RESEARCH

Title Date
Walmart: Sales Over Margins Oct 17, 2018
September Retail Sales: Reflate and… Wait for the Holidays Oct 15, 2018
Walmart: Analyst Day Preview – Focused on a Long Game in a Multichannel Retail World Oct 12, 2018
Costco: Loyalty + Traffic = Upside in a Reflationary World Oct 9, 2018
RSLI: Uptick to 5%, Raising 4Q Estimates Oct 9, 2018
Amazon Joins the Wage Party: What Does it Mean? Oct 8, 2018
HILI Drops to 3%. Is Affordability the Problem? Oct 1, 2018
Lowe's: Retail's Turnaround Story, Three Months In Oct 1, 2018
Bed Bath & Beyond: The Melting Ice Cube is Getting Smaller Sep 28, 2018
CarMax: Have it Your (Multichannel) Way Sep 27, 2018
AutoZone: Dialing up the Multichannel Battle Sep 24, 2018
Sears: What Does a $12bn Share Donation Mean? Sep 21, 2018
AutoNation: Larson’s Choice Sep 20, 2018
Home Depot: Roundtable Visit Takeaways Sep 18, 2018
Kroger: The Food Fight Rages On Sep 14, 2018
August Retail Sales: 5% is Enough. For Now. Sep 14, 2018
2Q Earnings Wrap: Is the Amazon Threat Over? Sep 12, 2018
RSLI: Jobs and the Wealth Effect Driving the Model Higher Sep 7, 2018
Best Buy: Prepping For the Future, Proactive on the Tariffs Sep 5, 2018
Amazon: AWS Upside and the $1 Trillion Market Cap Aug 30, 2018
Lowe’s: Hitting the Ground Running. $6+ EPS in 2019 Believable Aug 29, 2018
HILI Recovers in July - Trend Stabilizing Between 3-4% Aug 29, 2018
Target: What About the Next 13 Years? Aug 24, 2018
Home Depot: Can it Get Any Better Than This? Aug 20, 2018
Walmart Go Big or Go Home Aug 17, 2018
July Retail Sales: Party Like It’s 7/11 Aug 16, 2018
Best Buy: GreatCall, a Lifeline for Services? - August 16, 2018 Aug 16, 2018
Sales Sizzle, but Tariffs Add Spice Aug 10, 2018
RSLI: Midsummer Dreaming; With an Eye on the Risks Aug 9, 2018
O’Reilly: A Little Rocket Science, and a Whole Lot of Culture Aug 8, 2018
Wayfair: Giving the Benefit of the Doubt Aug 3, 2018
Trumponomics Part II: The Risk of Protectionism for Retailers Aug 1, 2018
Lumber Liquidators: 2Q Comps a Cut Above, Margins Against the Grain Jul 31, 2018
Amazon: 2Q Shows Us the Money... Jul 27, 2018
O’Reilly: 4.6% Comp, but Margins Still Pressured Jul 27, 2018
Sherwin-Williams: Owning Pricing Power in a Reflationary World Jul 26, 2018
HILI Snaps Down-Streak in June, Still Not Out of the Woods... Jul 26, 2018
Amazon: What to Watch for in Q2 Results Jul 23, 2018
Genuine Parts Co: Comps Back to 3%, Yet What about the Margins? Jul 20, 2018
Prime Day 2018: What You Need to Know Jul 16, 2018
June Retail Sales: 5% Growth… Spells R-E-L-I-E-F for Retail Jul 16, 2018
Amazon: Prime Day 2018: What You Need to Know Jul 16, 2018
RSLI: Retail Sales Sizzling; Decelerating Trend a Risk Jul 10, 2018
Best Buy: Looking to Succeed, Not Just Survive Jul 8, 2018
HILI Drops Again, Growing Risk to 2H Sales Jul 2, 2018
Auto Dealer Forum Nuggets, CarMax, AutoNation and More Jun 29, 2018
Bed Bath & Bygone Jun 28, 2018
Growth Slows, Capacity Grows… Ouch! Jun 25, 2018
Retail Comp Sheet 06-25-2018 Jun 25, 2018
O’Reilly: Tapping the Brakes; Downgrade to Neutral Jun 25, 2018
CarMax: Delivering Profits; Now Time to Comp Jun 25, 2018
Kroger: Reinventing Themselves for a Multichannel Future Jun 22, 2018
WSJ Article on Amazon & Washington - June 21, 2018 Jun 21, 2018
BJs is Coming Back Jun 19, 2018
Blaming it on Weather, Reinvesting Tax Cuts Jun 15, 2018
May Retail Sales: April Showers Brought May Flowers Jun 14, 2018
RSLI: Downtick to 4.8% on Energy Costs, Less Good Employment & Confidence Jun 12, 2018
Costco: Growing Through the Amazon Effect Jun 4, 2018
Target: Driving Traffic, Will EBIT Follow? Jun 4, 2018
Walmart Shareholders Day Lesson: The East India Company Was A Long Game Too Jun 4, 2018
Lowe’s: What Can Marvin Ellison Do To Help Lowe’s? May 31, 2018
Dollar Stores 1Q Miss: More Weather/Food Fight than Amazon. For Now... May 31, 2018
April Home Improvement Lead Indicator: Will April Showers Bring May Comps? May 30, 2018
Retail Comp Sheet 05-29-2018 May 29, 2018
Target: The Human Touch Matters in a Digital World May 25, 2018
Lowe’s Flash Note: Lucky Penney? Marvin Ellison Named New President & CEO May 22, 2018
Walmart: Flipping Through the Portfolio May 22, 2018
Retail Comp Sheet 05-21-2018 May 21, 2018
Home Depot: Multichannel Nears 8%, Macro Remains Supportive May 17, 2018
Retail Sales: Is 4% Good Enough for 18% EPS Growth? May 16, 2018
Retail Comp Sheet 05-14-2018 May 14, 2018
1Q Earnings Preview: Now the Empires Strike Back May 14, 2018
Is Maturing Prime Membership a Problem? May 10, 2018
Dollar General, Dollar Tree, Kroger: It’s Not You…It’s Alexa May 10, 2018
Walmart & Amazon: Flipping Out? - May 8, 2018 May 8, 2018
Retail Comp Sheet 05-07-2018 May 7, 2018
RSLI Suggests Modest Reacceleration in 2H May 7, 2018
Wayfair: Way Day, Way Day! Time to Get Onboard? May 3, 2018
Walmart: Battle of the Ages Goes British. God Save the Stores! Apr 30, 2018
Retail Comp Sheet 04-30-2018 Apr 30, 2018
Tractor Supply: Time to Get Behind the Tractor? Apr 27, 2018
Amazon: 1Q18: Driving Towards $1 Trillion Apr 27, 2018
Sherwin-Williams: Pricing Power Matters Apr 26, 2018
Amazon: What to Watch for in Q1 Results Apr 25, 2018
Auto Aftermarket: Blame it On The Weather (50bps Hit in April) Apr 24, 2018
HILI: Deceleration to 4.9% Doesn’t Look Like 2007. Yet. Apr 24, 2018
Lowe’s: Deep Dive Meeting Takeaways Apr 24, 2018
Retail Comp Sheet 04-23-2018 Apr 23, 2018
Genuine Parts Co. Sluggish Auto Demand: Cyclical or Secular? Apr 20, 2018
CarMax: Analyst Day Learnings; Trimming Comps for the Value Gap Apr 19, 2018
Genuine Parts Co 1Q Earnings Flash Apr 19, 2018
Amazon Letter to Shareholders, Setting a New Standard - April 19, 2018 Apr 19, 2018
Inaugural MoffettNathanson Retail Summit: The More Things Change, The Faster They Change Apr 17, 2018
Genuine Parts Co.: SPR Divestiture - Addition by Subtraction Apr 16, 2018
Bed Bath & Beyond: Walking up a Down Escalator Apr 16, 2018
March Retail Sales: Out Like a Lamb Apr 16, 2018
Retail Comp Sheet 04-16-2018 Apr 16, 2018
Amazon & Trump: Neither Rain, Nor Heat, Nor Postal Tweet Apr 10, 2018
Retail Comp Sheet 04-09-2018 Apr 9, 2018
2018 eCommerce Survey: Ready or Not – Here Comes Voice Shopping Apr 5, 2018
CarMax: Mind the Value Gap Apr 5, 2018
Advance Auto Parts: CFO Change Another Step on a Transformative Journey Apr 3, 2018
RSLI: Consumer Looks Strong, If the Market & Tariffs Don’t Screw It Up Apr 3, 2018
Wayfair: A Unique Take on Home Goods Apr 2, 2018
Lowe’s: The Waiting is the Hardest Part Apr 2, 2018
Retail Comp Sheet 04-02-2018 Apr 2, 2018
CarMax: 4Q Rocky, March Comp/ Inventory Spell Relief Mar 29, 2018
RH: Trading Growth for Profits in 2018 Mar 29, 2018
Retail Comp Sheet 03-26-2018 Mar 26, 2018
HILI Healthy: EHS and Confidence Bounced Back, but so did Rates Mar 23, 2018
Amazon, Walmart, and Kroger: Food Fight at Your Doorstep Mar 22, 2018
Retail Comp Sheet 03-19-2018 Mar 19, 2018
Lumber Liquidators Deep Dive Notes Mar 16, 2018
Dollar General: Greater Retention Bumps Outlook; Sustainability Key Mar 16, 2018
Williams Sonoma: Setting the Table for Multichannel Growth Mar 16, 2018
Dollar General 4Q Earnings Flash: Defying Gravity Mar 15, 2018
February Retail Sales: If the Shoe Fits… 4.5% Growth Still On Track Mar 14, 2018
Retail Earnings Wrap: Do Investments Make Sense? Mar 14, 2018
Retail Comp Sheet 03-12-2018 Mar 12, 2018
Kroger: More To Spend, But Is There More (Share) To Gain? Mar 9, 2018
Costco: Riding Loyalty in a Multichannel Retail Storm Mar 9, 2018
Dollar Tree: Detoured, But Not Derailed Mar 8, 2018
KR 4Q Earnings Flash: Playing for Long Term Growth; Paying for it Today Mar 8, 2018
Target: Knowing What You Don’t Know Mar 7, 2018
Dollar Tree Earnings Flash: Investment Year Meets High Expectations Mar 7, 2018
AN: Trimming 1Q Sales & EBIT; NVLI Says Don’t Expect Much 2H18 Relief Mar 6, 2018
Target 4Q Earnings Flash: Traffic Mojo at a Cost Mar 6, 2018
NVLI Forecast Holds Steady Despite a Softer Start to ‘18 - March 6, 2018 Mar 6, 2018
Retail Sales Lead Indicator Moves Higher; Tax Cut Cavalry Should Start to Help Mar 5, 2018
Retail Comp Sheet 03-05-2018 Mar 5, 2018
Tractor Supply: Backup the Tractor, Upgrade to Buy Mar 5, 2018
BBY: Raising the Bar Mar 2, 2018
LOW: Will Bad News Be Good News? Mar 1, 2018
BBY 4Q Earnings Flash Mar 1, 2018
LOW: 4Q Earnings Flash Feb 28, 2018
LL: From ICU to Rehab Feb 28, 2018
TGT: Pricing Out Multichannel Future. Could Late to the Party Mean Better Returns? Feb 28, 2018
AZO: Walking (not Running) in Memphis Feb 28, 2018
AZO 2Q18 Earnings Flash Feb 27, 2018
Retail Comp Sheet 02-26-2018 Feb 26, 2018
W: Icarus?... Feb 23, 2018
AAP: Turnaround Potential Tantalizing; Execution Risk Remains Feb 23, 2018
Wayfair Flash Note Feb 22, 2018
HILI Ticks Back to Good Following Hurricane Boost Feb 22, 2018
HD Playing for Keeps Feb 22, 2018
WMT: Growing Pains, Heightened Expectations, or Both? Feb 21, 2018
GPC: Modest Growth Finding Its Price Feb 21, 2018
WMT 4Q Earnings Flash: Questions Ahead of Walmart’s First Live Investor Call Feb 20, 2018
HD 4Q Earnings Flash Feb 20, 2018
4Q17 EPS Preview: What to do with the Cash? What Does it Mean for the Stocks? Feb 15, 2018
Home Earnings Preview: Rate Fears Provide Opportunity Feb 15, 2018
Shot Through the Heart? More Confirmation of 4.5% growth in 2018. Feb 14, 2018
AMZN: Earth is a Big Market, Part II. Feb 13, 2018
Is Amazon’s 93% Renewal Rate Pressuring Club Memberships? Feb 13, 2018
Retail Comp Sheet 02-12-2018 Feb 12, 2018
ORLY 4Q17: Pole Position to Reinvest Feb 9, 2018
NVLI Forecast Flashes Red for 2H18 - February 9, 2018 Feb 9, 2018
COST Barking Up the Right Tree; Year of the Dog Starting off Strong - February 8, 2018 Feb 8, 2018
ORLY 4Q Earnings Flash: New CEO, Retaining 70% of Tax Cuts in Year 1 Feb 7, 2018
Retail Sales Lead Indicator (RSLI): To the Moon … And Back Feb 6, 2018
Retail Comp Sheet 02-05-2018 Feb 5, 2018
GOOGL & AMZN: What Happens When Giants Collide? Feb 5, 2018
KR: C-Stores Sold. Don’t Box(ed) KR in - February 5, 2018 Feb 5, 2018
TSCO: Mud on the Tires: Can Tractor Pull Out of Investment Cycle? Feb 1, 2018
AN: Florida Trumps Switzerland Feb 1, 2018
First Take: AMZN Not Slowing Down; 30% of U.S. Retail Growth Feb 1, 2018
Not a Kids Game: Toys R Us Pain is WMT/TGT & AMZN’s Gain Jan 31, 2018
Retail Comp Sheet 01-30-2018 Jan 30, 2018
HILI: No Slowdown in Home Improvement Jan 30, 2018
AMZN: Alexa, Test My Blood? - January 30, 2018 Jan 30, 2018
AMZN Q4 Preview: Prime Seasoning + Voice Shopping + Ad Revenues = More Growth Jan 29, 2018
LOW: Activism Matters… Jan 26, 2018
SHW: Flash Note 4Q17 Jan 25, 2018
SHW: Paint Straight, Base Case $456 Jan 25, 2018
Detroit Auto Show: The More Things Change… Jan 22, 2018
Auto Aftermarket Stocks are Flying, but are the Fundamentals? Jan 22, 2018
WMT: Sam’s Closures: A $4bn Ante. Is BJ’s the Next Game? Jan 19, 2018
COST Sam’s Closures - Addition by Subtraction - January 19, 2018 Jan 19, 2018
AN: Tax Reform Boost On Track; Retention Debate Remains Jan 16, 2018
NVLI Forecast Shows Steady Ship in 1H18 - January 16, 2018 Jan 16, 2018
December Retail Sales: Strongest in Over a Decade Jan 12, 2018
WMT: Bentonville’s Reinvestment Strategy Taking Shape Jan 11, 2018
CES 2018–Key Takeaways - January 11, 2018 Jan 11, 2018
What, Me Worry? The 2018 Season Kicks Off - January 11, 2018 Jan 11, 2018
TGT: Recapturing the Mojo Jan 9, 2018
WSJ is Off-Base on Tax Reform Impact - January 8, 2018 Jan 8, 2018
MN Retail 2018 Outlook: Crunch Time (to Spend the Tax Cuts) Jan 4, 2018
HILI Continues to Build—Highest Reading Since June ‘15 Jan 4, 2018
COST December Sales: A Shovel Full of Share - January 4, 2018 Jan 4, 2018
KMX: Narrowing Used to New Car Spread Hurts; but Tax Reform Bumps EPS Dec 22, 2017
Trumponomics: Lowest U.S. Corp Tax Rates Since the 1930s. Now What? Dec 21, 2017
We Checked the List: BBBY More Naughty Than Nice Dec 20, 2017
2017 Holiday Survey: Is Santa a Prime Member? Dec 17, 2017
COST: Learning How To Sell You Stuff Dec 14, 2017
November Retail Sales: Christmas Came Early Dec 14, 2017
Last Mile Battle: TGT Shipts to Offense Dec 13, 2017
Cost: Survey Says: Keep Scalin’ the AMZN Wall of Worry Dec 13, 2017
Home Depot to Amazon: Game-On Dec 12, 2017
Dollar General Corp: DG Dec 8, 2017
DG 3Q17 Quick Comment Dec 7, 2017
AutoZone 1Q18: Still in the FriendZone Dec 6, 2017
RH 3Q17 Earnings Report: Imagining the Math Dec 6, 2017
HD: 2017 Analyst Day Quick Comment Dec 6, 2017
HD 2017 Analyst Day Preview Dec 5, 2017
AZO: AutoZone 1Q18 Quick Comment Dec 5, 2017
BBY Initiation: Taking the Service Road, But Will They Run Into Traffic? Dec 4, 2017
DG Initiation: TREF Intriguing, Entry Point Elusive Dec 4, 2017
SHLD Initiation: Requiem for the American Retailing Dream Dec 4, 2017
AN Initiation: Retail Turnaround Adds Risk, Reward Dec 4, 2017
HD Initiation: Best House on the Block… Expanding the Neighborhood Dec 4, 2017
Home Initiation: In Retail, Home is Where the Heart (and Profit) is… Dec 4, 2017
WSM Initiation: Setting the Table for Multichannel Growth Dec 4, 2017
AMZN Initiation: $1 Trillion? Earth is a Pretty Big Market. Dec 4, 2017
COST Initiation: Membership and Retail Done Right Dec 4, 2017
KMX Initiation: Omnichannel Posterchild Capped by Comp Moderation Dec 4, 2017
SHW Initiation: Paint it Green, Base Case $420 Dec 4, 2017
Auto Parts & Auto Dealers Initiation: Oversupply or Lack of Demand? Dec 4, 2017
GPC Initiation: Margin Pressure Tips Risk Reward, Initiate Sell Dec 4, 2017
KR Initiation: Stocking Our Shelves with KR at 13x Dec 4, 2017
LL Initiation: After a Visit to the School of Hard Knocks, Can LL Reclaim Hardwood? Dec 4, 2017
TGT Initiation: The Cost of Relevance Dec 4, 2017
TSCO Initiation: Back to Back Warm Winters – Can Tractor Pull Out of the Mud? Dec 4, 2017
LOW Initiation: Perfect is not the Enemy of Good Dec 4, 2017
Retail Revolution: Profiting from Turmoil Dec 4, 2017
RH Initiation: After Heavenly Guidance is Faith Restored? Dec 4, 2017
WMT Initiation: Not Going Away. With a Vengeance Dec 4, 2017
BBBY Initiation: A Survivor on the Street, Trouble in the Sheets? Dec 4, 2017
DLTR Initiation: Dip into the Dollar Bin for Growth Dec 4, 2017
ORLY Initiation: Cinderella Man Dec 4, 2017
W Initiation: Online Pure-Play in Home Furnishing – With Way-Big Growth Potential Dec 4, 2017
AAP Initiation: Revenue Challenge Constrains Risk-Reward Dec 4, 2017
AZO Initiation: TREF Supported, Comp Constrained Dec 4, 2017
General Merchandise Initiation: Amazon vs Walmart. Battle of the Ages is About Getting Closer to Your Customer. Now. Dec 4, 2017