Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye Retail analyst Brian McGough. In it, McGough discusses how retailers are confirming our #LateCycle Macro theme. Click here to subscribe.
"... It’s not all bad, though. Keep in mind that many of the ugly datapoints outlined above are in the apparel, footwear and accessories space. While a very important component of retail, it accounts for only $500bn. That’s 11% of total retail sales and 30% of discretionary retail.
A part of the retail economy that’s offered up much better results is the Home category. In fact, with few exceptions, anything related to home-related durables and softlines has shown extremely solid trends in the quarter."