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【出版时间及名称】：JPM-RETAIL GUIDEBOOK VOL.23-JANUARY SAME STORE SALES DOWN 2.9%-100226
【作者】：jpm
【文件格式】：pdf
【页数】：148
【目录或简介】：
• Sales rose in seven of 22 subsectors in continuation of improvement from
December: Same-store sales fell 2.9% YoY in January on a simple-average
basis (vs. a confirmed 3.2% drop in December), marking the 22nd
consecutive month of YoY declines, although the rate of decline narrowed
again, as in December, when signs of improvement emerged principally in
non-essential and non-urgent goods. Sales for pure retailers fell 2.7% (-2.7%
in December), the 18th consecutive drop, and 3.2% for restaurants (-4.8%),
the 14th consecutive decline. Apart from subsectors geared toward high
value-added goods such as department stores, eyewear stores, consumer
electronics stores and family restaurants, marked improvement was evident in
sports shops and home centers, among others, prompted by falling
temperatures and snow. On the other hand, sales in sectors associated with
everyday items suffered again as convenience stores, supermarkets, drugstores
and general merchandisers continued to struggle. It looks as if consumers are
beginning to tire of deferring purchases of non-essentials, which they earlier
kept putting off as sentiment deteriorated.
• YoY growth by subsector: The top three subsectors were mail-order retailers
(+22.6%), sports shops (+3.9%), and eyewear stores (+3.7%). The bottom
three were apparel stores (-10.0%), accessory stores (-6.9%) and convenience
stores (-6.7%). In terms of YoY improvement, the top three were mail-order
retailers (+24.6ppt), eyewear stores (+9.7ppt), and second-hand shops
(+8.7ppt) and the bottom three were convenience stores (-12.6ppt), take-out
food shops (-5.2ppt), and supermarkets (-3.3ppt).
• Top three in 3M–12M moving-average differential: Absolute: JIN (3046),
Komehyo (2780), and IK (2722); MoM: Askul (2678), BALS (2738) and
Onward Holdings (8016)
• Our report includes 260 companies (198 pure retail, 62 restaurants), with
January sales figures for 249 companies (189 pure retail, 60 restaurants)
available as of February 23.
• Calendar factors: January included one extra Sunday for companies closing
books at month's end, one less Sunday for those closing on the 20th, and no
change for those closing on the 15th. However, treating the three-day New
Year break as a public holiday, there was no net change for companies closing
at month’s end (one extra Sunday, one less holiday), two fewer
weekend/holidays for those closing on the 20th (one less Sunday,
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