as volatile, though business rebounded towards the end of November. The main growth driver was revenue from Calvin Klein USA, whose revenues were up 5% YoY on comps of +5% and a square footage expansion. Revenue from Tommy Hilfiger increased 1% YoY, driven by 3% in USA growth on +1% comps plus square footage expansion. Revenue from Heritage Brands increased 3% YoY adjusted for the sale of the Bass business, including a 6% increase in wholesale and a (-‐6%) decrease in retail comps. The gross margin was 52.3%, an increase of 79 bps YoY. Inventory was $1.2 billion, up 6.5% since the end of 2013. Due to unfavorable exchange rates, PVH narrowed its EPS guidance to $7.25-‐7.30 from $7.30-‐7.40. PVH shares traded down 1.4% on the day. Company press release and conference call

Sears (SHLD) still struggling (December 4). Revenues for Sears Holdings Corp. were $7.2 billion, down (-‐12.9%) YoY. The revenue decline was primarily due to the Separation of the Lands’ End business, and lower revenue from fewer Kmart and Sears

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December 5, 2014


Full-‐line stores associated with Sears Canada, which was de-‐consolidated in Oct. 2014. The biggest dollar decline was at Sears Domestic, whose revenues were down (-‐12.0%); revenues for Sears Canada were down (-‐34.8%); and revenues at Kmart fell (-‐7.2%). Kmart comps increased 0.5% YoY, or up +2.8%, excluding consumer electronics and grocery and household goods businesses. Sears Online and multichannel sales grew approximately 9% YoY and approximately 18% YTD. Sears Domestic comps declined (-‐0.7%) YoY, or were up +1.0%, excluding consumer electronics. Inventories were down 8.1% this year and down (-‐27.5%) YoY. Management said the company’s transformation is continuing while it takes steps to restore profitability and increase financial flexibility. Year to date, the company has closed or announced approximately 235 underperforming stores for closure, primarily Kmart stores. SHLD shares traded down (-‐4.4%) on the day. Company report

Selected Retail Company Earnings Results

Company

Revenues ($ Mil.) Change Gross Margin (%) Change

Net Income ($ Mil.)

Change YoY Store Fleet EOP

2014 2013 (%) 2014 2013 (BP) 2014 2013 (%) 2014 2013

A&F $911 $1,033 (11.8) 62.2 63.0 (80) $18 ($16) NM 1,000 1,063

Aéropostale 453 427 6.1 15.2 17.1 (190) (52) (26) 104.2 1,052 1,124

American Eagle 854 857 (0.4) 36.9 34.9 200 9 25 (63.7) 1,082 1,064

Guess 590 613 (3.9) 36.3 37.2 (90) 22 35 (38.2) 1,676 1,603

PVH 2,233 2,259 (1.2) 52.3 51.9 41 226 197 14.8 537 496

Sears 7,207 8,272 (12.9) 22.2 23.3 (110) (628) (547) NM 2,474 2,601 Source: Company reports

US Regular Gasoline Prices

$ per Gallon Change from

11/17/14 11/24/14 12/01/14 week ago year ago

US 2.894 2.821 2.778 (0.043) (0.494)

East Coast 2.908 2.854 2.820 (0.034) (0.569)

New England 3.014 2.964 2.944 (0.020) (0.531)

Central Atlantic 2.990 2.953 2.923 (0.030) (0.518)

Lower Atlantic 2.815 2.747 2.705 (0.042) (0.620)

Midwest 2.856 2.762 2.715 (0.047) (0.406)

Gulf Coast 2.673 2.593 2.531 (0.062) (0.593)

Rocky Mountain 3.011 2.933 2.861 (0.072) (0.252)

West Coast 3.114 3.048 3.016 (0.032) (0.459)

West Coast (ex CA) 3.050 3.006 2.963 (0.043) (0.337)

Source: US Energy Information Administration

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December 5, 2014


CHINA HEADLINES OF THE WEEK

JD.com sees net loss of 164 million Yuan in 3Q14 (November 17). JD.com announced its 3Q14 financial results. Although the company’s gross merchandise volume (GMV) grew 111% YoY to 67.3 billion Yuan

(US$11.0 billion) and revenue increased 61% YoY to 29.0 billion Yuan (US$4.7 billion), its net loss in the 3Q14 was 164 million Yuan (US$26.8 million) and net margin was -‐0.6%. The loss was primarily due to amortization of intangible assets resulting from assets and business acquisitions related to its strategic partnership with Tencent. JD.com

Financial and Operating Highlights (Bil. Yuan)

For the Three Months Ended Sept. 30

2013 2014 % Change YoY Net revenue ¥18 ¥29 +61% Net income/(loss) 0.075 (0.164) NM Active customer accounts (Mil.) 22 46 +109% Orders fulfilled (Mil.) 81.5 178.2 +119% GMV 32 67 +111%

10 Asia Pacific Tech Trends for 2015 (November 21). Forrester Research has prepared a list of 10 Tech Trends for Asia Pacific retailers

in 2015. It says mobile-‐powered customer experiences will fuel digital transformation in the region in the year ahead.

Forrester’s Top 10 are:

1. Digital transformation will drive technology spending growth of 4.9%. 2. The majority of companies in Asia Pacific will be unprepared for digital disruption. 3. China will be the epicenter of digital innovation. 4. ‘Digital India’ will encounter stubborn roadblocks 5. Mobile business will lag accelerated smartphone adoption. 6. Organizations will move beyond rudimentary enterprise mobility. 7. Customer Experience – Bridge for CIO-‐CMO collaboration. 8. Asia will turn to mobile messaging apps for customer engagement. 9. Apple Pay will dislodge mobile payments gridlock. 10. Customer insights and big data analytics will sprawl.

Inside Retail Asia

Alipay partners with US retailers to bring Black Friday to China (November 21). Alibaba’s online payment platform Alipay announced to team up with a

number of US retailers to introduce Black Friday, the biggest shopping day following the Thanksgiving in the US, to Chinese online shoppers. US retailers participating include Macy’s, Bloomingdale’s, Saks Fifth Avenue, Neiman Marcus, Ann Taylor and Aéropostale. The partnership will enable Chinese online consumers to make purchase from US retailers and pay in RMB through Alipay's payment system. Ebrun

JD.com opens ”Weidian” on Tencent’s WeChat (November 26). JD.com has opened a “Weidian”, a self-‐managed shopping platform on Tencent’s

mobile messaging application, WeChat, to provide a mobile platform for the third party vendors to list their offerings. Since the platform will only open to vendors that have already set up a storefront on JD.com, it is expected that some vendors from other B2C marketplaces such as Tmall will migrate to JD.com. China Economic Net

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December 5, 2014


“Amazon Overseas” in China joins the Black Friday Festival (November 26). Amazon China will join the Black Friday shopping festival in the US to offer Chinese consumers products with huge discounts. Chinese shoppers can shop on its “Amazon Overseas” platform, which offers products that are available at the US Amazon store but within an all-‐Chinese user interface. Amazon offers fast delivery in three days during the Black Friday festival, while the average delivery time is around two weeks. By the end of this year, one million overseas products will be available for sale, up from 800,000 currently. Shanghai Daily

Baidu rolls out web browser for overseas shopping (November 28). According to the Chinese search engine Baidu has rolled out a web browser to facilitate overseas shopping. The browser enables Chinese shoppers to refresh overseas e-‐commerce websites such as US Amazon and 6PM at a faster speed. English to Chinese translation service is also provided to reduce language barrier when engaging in cross-‐border shopping. Ebrun

US WEATHER ANALYTICS: Week of Dec. 7 – 13

Much Warmer temperatures across the Country Warm in the Middle. The middle of December will feel more like mid-‐Autumn as temperatures climb above normal levels and those of last year for almost all of North America. Florida will be colder than last year, but don’t feel too bad for residents there, as they will still be warmer than most of us. Expect demand for seasonal categories to slow as the warmth will limit need-‐based purchases.

Rain Moves Across the South and the West. A relatively weak storm system will emerge in the Southern Plains and Southeast, generating light rain. The rain may limit store traffic as consumers increase their holiday shopping expeditions. The West will continue to experience moderate rain and snow up in the mountains. This includes California, which will help to alleviate drought conditions.

December 7-‐13 Weather Outlook (Average Temperature vs. Last Year)

Source: US Energy Information Administration

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December 5, 2014


A FOCUS ON THE US HOUSING

Figure 4. S&P/Case-‐Shiller Composite-‐20 City Home Price Index SA, MoM% Change

Through September 30, 2014. Seasonally adjusted Source: S&P Dow Jones Indices and CoreLogic

• The September home price index rose at 4.9% YoY, the slowest rate in 23 months, versus the 5.6% pace in August

• Eighteen of the 20 cities tracked experienced slower growth rates than in the previous month. Miami continues to lead, with a 10.3% YoY gain and Cleveland showed the smallest YoY increase of 0.8%

Figure 5. Total Existing Home Sales, YoY% Change

Through October 31, 2014. Seasonally adjusted annual rate Source: National Association of Realtors

• Total existing home sales rose by an annualized seasonally adjusted rate of 5.26 million in October, up from a 5.18 million rate. Housing sales are at the highest level of the year

• The median existing-‐home sale price was $208,300 in October, up 5.5% YoY

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December 5, 2014


Figure 6. Housing Starts: Total New Privately Owned Housing Units Started, YoY% Change

Through October 31, 2014. Seasonally adjusted annual rate Source: National Association of Realtors

• In October, housing starts rose at an annual rate of 1.01 million units • Single-‐family starts, which comprise about two-‐thirds of the market, rose 4.2% MoM in

October.

UPCOMING EVENTS

EARNINGS CALENDAR

Company Event Date

Dollar General Q3 15 Earnings Call/Earnings Release Dec. 5

Five Below Q3 15 Earnings Call/Earnings Release Dec. 5

Hudson’s Bay Co Q3 15 Earnings Call/Earnings Release Dec. 9

Costco Wholesale Corp Q3 15 Earnings Call/Earnings Release Dec.10

Inditex SA Q3 15 Earnings Call/Earnings Release Dec. 11

Lulu Lemon Athletica Q3 15 Earnings Call/Earnings Release Dec. 11

Rite-‐Aid Q3 15 Earnings Call/Earnings Release Dec. 18

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December 5, 2014


EVENT CALENDAR

Event Location Date(s) FBIC Presentation

Lean Startup Conference San Francisco, CA Dec. 8 -‐ 12 —

The Next Web Conference New York NY Dec. 10 —

International Consumer Electronics Show Las Vegas, NV Jan. 6 -‐ 9 Deborah Weinswig

Retail Orphan Initiative (ROI) Super Saturday Washington DC Jan. 10 —

NRF Big Show New York, NY Jan. 11 -‐ 13 Deborah Weinswig

ICR Xchange Orlando, FL Jan. 12 -‐ 14 —

Clicks and Mortar New York, NY Jan. 13 —

New Partners for Smart Growth (NPSG) Baltimore, MD Jan. 29 -‐ 31 Deborah Weinswig American Apparel & Footwear Association (AAFA) 2015 Annual Executive Summit Washington, DC Mar. 18 – 20 Deborah Weinswig

Deborah Weinswig, CPA Executive Director – Head Global Retail Research and Intelligence Fung Business Intelligence Centre Global (FBIC Global) New York: 917.655.6790 Hong Kong: +852 6119 1779 [email protected] Marie Driscoll, CFA [email protected] Christine Haggerty [email protected] John Harmon, CFA [email protected] Amy Hedrick [email protected] Fong Lau [email protected] Lan Rosengard [email protected] Jing Wang [email protected]

december 5, 2014...gasoline prices have fallen below $2.00 gallon in some parts of the us housing...

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