Yesterday post close RH reported Q4 results with Rev -1% vs Cons/our 6% partially due to inventory shortages (3pts). Adj. EPS of $3.72 beat Cons of $3.59 and our $3.53 as RH beat on operating margins and below the line items. Like most companies, RH withheld 2020 guidance. Shares were -15% vs -2% for the S&P today.
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1-10 out of 982 Posted on April 1, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Hardlines Retail, RH
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Posted on March 20, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Hardlines Retail, WSM
Yesterday PM WSM posted comps that beat across each segment including positive comps in its eponymous William Sonoma brand. Operating margins of 11.6% met Cons and adj. EPS of $2.13 beat Cons of $2.05. WSM noted strong comps QTD until 3/11 and solid MSD comps in e-comm since then but withheld guidance for 2020. WSM shares +23%.
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Posted on March 19, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Consumer Industrials, IAA
Yesterday (03/18/20) AM IAA reported Q4 results that beat on EBITDA ($99.4M vs Cons of $97.3) and EPS ($0.37 vs Cons of $0.34). While Q1 20 results QTD (2 weeks left) have been in-line with mgt’s plan, they withheld 2020 guidance due to the virus. IAA shares were -1% vs -5% for the SP500.
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Posted on March 16, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Hardlines Retail, ULTA
Yesterday PM (3/12/20) ULTA reported SSS of 4.0% vs Cons of 3.4% and our 3.8%. Adj. EPS of $3.89 beat Cons of $3.73 and our $3.72 but was helped $0.06 by tax. 2020 guidance was just below Cons on comps and EPS, but the EPS miss explained by tax guidance. ULTA -1% today vs S&P +4%.
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Posted on March 4, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Hardlines Retail, AZO
Although mild winter had lowered sss expectations into the print, we believe the extent of the decel and drop-off in DIFM was worse than expected. EBITDA was mostly in-line with EPS beating Consensus, helped by a lower tax rate. Shares were -2% vs SP50 -3%.
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Posted on February 28, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, W
W reported Q4 results that met on revenue but slightly missed on EBITDA margins (by 22 bps). The guided deceleration in revenue and messaging on advertising refinements overwhelmed a commitment to turn US run-rate profitable by end of 2021. Stock was -18%
35
Posted on February 27, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Hardlines Retail, BBY
BBY reported better-than-anticipated sales (with both Domestic and International sss above Cons), coupled with a better EBIT margin vs Cons. BBY’s coronavirus impacted 1Q outlook calls for sss of 0% to 1% with EPS of $1.00 to $1.05 (Cons $1.01). For FY20, BBY expects sss of 0% to 2% and EPS of $6.10 to $6.30 (Cons $6.25). Shares were flat vs S&P -1%.
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Posted on February 27, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, CVNA
Yesterday (02/25/20) post-close CVNA reported Q4 and beat on $GP/U but missed on SG&A. For the 2020 guide CVNA guided below Cons/scrape data but given track record is likely being conservative. $GP/U was materially better, but implied SG&A was much worse. Stock is -11% in after-hours.
35
Posted on February 26, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Hardlines Retail, LOW
SSS of 2.5% missed Cons 3.7%, but LOW beat on op margins (7.1% vs Cons 6.8%). Adj. EPS was $0.94 vs Cons $0.91. FY20 comp guidance of 3.0% to 3.5% brackets Consensus of 3.1%, but adj. EPS of $6.45 to $6.65 is below prior FY20 Cons of $6.67. Shares -5% vs S&P +0%.
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Posted on February 25, 2020
Filed under: Chris Bottiglieri, Hardlines & Internet Retail, Hardlines Retail, HD
SSS of 5.2% was above our 5.0% and Consensus 4.8%. EPS of $2.28 beat expectations primarily on a lower tax rate (EBIT/interest expense was mostly in-line). HD reiterated its 2020 sales and EBIT margin outlook and provided FY20 EPS guidance of $10.45 vs prior Consensus $10.51. Shares were +1% vs -2% for S&P500.
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