This AM (2/12/20), LAD reported Q4 results. Total revenue growth of 9.9% was above Cons. of 8.2% and our 8.7%. EPS of $2.95 narrowly missed Cons. of $2.97 but beat our $2.94. Shares were down -5.5%.
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1-10 out of 981 Posted on February 12, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Hardlines Retail, LAD
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Posted on February 11, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Hardlines Retail, AN
AN grew EBITDA by +24% (adjusted for asset sales, investment gains, and floorplan interest), which beat the +17% we were expecting on better GP growth and tighter SG&A. AN shares were +7% vs. flat S&P 500.
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Posted on February 7, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Hardlines Retail, ORLY
Wednesday (02/05/20), post-market close, ORLY reported Q4 results. SSS of 4.4% were in-line with cons of 4.3% and below Wolfe 5%. EBIT margins were 80bps worse than Cons. EPS of $4.25 missed Cons by 0.5% & Wolfe by 2.5%. 2020 guide was soft on margins with comps better than feared (though there is carryover mild-winter comp risk). Shares were -5%.
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Posted on February 5, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Consumer Industrials, VVV
VVV reported 1Q20 on 2/3 after the close. Revenue was in-line vs our expectations, EPS beat vs us and Consensus. Core NA profitability was a standout with GP/gallon 20% above our estimates helped by improved premium mix and better SGA leverage, despite a seasonally light quarter, while Quick Lube profitability underwhelmed. VVV was +2.5% vs S&P +1.5%.
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Posted on February 4, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Hardlines Retail, ABG
ABG reported Q4 results. Sales growth of 6.2% beat cons’ 5.4% and our 4.1%. SG&A/GP was 80bps better than cons. EPS of $2.53 beat cons of $2.34 and our $2.32. Shares were up 3% vs. +1% S&P 500.
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Posted on February 3, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Internet Retail, AMZN
Thursday PM (1/30), AMZN reported Q4 results, beating on revenue and margins across each of its three segments. On a consolidated basis, AMZN beat revenue by 1.5% and margins by 130bps. AMZN also provided Q1 2020 guidance, which came in 1% below consensus for revenue and 60bps below for margins even with a favorable adj. to depreciation lives. Shares were +7% Friday versus S&P of -2%.
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Posted on January 31, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Hardlines Retail, SHW
Adj. EPS of $4.27 missed our $4.42 (Consensus $4.39). Adj. EBIT of $560mm was below our $606mm (Consensus $575mm). Paint SSS while healthy at 4.6% were below expectations.
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Posted on January 31, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Hardlines Retail, TSCO
This AM (1/30), TSCO reported 4Q SSS of 0.1% missing Cons of 2.4%. Expectations were low due to 3rd party CC data. Margins were in-line despite the topline miss. EPS of $1.21 missed Cons $1.23 and our $1.25. 2020 guide of 1.5% to 3% SSS missed consensus of 3.1%, while EPS missed by 4% at the midpoint. Shares were -1.5% vs -0.5% for the S&P 500.
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Posted on January 28, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Consumer Industrials, CPRT, IAA, KAR, VVV, Hardlines Retail, AAP, ABG, AN, AZO, BBY, GPC, HD, KMX, LAD, LKQ, LOW, ORLY, RH, SHW, TSCO, ULTA, WSM, Internet Retail, AMZN, CVNA, W
With concerns over the Coronavirus spreading, we think US Retailers will likely be viewed as near-term relative safe-haven stocks given limited direct exposure to China. However, should the virus spread into a pandemic, especially in China, we see a greater impact to US retailers from indirect supply chain exposure or US GDP growth.
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Posted on January 17, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Hardlines Retail, KMX
We attended KMX’s quarterly analyst event in Richmond on Jan. 16th, where we met with the CEO, new and old CFO, CMO, and other members of the C-Suite. Overall, we left the event more positive on KMX’s long-term prospects (2-5 years), but equally as cautious on the near-term setup for comps and expenses.
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