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Credit Suisse Releases Q2 Coverage On Department Store Retailers

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In a report released Wednesday, Credit Suisse analysts released coverage on department store retailers performance during the second quarter.

The note mentions department stores controlling inventories much better in Q2 than in Q1, with sales growing faster than inventories for the first time in three years. The note mentioned Kohl's (NYSE: KSS), Macy's (NYSE: M) and Dillard's (NYSE: DDS) as an example of decreasing inventories.

Multiple retailers increased focus on market share gains versus margin expansion; department stores mentioned in the category were Nordstrom (NYSE: JWN), Macy's and Dillard's.

At a valuation standpoint, department stores are currently at the higher end of the five-year range on an EV/EBITDA multiple basis, giving a 2015 FY2 mean of 6.6x compared to the five-year range of 4.6 to 7.5x.

Latest Ratings for KSS

DateFirmActionFromTo
Jul 2020B of A SecuritiesUpgradesNeutralBuy
May 2020Morgan StanleyMaintainsUnderweight
May 2020UBSMaintainsNeutral

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