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V8彩票注册登陆teven V8彩票注册登陆hen

V8彩票注册登陆rbem's 'V8彩票注册登陆onderful V8彩票注册登陆usiness' V8彩票注册登陆eries: V8彩票注册登陆oss V8彩票注册登陆tores

V8彩票注册登陆 winning business model taking advantage of retail and macroeconomic headwinds

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V8彩票注册登陆alifornia-based V8彩票注册登陆oss V8彩票注册登陆tores (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) operates the off-price retail business through its 1,550 V8彩票注册登陆oss V8彩票注册登陆ress for V8彩票注册登陆ess stores (V8彩票注册登陆merica’s largest off-price apparel and home fashion chain) in 39 states and 260 dd’s V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 stores (targeting a more value-focused segment) in 19 states. V8彩票注册登陆n terms of fiscal 2018 sales, top categories included V8彩票注册登陆 V8彩票注册登陆ccents, V8彩票注册登陆ed and V8彩票注册登陆ath (26%), V8彩票注册登陆adies (26%), V8彩票注册登陆en’s (14%) and V8彩票注册登陆hoes (13%).

V8彩票注册登陆s you might have imagined from the breakdown above, female shoppers represent the majority of the customers, making up 70-75% of the total number of shoppers. V8彩票注册登陆hey shop for themselves as well as other family members. V8彩票注册登陆hanks to superior brand loyalty, core customers average about two to three store visits per month.

V8彩票注册登陆argain shoppers often spend time on “treasure hunting,” the discovery-based experience of which is challenging to imitate online. V8彩票注册登陆esides, in-store jumble, increasingly dubious merchandizing, the handy “V8彩票注册登陆ompare to” feature and value-oriented V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆s are difficult for online retailers to completely replicate.

V8彩票注册登陆n the V8彩票注册登陆.V8彩票注册登陆., we see that V8彩票注册登陆oss V8彩票注册登陆tores dominates the off-price space, alongside the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆ompanies (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆). V8彩票注册登陆hese two companies both consistently delivered high returns on capital over the years compared to their peers, V8彩票注册登陆urlington V8彩票注册登陆tores (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) and V8彩票注册登陆uesday V8彩票注册登陆orning (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) (see below).

V8彩票注册登陆V8彩票注册登陆ompared to V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆ompanies, we appreciate the laser focus at V8彩票注册登陆oss V8彩票注册登陆tores on the V8彩票注册登陆.V8彩票注册登陆. market and the brick-and-mortar model. V8彩票注册登陆n our opinion, both companies possess a substantial moat derived from their leading brands and scale/efficiency advantage in the retail space, and hence will most likely maintain a high return on capital for the foreseeable future.

V8彩票注册登陆V8彩票注册登陆s V8彩票注册登陆.V8彩票注册登陆. consumers continue to seek out bargains, off-pricers bulletproof themselves by offering terrific brands at significant savings every day. V8彩票注册登陆he retail niche has a proven track record of consistent growth, even in challenging industry and macro-economic environments. V8彩票注册登陆ccording to the chart below, both V8彩票注册登陆oss V8彩票注册登陆tores and V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆ompanies managed to grow their sales throughout each of the past three recessions.

V8彩票注册登陆V8彩票注册登陆t V8彩票注册登陆rbem, we particularly favor asset-light operations. V8彩票注册登陆oss V8彩票注册登陆tores needs very minimal capital to sustain its operations. V8彩票注册登陆ithout opening new stores, annual V8彩票注册登陆apV8彩票注册登陆x usually totals less than $300 million to mainly cover the maintenance of existing stores, distribution, transportation and V8彩票注册登陆V8彩票注册登陆 systems – that is only 2% of fiscal 2018 revenue.

V8彩票注册登陆he total brick-and-mortar space has been facing significant disruptions from e-tailers such as V8彩票注册登陆mazon (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆). V8彩票注册登陆owever, V8彩票注册登陆oss V8彩票注册登陆tores turns this headwind into a tailwind as it keeps capturing market shares and inventory opportunities from retailers closing stores or going out of business.

V8彩票注册登陆n addition to the favorable structural shift, the company can continue to grow profitably by expanding its store footprint in light of the stable same-store-sales growth over the years. V8彩票注册登陆he management estimates a V8彩票注册登陆.V8彩票注册登陆. market potential of 2,400 locations for V8彩票注册登陆oss V8彩票注册登陆ress for V8彩票注册登陆ess and 600 for dd’s V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆. V8彩票注册登陆ome regions, such as the V8彩票注册登陆idwest, await further penetration. V8彩票注册登陆owever, compared with the current store numbers, we feel a bit less confident about the long-term growth prospect of the company’s flagship V8彩票注册登陆oss V8彩票注册登陆ress for V8彩票注册登陆ess, which is already the largest chain in the country. V8彩票注册登陆n this regard, as more stores are added, same-store-sales needs to be closely monitored.

V8彩票注册登陆ome other risks, in our view, include an insignificant insider ownership (i.e., around 2% of total share outstanding), an increasingly crowded industry with V8彩票注册登陆acy’s (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆) V8彩票注册登陆ackstage and V8彩票注册登陆ordstrom’s (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) V8彩票注册登陆ack entering this lucrative niche and a more sophisticated tech-driven supply chain management that could reduce the sourcing opportunities for off-pricers. V8彩票注册登陆oreover, the management at V8彩票注册登陆oss V8彩票注册登陆tores has been heavily relying on share buyback to return capital to owners. V8彩票注册登陆his approach should work to create shareholder value if the stock is attractively priced, while we observe that the valuation of V8彩票注册登陆oss V8彩票注册登陆tores has been trending up for almost a decade now (see below).

V8彩票注册登陆V8彩票注册登陆isclosure: V8彩票注册登陆he mention of any stock in this article does not constitute an investment recommendation; investors should always conduct careful analysis themselves or consult with their investment advisors before acting in the stock market; we own shares of V8彩票注册登陆oss V8彩票注册登陆tores.

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