Nomura Securities Retail Weekend Reading: State/Regional Exposure - Weather, Unemployment, Tax-Free Holiday, I-95 Corridor
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Rating Summary:
3 Buy, 11 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Nomura Securities Retail Weekend Reading: Store State/Regional Exposure - Knowing Stores by State Can Be Helpful
Analyst, Paul Lejuez, said, "There are often issues that come up in retail, where it is helpful to know the exposure each retailer has to specific states/regions."
1) For example, inclement weather in any particular part of the country often sends investors scrambling to know who is most exposed.
2) The national unemployment rate has improved from a peak of 10.0% in October 2009, but remains at a relatively high rate of 8.3%. Employment varies significantly by individual state, however. (Highest - NV at 12%, RI at 10.8% and CA at 10.7%, then NJ, NC & SC at 9.6-9.8%)
3) If we use the Northeast/Mid-Atlantic as a proxy for the I-95 corridor, where many Wall St. folks are based, those with the highest degree of exposure are: Staples (Nasdaq: SPLS), TJX Cos (NYSE: TJX), Bed Bath & Beyond (Nasdaq: BBBY), Gap, Inc (NYSE: GPS), Urban Outfitters (Nasdaq: URBN). Lowest exposure: O'Reillys (Nasdaq: ORLY), Office Depot (NYSE: ODP), Ross Stores (Nasdaq: ROST), OfficeMax (NYSE: OMX), Dollar General (NYSE: DG).
4) Individual states’ tax-free shopping weekends in August provided additional relief to cash-strapped parents, and potentially helped retailers as more traffic was driven into stores. Companies with the most exposure to participating states were: DG, rue21 (NYSE: RUE), Family Dollar (NYSE: FDO), Office Depot (NYSE: ODP), Ann Inc (NYSE: ANN). Lowest exposure: Nordstrom (NYSE: JWN), Limited (NYSE: LTD), Lululemon (Nasdaq: LULU), Macy's (NYSE: M), and Urban Outfitters (Nasdaq: URBN)...Participating states in 2012 are: AL, AR, CT, FL, GA, IA, LA, MD, MO, MS, NM, NC, OK, SC, TN, TX, and VA.
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Analyst, Paul Lejuez, said, "There are often issues that come up in retail, where it is helpful to know the exposure each retailer has to specific states/regions."
1) For example, inclement weather in any particular part of the country often sends investors scrambling to know who is most exposed.
2) The national unemployment rate has improved from a peak of 10.0% in October 2009, but remains at a relatively high rate of 8.3%. Employment varies significantly by individual state, however. (Highest - NV at 12%, RI at 10.8% and CA at 10.7%, then NJ, NC & SC at 9.6-9.8%)
3) If we use the Northeast/Mid-Atlantic as a proxy for the I-95 corridor, where many Wall St. folks are based, those with the highest degree of exposure are: Staples (Nasdaq: SPLS), TJX Cos (NYSE: TJX), Bed Bath & Beyond (Nasdaq: BBBY), Gap, Inc (NYSE: GPS), Urban Outfitters (Nasdaq: URBN). Lowest exposure: O'Reillys (Nasdaq: ORLY), Office Depot (NYSE: ODP), Ross Stores (Nasdaq: ROST), OfficeMax (NYSE: OMX), Dollar General (NYSE: DG).
4) Individual states’ tax-free shopping weekends in August provided additional relief to cash-strapped parents, and potentially helped retailers as more traffic was driven into stores. Companies with the most exposure to participating states were: DG, rue21 (NYSE: RUE), Family Dollar (NYSE: FDO), Office Depot (NYSE: ODP), Ann Inc (NYSE: ANN). Lowest exposure: Nordstrom (NYSE: JWN), Limited (NYSE: LTD), Lululemon (Nasdaq: LULU), Macy's (NYSE: M), and Urban Outfitters (Nasdaq: URBN)...Participating states in 2012 are: AL, AR, CT, FL, GA, IA, LA, MD, MO, MS, NM, NC, OK, SC, TN, TX, and VA.
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