US Retailing - Broadlines and Hardlines: Two Charts – for – Tuesday: Tracking YTD Earnings Revisions & Valuation Changes

For this week's Two Charts - for - Tuesday, we look at YTD earnings revisions and multiple expansion/contraction for our expanded 25 stock broadlines & hardlines coverage. Chart #1 shows FY-2 consensus earnings revisions YTD, with estimates down on average by -2% and most stocks (13) seeing reduced estimates. FIVE & TGT have seen significant positive earnings revisions, while RH, ACI, TSCO, & FND have seen the most significant negative earnings revisions. Chart #2 ranks stocks by FY-2 P/E YTD multiple expansion or contraction; multiples have contracted on average by 3.4x, with most companies (17) multiples contracting. While BBY, WSM, & TGT saw the most multiple expansion (~2x+), laggards were CHWY, BOOT, & FIVE (~10x+ contraction). The only stocks that have seen positive earnings revisions and multiple expansion YTD are TGT, WSM, & COST.