september 15, 2017 - deborah weinswig€¦ · september 15, 2017 1) this week’s note “from the...

1

September15,2017

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

ChartoftheWeekStatoftheWeek

Deborah Weinswig Managing Director

FGRT

[email protected]

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

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300

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217

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0 500 1,000 1,500

WhatsApp

FacebookMessenger

QQMobile

WeChat

Skype*

Snapchat

Viber*

LINE

BlackBerryMessenger(BBM)

Telegram

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September15,2017


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


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


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


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


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


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


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

9

September15,2017


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

10

September15,2017


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:6468397017

FungGlobalRetailTech.com

september 15, 2017 - deborah weinswig€¦ · september 15, 2017 1) this week’s note “from the...

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