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September15,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
ChartoftheWeekStatoftheWeek
Deborah Weinswig Managing Director
FGRT
US: 917.655.6790
HK: 852.6119.1779
CN: 86.186.1420.3016
September 15, 2017
1) Thisweek’snote“FromtheDeskofDeborahWeinswig”discussesApple’srecentannouncementofitstwonewsmartphonemodels—theiPhone8andtheiPhoneX.
2) Amazon’ssplashytakeoverofWholeFoodsMarket,completewithdeeppricecuts,didmorethanbringasurgeofpublicitytothechain:itboostedcustomertrafficby25%weekoverweek.
3) FootfallatBritishstoresfellby1.2%yearoveryearinAugust.ThedeclinewasslightlygreaterthanJuly’s1.1%decrease.Highstreetfootfalldeclinedby2.6%andshoppingcenterfootfallfellby0.8%.
4) UrWork,theunicornthatiscompetingwithWeWorkinChina,isfollowingitsAmericanrival’sleadbyextendingitsreachinSoutheastAsia.ThemovefollowsUrWork’sparticipationina$3millionfundingroundforIndonesia-basedReWork.
MostPopularGlobalMobileMessengerApps,byNumberofMonthlyActiveUsers(Mil.)
AllvaluesaremostrecentlyreportedfiguresasofJanuary2017.SkypefiguresasofAugust2013.BlackBerryMessengerfiguresasofOctober2014.ViberfiguresweretakenfromRakuten’sfirst-quarter2015earningspresentationpublishedMay2015.LINEfiguresweretakenfromfourth-quarter2016LINECorp.reporting.*RegisteredusersSource:TechinAsia.com/WeAreSocial/VentureBeat/companywebsites
Source:BusinessInsider.com
50,000
• AmazonannouncedthatitislookingtofindacityinwhichtobuilditssecondUSheadquarters.Thecompanyplanstoinvest$5billionandemployupto50,000peopleinitsAmazonHQ2location.
• BostonandChicagoareamongthecitiesthatreportedlyhaveachancetohostthenewheadquarters,whichthecompanysayswillbea“fullequal”toitsSeattleheadoffice.
1,000
1,000
877
846
300
300
249
217
100
100
49
0 500 1,000 1,500
FacebookMessenger
QQMobile
Skype*
Snapchat
Viber*
LINE
BlackBerryMessenger(BBM)
Telegram
Kakaotalk
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September15,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
FromtheDeskofDeborahWeinswig
TheNewiPhonesAreHere:ShouldYouBuythe8Now,orWaitfortheXinNovember?OnTuesday,Applelaunchednotonelong-anticipatednewiPhone—buttwo—whosespecificationsfellgenerallyinlinewithrumorsandindustrywatchers’expectations.Therearesomanypartnersandsuppliersinvolvedinthecreationofanynewgenerationofphones(includinganarmyoftalkativeworkersatApple’scontractmanufacturersinChina)thatitisnearlyimpossibletokeepthedetailsofsuchahotlyanticipated,high-volumenewproductunderwraps.Nottomentionthatlastweekend,anAppleemployeeleakedthelatestbetaversionoftheaccompanyingiOS11software,whichcontainedmanyofthedetailsofthenewproductreleases.
AswithpracticallyeverynewiterationoftheiPhone,thenewmodelsfeaturesharperdisplays,fasterprocessors,bettercamerasandmorememory,andApplestrivestomakeeachnewiPhonethinnerthanthelast.Bothnewmodelssupportwirelesscharging(usingtheQistandard)andruniOS11,whichincludesApple’sARKitsoftware,whichwillenableaslewofaugmented-realityapplicationsandgames.IKEAisalreadyworkingonanappusingARKitthatwillallowcustomerstovisualizehowthecompany’sfurniturelooksintheirlivingspaces.Applecallsitsnew-generationprocessorA11Bionic,anhomagetothesuperstrengthoftheman-machinecombointhe70sTVshowTheSixMillionDollarMan,andthenewphonesalsocontainanewgraphicchiptohelpsharetheload.
TheiPhone8/8Plusisessentiallya“speedbump”(i.e.,itusesafasterprocessor)basedontheiPhone7(andiPhone6).Inadditiontothefasterprocessor,itoffersabetter(12-megapixel)cameraandthenewsoftware.Thisphonecouldbethelastofthelinetoincludeaphysical“home”button.
TheiPhoneX,namedincelebrationofthe10thanniversaryoftheiPhone,containsamyriadoffeaturesthathavebeenrumoredtobecomingforsometime,suchasanall-glassdesignandtheabsenceofaphysicalhomebutton.Thedisplayrunstotheendofthecase,enablinga5.8"displayinanenclosureroughlythesamesizeastheiPhone7.Thedeviceusesasensorarrayandadvancedimagerecognitiontechnologytoidentifytheuserbyhisorherface,whichisnecessarybecausethismodeldoesnotincludeacombinationhomebutton/fingerprintsensorandbecausefacialrecognitionisusedtoauthenticateusersforApplePay.ThescreenontheiPhoneXalsohasagreaternumberofpixelstodisplay4KHDvideo.
ThenewversionoftheiOSsmartphoneandtabletoperatingsystemincludesseveralnewfeaturesthatmakeApple’stabletsworkmorelikedesktopPCs(likelyanefforttocatchupwiththeMicrosoftSurfacetablet),includingafilesystem,anewdock,multitaskingfunctionalityandotherfeaturesthatusethepencil.Usersalsogetbetterphoto-processingsoftware,animprovedSirivirtualassistantandtheabilitytosendmoneyviaApplePay(similartothefunctionalityofferedbythepopularVenmoapp).iOS11alsoprovidesuserstheabilitytosendanimatedemojitofriendsandfamily.
Notethatthe“X”inthenameofthelatestversionrepresentstheRomannumeralfor10andisnotmeanttobereadastheletter“X.”Thereisprecedenthere,asthefirstmoderngenerationoftheMacOSfollowingSteveJobs’returntoApplewasinitiallycalledOSX,representingversion10oftheMacintoshoperatingsystem.
BothnewiPhonemodelsincludewirelesscharging,whichcontinuesthetrendoffreeingtheuserfromtheburdenofneedingtocarryabundleofcables.First,Appleremovedtheconventionalheadphonejackinfavorofapower/headphonecomboconnectorintheiPhone7,encouraginguserstomigratetowirelessheadphones.Now,thecompanyhasmadethepowercordoptional.Wirelesschargingisatechnologywhosedevelopmentisstillinprogress,andAppledoesnotcurrentlyofferawirelesscharger.However,thecompanydemonstratedachargingmatthatcanchargetheiPhone,theAppleWatchandAirPods(thecompany’swirelessheadphones)together.
AppledetractorsnotethatSamsungsmartphonemodelshaveofferedfeaturessuchasbezel-freedisplays,wirelesschargingandwaterproofingforsometime—andthe$999pricetagoftheiPhoneXisboundtosting.However,hardcoreApplefanswilllikelyseetheirmaindilemmaashavingtodecidewhethertobuytheiPhone8for$699nowtogettheirhandsonthenewfeaturesrightaway,orwaituntilNovember2togettheiPhoneXandearntheassociatedenvyfromthetechnorati.TheiPhoneXrepresentsthefirstnewiPhonedesignandformfactorinthreeyears,whichwilllikelyleadalargenumberofuserstoupgradetoit—butthosewhoopttowaittopurchasetheXmayfindthatitshighpricetagreducestheamountofcashtheyhaveavailabletofillChristmasstockingsthisholidayseason.
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September15,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
USRETAILEARNINGS
Company
Revenues(USDMil.)
YoY%Change GrossMargin(%)
Change(bps)
NetIncome(USDMil.)
YoY%Change StoreFleetEOP
Period TY LY
TY LY
TY LY
TY LY
G-IIIApparelGroup 2Q18 538 442 21.6 37.7 35.2 250 (9) (1) NM 378 363
Kroger 2Q17 27,597 26,565 3.9 21.7 22.1 (40) 353 383 (7.8) 3,348 3,889
RestorationHardware 2Q18 615 543 13.2 33.4 33.1 35 (5) 12 NM 85 84Source:Companyreports
USRETAIL&TECHHEADLINESAlipayPushesintoUSRetail(September12)BusinessInsider.com• MajorChinesemobilewalletAlipayhaspartneredwithluxuryfashionretailerRebecca
MinkofftoenableChinesetouristsintheUStomakepurchasesusingAlipayatallRebeccaMinkoffretaillocations—includingthoseinNewYork,ChicagoandLosAngeles—andonline.
• ThispartnershipcontinuesAlipay’sefforttoexpanditsmassivenetworkof520millionactiveglobalusers.Inthelastyearalone,themobilewalletexpandedintoEurope,Asia,Australia,SouthAfricaandtheUS.ThepartnershipcontinuestheseriesofexpansioneffortsbyAlipaytotargetChinesetouristsglobally.
Harvey,IrmatoHitUSApparelRetailersMorethanRestaurants(September12)Reuters.com• Industry-wideretailsalesinAugustandSeptemberwillfallinthewakeofHurricanesHarvey
andIrma,withapparelretailersexpectedtotakealonger-termhitthanrestaurantoperators.USsame-storesalesatapparelchainsareexpectedtorisejust0.1%inthethirdquarterendingOctober,comparedwitha0.6%increaseseenbeforethestorms.
• Thetwohigh-intensityhurricanes,whichmadelandfallintheUSoverthepasttwoweeks,havekilleddozensanddamagedthousandsofhomesinTexasandFlorida.Asresidentsinthesestatesbegintorebuildtheirhouses,homeimprovementchainsincludingHomeDepotarewellpositionedtobenefit.
WalmartIsSimplifyingItsSprawlingUSStoreOperations(September12)Bloomberg.com• WalmartisreorganizingitsUSstoreoperationstosimplifythesprawlingbusinessaspartof
abidtomaintaingrowthandcompetewiththelikesofAmazon.Theideaistoreactmorequicklytochangesandbettercommunicate.
• TheretailerwillconsolidateitsUSbusinesstofourdivisions,downfromsix,eachofwhichismanagedbyaseniorvicepresident.InsimplifyingitsUSbusiness,Walmartsaiditisreturningtoanapproachitwasusingbeforeanotherreorganizationafewyearsago.ThenumberofUSregionswillbereducedfrom44to36,andexecutivesaffectedbythemovecouldtakeotherrolesinsidethecompany.
WEINSWIG’SWATCHING
Thisweek,theFGRTteamattendedtheTech.PoweredbyRetailWeekconferenceinLondon,theHOMIMilanolifestyletradefairinMilan,andtheVIPBeautyBreakfasthonoringinnovativewomenleadersinbeauty,retail,technologyandfashioninNewYork.
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September15,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
Amazon’sWholeFoodsPriceCutsBrought25%JumpinShoppers(September11)Bloomberg.com• Amazon’ssplashytakeoverofWholeFoodsMarket,completewithdeeppricecuts,did
morethanbringasurgeofpublicitytothechain:itboostedcustomertrafficby25%.Thedata,culledfromshoppers’mobiledevices,wascomparedwiththesameperiodaweekearlier.
• ThetrafficdataisanoptimisticsignthatAmazoncansucceedinthebrick-and-mortarworld.Insomeareas,thejumpincustomerswasdramatic.AtstoresinChicago,35%moreshoppersvisitedWholeFoodsstoresintheweekafterthetakeover.
EUROPERETAILHEADLINESJDSportsReports1H18SalesGrowthof41%(September12)Companypressrelease• BritishsportswearandoutdoorretailerJDSportsreportedfirst-half2018salesgrowthof
41%.Salestotaled£1.4billion(US$1.9billion)intheperiod.Pretaxprofitjumped33%,to£102.7million(US$135.6million).Comparablesalesacrossallbanners,includingthoseinEurope,increasedbyapproximately3%.
• PeterCowgill,ExecutiveChairmanofJDSports,attributedthestrongperformanceto“thecontinuedstrengthofthecoreUKandIrelandsportsfashionfascias.”CowgillnotedthatsalesinthesecondhalfhavesofarcontinuedatasimilarrateasseeninthefirsthalfandthatmanagementexpectsJDSportstodeliverfurtherprofitgrowthforthefullyear.
Boohoo.comtoLaunchOwn-BrandBeautyLine(September11)RetailGazette.co.uk• UKonlinefashionpureplayBoohoo.comhasannouncedplanstolaunchitsown-brand
beautyrange,calledBoohooCosmetics,laterthismonth.Productsinthelinewillbepricedintherangeof£4–£19(US$5–US$25).
• ThisnewscomesjustaweekafteranotherBritishonlinefashionretailer,ASOS,launcheditsownlineofbeautyproducts,calledFace+Body.
BritishHighStreetFootfallDeclinesinAugust(September11)BRCpressrelease• FootfallatBritishstoresfellby1.2%yearoveryearinAugust.Thedeclinewasslightly
greaterthanJuly’s1.1%decrease,accordingtotheBritishRetailConsortium(BRC).Highstreetfootfalldeclinedby2.6%andshoppingcenterfootfallfellby0.8%,butfootfallatretailparksgrewby1.6%.
• BRCChiefExecutiveHelenDickinsonnotedthatwhilemostshoppinglocationswitnessedayear-over-yearfootfalldecline,retailparks“buckedthetrend,withshoppersattractedbytheconvenienceofaone-stopshopforpurchases,servicesandleisureactivities.”
ManoManoRaises€60MilliontoDriveExpansionacrossEurope(September11)BusinessInsider.com• FrenchDIYmarketplaceManoManohasraised€60million(US$72million)inseriesC
fundingfromgrowthequityfirmGeneralAtlanticandexistinginvestorsPitonCapital,PartechVenturesandBpifrance.
• Withthefreshfunds,ManoManoexpectstodriveexpansionacrossEurope,includinginBritain,whichisoneofitstoptargetmarkets.
EveSleepTiesUpwithKarstadt(September8)Retail-Week.com• EveSleep,aBritishmattressonlinepureplay,hastiedupwithGermandepartmentstore
chainKarstadttosellitsproductsinGermany.EveSleep’srangeincludesmattresses,pillowsandbedframes.
• OncethedealcomesintoforceonNovember1,customerscantryoutEveSleep’sproductsinashowroom-stylesettingatall79ofKarstadt’sstoresinGermanybeforeorderingthemonlinefromeitherretailer’swebsite.
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September15,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
ASIATECHHEADLINESWeiboUsersGivenOne-WeekWarningtoProvideRealNames(September8)TechCrunch.com• The340millionusersofSinaWeibo,China’spopularmicrobloggingservice,havebeengiven
oneweektolinktheiraccountstoarealname.Thecrackdownisbeingconductedinordertocomplywithnewgovernmentrulesrestrictinganonymousonlineconversation.
• Therehaveactuallybeensimilarrulesinplacesince2011,butthecompanyneverreallyenforcedthem,asithasbeendemonstratedoverandoverthatenforcingareal-namerequirementiseasiersaidthandone.Manyuserswouldratherquittheservicethansubmittohavingtheironlinecommunications,previouslyanonymousorpseudonymous,attachedtotheirrealidentity.
JapaneseStartupPlansOne-StopICOPlatformFueledbyVCInvestmentandanICO(September8)TechCrunch.com• Chinabannedinitialcoinofferings(ICOs),alsoknownastokensales,anditisinvestigating
platformsthatfacilitatethem.Meanwhile,Japan’sTechBureauishatchinganambitiousplantoofferaone-stopservicetoletcompaniesacrosstheworldtakeadvantageofblockchaintechnologyandICOswithoutviolatingfinancialregulations.
• TechBureaucurrentlyhelpscompanieswithconsultancyandarangeoftechnicalservices,butitispreparingtointroducenewplatformstocovernearlyeveryaspectoftheICOprocess.
China’sUrWorkInvestsinIndonesia’sReWorkvia$3MillionDealasWeWorkRivalryHeatsUp(September7)TechCrunch.com• UrWork,theunicornthatiscompetingwithWeWorkinChina,isfollowingitsAmerican
rival’sleadbyextendingitsreachinSoutheastAsia.ThemovefollowsUrWork’sparticipationina$3millionfundingroundforIndonesia-basedReWork.
• UrWorkisvaluedat$1.5billionfollowingrecentfinancing.Ithas88locationsin22citiesinitsnativeChina,butitisplanninganaggressiveoverseasexpansioninto32citiesworldwideoverthenextthreeyears.ThiscomesjustasWeWorkdoublesdownonChina,whereitrecentlylaunchedalocalbusinessaimedatrapidlygrowingtheeightspacesitcurrentlyoperatesacrossGreaterChina.
BudgetHotelNetworkPioneerOYORaises$250Million,LedbySoftBank’sVisionFund(September7)TechCrunch.com• India-basedOYO,astartupthatpioneeredandpopularizedtheconceptofbudgethotel
networks,hasclosed$250millioninnewfundingledbySoftBank’sVisionFund.Thestartupwasfoundedin2013byThielFellowRiteshAgarwal,nowage24,andfocusesonstandardizingthequalityofIndia’swildlydifferentiatedaffordablehotelsandprovidingsomestructuretosimplifybookingsandcustomerservice.
• OYO’snetworkspans230citiesacrossIndia,MalaysiaandNepal,offeringmorethan70,000roomsinIndiaalone.Thecompanysaiditisgettingclosetogrowingitscapacityatarateof10,000roomspermonth,anditplanstopushonintomoreruralpartsofIndiaandmoveintoadditionaloverseasmarkets,too,althoughithasnotspecifiedwhichones.
LATAMRETAILANDTECHHEADLINESWhatsAppEyesEnterpriseGrowthinBrazil(September6)ZDNet.com• Instant-messagingappWhatsAppislookingtobuildonitspopularityinBraziltogrowits
footprintwithintheenterprisespace.BrazilianbankItaú,the10thlargestbankintheworldbymarketvalue,isthemostsignificantlocalorganizationtoadoptthebusinessversionoftheapp,whichiscurrentlybeingtestedwithalimitedpoolofusers.
• Thebankplanstostartatrialwithpremiumcustomersforcommunicationbetweenaccountholdersandbranchmanagers.Notificationsandalertsabouttheaccountarealsopossibilitieswithinthepilot,whichwillbeexpandedacrosstheentireclientbasegradually.
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September15,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
BrazilianTelcoEmbratelAnnouncesItWillLaunchNewSatellitein2019(September8)ZDNet.com• BraziliantelecommunicationsfirmEmbratelhasannouncedthelaunchofits12thsatellite,
thelargestevermadebythecompany.Duetolaunchattheendof2019,StarOneD2willhavealifespanofmorethan15years.
• StarOneD2willhave28C-bandtransponders,24Ku-bandtranspondersand20GbpsofKabandcapacitytomeetbackhauldemandsofmobiletelephony.Thesatellitewillbethesecondinthecompany’sfourth-generationfleetandwillcomplementtheKabandcoverageofthelatestsatellitelaunched,StarOneD1.
LenovoBouncesBackinBrazilAfteraSlumpLastYear(September6)ZDNet.com• LenovohasstartedtoshowimprovementinitsBrazilianbusinessaftersomeyearsof
hardship.Thecompanyhasposted1.3%growthinnetprofit,reachingR$1.5billion(US$480million).
• Lastyear,Lenovopostedan82.6%slumpinnetprofit,withoperationallossesreachingR$1.16billion(US$371million).TheChinesecompanyranksthirdinPCsalesinBrazil,behindHPandDell,witha13%marketshare.
BrazilianPCMarketSustainsGrowth(September11)ZDNet.com• PCsalesinBrazilreturnedtogrowthinthesecondquarterof2017,accordingtofigures
releasedbyanalysisfirmIDC.BetweenAprilandJune2017,some1.243millionPCsweresold,a5%increasefromthesameperiodlastyear.
• Thisfollowsthepositiveperformanceseeninthefirstquarterof2017,whentheBrazilianPCmarketstartedtoshowsignsofrecoveryafterfiveconsecutiveyearsofdecline.NotebooksremainthepreferreddeviceofmostPCbuyersinBrazil.OfallthePCssoldinthesecondquarter,396,000weredesktops,whilenotebooksaccountedfor847,000units.
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September15,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
MACROUPDATEKeypointsfromglobalmacroindicatorsreleasedSeptember6–13,2017:
1) US:TheISMNon-ManufacturingIndexreadingincreasedfrom53.9inJulyto55.3inAugust,pointingtoanexpansionintheservicessector.TheJobOpeningsandLaborTurnover(JOLTS)jobopeningsfiguretickedupinJuly,reflectinganimprovingjobmarket.
2) Europe:IntheUK,industrialproductionincreasedby0.2%monthovermonthinJuly,inlinewiththeconsensusestimate.TheConsumerPricesIndex(CPI)andhousingpricesintheUKedgedupfurtherinAugust,clearingthewayforaninterestratehikebytheBankofEngland.
3) Asia-Pacific:InChina,foreignreservesstoodat$3.09trillioninAugust,slightlybelowthemarket’sestimate.TheAugusttradebalanceinChinawasalsobelowtheconsensusestimate,at$42.0billion,duetohigherimportandlowerexportvalues.
4) LatinAmerica:InBrazil,inflationremainedatanacceptablelevelinAugust,increasingby2.5%yearoveryear.RetailsalesinBrazilincreasedby3.1%yearoveryearinJuly.InMexico,industrialproductiondroppedby1.0%monthovermonthandby1.6%yearoveryearinJuly.
*FGRT’sevaluationoftheactualfigure’simpactontheeconomyrelativetohistoricalbenchmarksandthecurrentmacroeconomicenvironment:+indicatesapositivesignalforthecountry’seconomy,–indicatesanegativesignaland=indicatesanegligibleormixedimpact.Source:InstituteforSupplyManagement(ISM)/USBureauofLaborStatistics/UKOfficeforNationalStatistics/Markit/Halifax/ThePeople’sBankofChina/ChinaGeneralAdministrationofCustoms/InstitutoBrasileirodeGeografiaeEstatística/InstitutoNacionaldeEstadísticayGeografía/FGRT
Country Indicator Period Actual Survey PriorImpactonEconomy*
US ISMNon-ManufacturingIndex Aug 55.3 55.6 53.9 +
US JOLTSJobOpenings Jul 6,170 6,000 6,116 +
UK IndustrialProduction(MoM) Jul 0.2% 0.2% 0.5% =
UK IndustrialProduction(YoY) Jul 0.4% 0.4% 0.3% =
UK CPI(MoM) Aug 0.6% 0.5% (0.1)% =
UK CPI(YoY) Aug 2.9% 2.8% 2.6% =
UK CoreCPI(YoY) Aug 2.7% 2.5% 2.4% =
UK HalifaxHousePrices(MoM) Aug 1.1% 0.2% 0.7% =
UK HalifaxHousePrices(3Mos./Year) Aug 2.6% 2.1% 2.1% =
CN ForeignReserves(USDBil.) Aug $3,091.5 $3,095.0 $3,080.7 +
CN TradeBalance(USDBil.) Aug $41.99 $48.45 $46.73 =
CN Exports(YoY) Aug 5.5% 6.0% 7.2% =
CN Imports(YoY) Aug 13.3% 10.0% 11.0% =
BZ IBGEInflationIPCA(MoM) Aug 0.2% 0.3% 0.2% +
BZ IBGEInflationIPCA(YoY) Aug 2.5% 2.6% 2.7% +
BZ RetailSales(YoY) Jul 3.1% 3.2% 2.9% =
MX IndustrialProduction(SA,MoM) Jul (1.0)% (0.1)% 0.1% –
MX IndustrialProduction(NSA,YoY) Jul (1.6)% (0.2)% (0.3)% –
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September15,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
EARNINGSCALENDAR
Sales(Mil.) EPS
Company
EarningsReleasePeriod Date
ConsensusTY LYActual
ConsensusTY LYActual Currency
AscenaRetailGroup(ASNA) 4Q17 Sep18 1,575 1,812 (0.03) 0.17 USD
EspritHoldings(330.HK) FY17 Sep20 16,358 17,788 0.04 (0.25) HKD
Inditex(ITX.MC) 1H17 Sep20 11,747 10,466 0.46 0.41 EUR
Kingfisher(KGF.L) 1H18 Sep20 6,009 5,749 0.14 0.14 GBP
FinishLine(FINL) 2Q18 Sep22 477 509 0.38 0.53 USD
Nike(NKE) 1Q18 Sep26 9,100 9,061 0.49 0.73 USD
Boohoo.com(BOO.L) 1H17 Sep27 264 127 0.02 0.01 GBP
H&M(HM-B.ST) 3Q17 Sep28 53,678 48,982 3.10 2.91 SEK
RiteAid(RAD) 2Q18 Sep28 7,836 8,030 0.00 0.02 USD
Tesco(TSCO.L) 1H18 Oct4 27,997 27,338 0.04 0.01 GBP
CostcoWholesale(COST) 4Q17 Oct5 41,532 36,560 2.01 1.77 USD
SuperValu(SVU) 2Q18 Oct11(E) 3,792 3,865 0.37 1.03 USD
FastRetailing(9983.JP) FY17 Oct12 1,861 1,787 1,104 648 JPY
ASOS(ASC.L) FY17 Oct17 1,936 1,445 0.76 0.63 GBP
eBay(EBAY) 3Q17 Oct18(E) 2,367 2,217 0.48 0.36 USD
Skechers(SKX) 3Q17 Oct19(E) 1,069 942 0.44 0.42 USD
WalgreensBootsAlliance(WBA) 4Q17 Oct19(E) 29,988 28,636 1.21 1.18 USD
Kimberly-Clark(KMB) 3Q17 Oct23 4,658 4,594 1.55 1.52 USD
VFCorp.(VFC) 3Q17 Oct23 3,384 3,488 1.12 1.15 USD
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September15,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
EVENTCALENDAR
Event Location Date(s)
FGRTPresenting/Attending
XRCLabsDemoDay NewYork,NY Sep15 HOMIMilano Milan,Italy Sep15–18 SmartSummit London,UK Sep19–20 √WWDDigitalForum NewYork,NY Sep19–20 Shop.org:ThisIsDigital LosAngeles,CA Sep25–27 √NRFProtect LosAngeles,CA Sep25–27 √ColliersRetailRoundtableLunch HongKong Sep27 eCommerceExpo London,UK Sep27–28 PepcomHolidaySpectacular!East NewYork,NY Sep28 2017RetailCyberIntelligenceSummit Chicago,IL Oct3–4 GMDCRetailTomorrow NewYork,NY Oct4–5 FashionTechForum2017:WestCoastDebut LosAngeles,CA Oct6 ShoptalkEurope Copenhagen,
Denmark Oct9–11 √Walmart2017InvestmentCommunityMeeting Bentonville,AR Oct10 RetailCongressAsiaPacific HongKong Oct10–11 KrogerInvestorConference NewYork,NY Oct11 2017TechstarsDemoDay Minneapolis,MN Oct11 REConLatinAmerica&Caribbean SanJuan,PR Oct15–17 SourcingJournalSummit2017 NewYork,NY Oct17 ICSCNewYorkNextGenerationBreakfastProgram NewYork,NY Oct17 SourcingJournalSummit2017 NewYork,NY Oct17 ExclusiveExecutiveConference Orlando,FL Oct17–19 √NACSShow2017 Chicago,IL Oct17–20 ICSCResearchConnectionsConference Toronto,Canada Oct22–24 BackEndofInnovation Orlando,FL Oct22–25 RetailWestSummit SanFrancisco,CA Oct24 WWDApparel&RetailCEOSummit NewYork,NY Oct24–25 √X5RetailGroupCapitalMarketsDay Moscow,Russia Oct26 AAFAExecutiveThinkTank HongKong Oct26 √FIT’sFashionistas&Financiers NewYork,NY Nov1 IDTechExShow:WearableUSAandPrintedElectronicsUSA SantaClara,CA Nov15–16 LBrandsAnnualInvestorMeeting Columbus,OH Nov22 Asia-GlobalDialogue2017 HongKong Nov22 HomeDepotInvestor/AnalystDay Boston,MA Dec6–7 FortuneGlobalForum Guangzhou,China Dec6–8 √ICSCNewYorkDealMaking NewYork,NY Dec6–8
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September15,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
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:6468397017
FungGlobalRetailTech.com
