Nomura Securities on Retailing: 1Q Sales Productivity Helps Frame Potential F12 Upside/Downside

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Nomura Securities on Retailing: Weekend Reading; 1Q Sales Productivity Helps Frame Potential F12 Upside/Downside

Analyst, Paul Lejuez, said, "We believe that it is helpful to use 1Q actual productivity (sales/sq ft) to forecast how F12 might play out from a sales productivity and comp perspectives. This can help frame potential upside and downside to current comp/productivity estimates. Additionally, this analysis takes same-store sales comparisons out of the mix. Within softlines we expect upside at Limited (NYSE: LTD), Lululemon (Nasdaq: LULU), rue21 (NYSE: RUE), and TJX Cos (NYSE: TJX), while JC Penney (NYSE: JCP) is most likely to see downside. Within hardlines, we expect upside at Sherwin-Williams (NYSE: SHW) and Tractor Supply Co (Nasdaq: TSCO) with Staples (Nasdaq: SPLS) showing the most downside."

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