Retailer Exposure Assessed Ahead of Hurricane Matthew Impact - BTIG (AAP) (HD) (DLTR)

October 6, 2016 3:36 PM EDT
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BTIG mulls exposure levels of retails in the Southeast as Hurricane Matthew bears down on Florida and the East Coast. The firm noted today:

"Further potential impact is unknown at this time. In terms of exposure to Florida specifically, Advance Auto (NYSE: AAP) has the highest exposure in the BTIG Hardlines Universe with 10% of its company-owned U.S. stores located in Florida. Home Depot (NYSE: HD), Pier 1 (NYSE: PIR) and Dollar Tree (NYSE: DLTR) are the next most highly exposed with 8% of their U.S. stores located in Florida. We also view Lowe’s (NYSE: LOW) as highly exposed with 7% of its U.S. stores in Florida and the propensity for a spike in sales of storm-preparation items. We are not currently factoring GA into our analysis as only a relatively small percentage of that state’s population appears to be at risk.

Florida exposure (% of U.S. stores in state)

Highest exposure: AAP (10%), HD (8%), PIR (8%), DLTR (8%)

Least Exposure: Tractor Supply (4%)(Nasdaq: TSCO), FIVE Below (3%)(NYSE: FIVE), O’Reilly (3%)(Nasdaq: ORLY).

South Carolina exposure (% of U.S. stores in state)

Highest exposure: Dollar General (4%)(NYSE: DG), AAP (3%), LOW (3%)

Least Exposure: Michaels (1%)(Nasdaq: MIK), Best Buy (1%)(NYSE: BBY), HD (1%), FIVE (0%)

Eastern Seaboard (% of U.S. stores in region)

Highest exposure: AAP (29%), LOW (22%), DLTR (21%), DG (20%)

Least Exposure: ORLY (10%), AutoZone (15%)(NYSE: AZO), (15%), HD (16%), Bed Bath (16%)(Nasdaq: BBBY)

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