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Takeaway: DECK beats the easy way. AMZN puts up the best SIGMA in yrs. CAB misses due to guns. COLM beats – and as always, issues tepid guidance.


  • Here's a whole host of SIGMA's for the companies reporting after the bell.


Takeaway: Blows away expectations -- printing $0.95 vs the Street at $0.72. But it did so without a revenue beat. As such it kept FY revenue guidance even. The challenge here is that people won't give anywhere near as much credit for a margin beat as a revenue beat. It's all about sell-in for Ugg.

What's New Today in Retail (10/25) - chart1 10 25



Takeaway: Only beat by a penny (and it was because they lost slightly less than the Street estimated).  But revenue smoked expectations -- especially in Media and Electronics, which make up 94% of AMZN total sales. Most notable to us is the SIGMA chart, which swung towards the upper right -- the first time in years we've seen sales grow faster than inventories AND margins improve.


What's New Today in Retail (10/25) - chart2 10 25


Takeaway: The king of the 'beat and guide down' printed $1.57 vs the Street at $1.42. And of course, it guided that 4Q revenue would be down by as much as 2%. The margin direction this quarter was not pretty, and the sales/inventory spread -- while still positive -- eroded on the margin. We'd avoid this one for now.


What's New Today in Retail (10/25) - chart3 1025



Takeaway: CAB misses by $0.02. Prints $0.69 vs Street at $0.71. Comps 3.9% vs Consensus 4.8%. Had it not been for a material slowdown in gun sales, comps would have been 5.3%. I guess we could talk about CAB 'excluding guns', but that would be like referring to Safeway 'excluding food'.

What's New Today in Retail (10/25) - chart4 10 25


Takeaway: Loses less than the consensus expected. Revenue was impressive at $178mm vs expectations of $153mm. 4Q guidance of ($0.03)-$0.01 vs prior guidance of ($0.12)-($0.04). By the looks of the SIGMA, ELY shouldn’t have much problem hitting numbers.

What's New Today in Retail (10/25) - chart5 10 25

TGT - Target in big multichannel holiday push; rolling out in-store pickups


  • "Target Corp. is making a big online push for the holidays, including expanding its in-store pick-up program for products ordered online to all of its U.S. stores by Nov. 1 (the service is now available in about half of the chain’s locations). And for the first time, Target will promote the concept of Cyber Week, with an ad campaign Dec. 1 through Dec. 3 that focuses on Cyber Week deals including Cyber Monday."
  • "Target’s overall holiday campaign, themed 'My Kind Of Holiday,' will extend across all channels, including broadcast, radio, in-store, catalogs, digital and social media."


India Tops Apparel Imports in August


  • "India posted the largest increase in apparel imports to the U.S. in August compared with a year earlier, while Vietnam and Bangladesh, the second and third largest apparel suppliers, respectively, continued to eclipse top supplier China with double-digit gains, a report from the U.S. Commerce Department showed Thursday."
  • "Combined shipments of textile and apparel imports from the world to the U.S. rose 7 percent to 5.4 billion square meter equivalents in August from a year earlier. Total apparel imports were up 5.5 percent to 2.4 billion SME, while textile imports increased 8.3 percent to 2.95 billion SME."
  • "Apparel imports from India rose 17.2 percent to 73 million SME in August compared with August 2012, while apparel imports from Bangladesh increased 16 percent to 161 million SME and apparel shipments from Vietnam rose 14.3 percent to 217 SME. On a combined textile and apparel import basis, Vietnam posted the largest increase with a 16 percent increase to 310 million SME."
  • "Combined imports from China, the top supplier of textiles and apparel to the U.S., were up 10.4 percent to 2.8 billion SME."