Nomura Securities on U.S. Retailing/Softlines
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Price: $65.09 -0.57%
Rating Summary:
6 Buy, 13 Hold, 2 Sell
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Rating Summary:
6 Buy, 13 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Nomura Securities on U.S. Retailing/Softlines by Paul Lejuez:
Lejuez said, "In the weekly, we take a look at sales productivity and the correlation between rent/sq ft and sales/sq ft. We see a somewhat linear relationship between the two metrics, and view it as helpful in thinking about which retailers are getting the most (in sales productivity) for what they pay for (in rent), and which retailers are falling short. Limited (NYSE: LTD) and the off-pricers, Ross Stores (Nasdaq: ROST) and TJ Cos (NYSE: TJX), are getting the best bang for their buck. We particularly note LTD, which generates ~25% above the trend line and speaks to the favorable competitive landscape they are in. We call out Pacific Sunwear (Nasdaq: PSUN) and Talbots (NYSE: TLB), which fell below the trend line, indicating they are achieving lower sales productivity than they should for the amount of rent per foot they pay."
Lejuez said, "In the weekly, we take a look at sales productivity and the correlation between rent/sq ft and sales/sq ft. We see a somewhat linear relationship between the two metrics, and view it as helpful in thinking about which retailers are getting the most (in sales productivity) for what they pay for (in rent), and which retailers are falling short. Limited (NYSE: LTD) and the off-pricers, Ross Stores (Nasdaq: ROST) and TJ Cos (NYSE: TJX), are getting the best bang for their buck. We particularly note LTD, which generates ~25% above the trend line and speaks to the favorable competitive landscape they are in. We call out Pacific Sunwear (Nasdaq: PSUN) and Talbots (NYSE: TLB), which fell below the trend line, indicating they are achieving lower sales productivity than they should for the amount of rent per foot they pay."
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