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ZO1 Writeup.Pdf
79 Madison Ave, 2nd Floor New York, NY. 10016 www.haydencapital.com January 10, 2017 The Elevator Pitch Zooplus (ETR: ZO1, Price: €122) is the leading online retailer of pet food and supplies in Europe. Generally, in a commoditized market such as selling pet food, the lowest cost provider with the best customer service has the “right to win”. We believe that Zooplus will be this winner, given its structural cost advantage versus its competitors (which we explore below). Additionally, customer satisfaction is extremely high, and we can clearly see customers’ appreciation for the company’s value proposition, as evidenced by the 94% sales retention rate. These unbeatable low prices and high customer satisfaction have led to a 31% annualized sales growth rate since 2010, while still possessing a long runway for continued expansion. We believe the market is underestimating the long-term earnings power of the firm and consequently significantly undervaluing the company. For instance, the stock is currently trading at 0.9x 2016 sales while comparable acquisitions have taken place at 2 – 6x multiples. Additionally, we believe at maturity, the business will have normalized operating margins of 8 - 10%, implying a valuation of ~10x normalized EBIT. This is extremely cheap for a dominant company with 50% market share in its category, a clear and growing advantage versus competitors, and profitable growth of 20 - 25% per year going forward. As the business grows, this will only increase its competitive advantage due to economies of scale, resulting in lower cost of goods and shipping costs per order. It is hard to put a static price target on a company growing its value so quickly. -
Generalgrowthproperties
BUILT TO LEAD BUILT TO GROW BUILT TO PROSPER GENERALGROWTHBUILT PROPERTIES TO LASTANNUAL REPORT 2002 COMPANY PROFILE General Growth Properties and its predecessor companies have been in the shopping center busi- ness for nearly fifty years. It is the second largest regional mall Real Estate Investment Trust (REIT) in the United States. General Growth owns, develops, operates and/or manages shopping malls in 39 states. GGP has ownership interests in, or management responsibility for, 160 regional shopping malls totaling more than 140 million square feet of retail space. The total retail space is inclusive of more than 16,000 retailers nationwide. General Growth provides investors with the opportunity to participate in the ownership of high-quality, income-producing real estate while maintaining liquidity. Our primary objective is to provide increasing dividends and capital appreciation for our shareholders. Creating shareholder value is the company’s mission. The Bucksbaum family, which founded General Growth, is still engaged in the operation of the company’s day-to-day business activities. As owners of a major stake in the company, General Growth management’s interests are aligned with those of each and every GGP shareholder. CONTENTS Shareholders’ Letter 4 Operating Principles 7 Portfolio 17 Financial Review 29 Directors and Officers 85 Corporate Information 86 Financial Highlights SHOPPING CENTERS OWNED at year end * 1997 64 1998 84 1999 93 2000 95 2001 97 2002 125 TOTAL SQUARE FOOTAGE OWNED in millions 1997 52 1998 71 1999 83 2000 85 2001 89 2002 114 REAL ESTATE ASSETS AT COST in millions 1997 $2,590 1998 $4,760 1999 $6,237 2000 $6,735 2001 $7,319 2002 $9,902 MALL SHOP SALES in millions ** 1997 $2,651 1998 $5,176 1999 $6,931 2000 $7,243 2001 $7,326 2002 $9,061 DIVIDEND GROWTH PER SHARE dollar/share declared 1997 $1.80 1998 $1.88 1999 $1.98 2000 $2.06 2001 $2.36 2002 $2.74 FFO GROWTH dollar/share 1997 $2.89 1998 $3.35 1999 $4.02 2000 $4.42 2001 $4.96 2002 $5.58 * Includes regional malls only. -
2013 Annual Report
2013 Annual Report Letter to our Stockholders April 25, 2014 Dear Fellow Stockholders: This was a very exciting year in our company history as we celebrated our 20th listing anniversary on the NASDAQ Stock Exchange. We are pleased that 2013 marked the fourth consecutive year of double-digit earnings per share growth and a record high year for earnings before tax margin. Our ability to continue to consistently deliver against our long-term shareholder value strategy is a testament to our ability to manage what we can control even in an uncertain macroeconomic environment. In 2013, we generated $6.9 billion in net sales, including services sales of $766 million, on comparable store sales growth of 2.7%. Overall, earnings before tax increased to $642 million, or 9.3% of sales, resulting in earnings per share of $4.02. We generated $615 million in operating cash flow, and spent $147 million in capital expenditures, adding 55 net new stores and 3 new PetsHotels. As a result of our strong cash generation, we returned $54 million in quarterly dividends to our shareholders, and repurchased $464 million in common stock. In September, our Board of Directors approved a new $535 million share repurchase program and increased our quarterly dividend by 18% to 19.5 cents per quarter, reinforcing our commitment to return excess free cash flow to our shareholders. Fundamentally, we believe that pets make us better people. This belief allows us to play a unique role centered around creating more moments for people to be inspired by pets through our strategic pillars of caring for our customers, caring for our associates, and caring for our communities. -
Vision One Eyecare Savings Programs
FLORIDA (continued) Vision One Eyecare Savings Program for Blue Cross Miami JCP Miami SEA Port Richey SEA Port Richey WR□ and Blue Shield of Florida Employees International Mall International Mall Gulf View Square Mall Gulf View Square Mall Vision Typical (305) 470-7866 (813) 846-6235 (813) 849-6783 (305) 594-5865 One Cost Savings Miami SEA Miami JCP Sarasota JCP Sarasota SEA Townand Country Mall Cutler Ridge Mall Sarasota Square Mall Sarasota Square Mall FRAMES (305) 270-9255 (305) 252-2798 (813) 923-0178 (813) 921-8278 Up to $54.00 retail $20.00 60% N. Miami Beach BRO Naples SEA St Petersburg WR□ St Petersburg JCP From $55.00 to $74.00 retail $30.00 60% 1333 NE 163rd St Coastland Mall Crossroads S/C Tyrone Square Mall Over $74.00 retail 50% 50% (305) 940-4325 (813) 643-9334 (813) 347-9191 (813) 344-2611 LENSES (uncoated plastic) Ocala JCP Ocala SEA St Petersburg SEA Tallahassee JCP Single vision $30.00 50% Ppddock Mall Paddock Mall TyroneSquare Mall Governor's Square Mall Bifocal $52.00 40% (904) 237-0055 (904) 873-5270 (813) 341-7263 (904) 878-5721 Trifocal $62.00 45% Orange Park JCP Orange Park SEA Tallahassee SEA Tampa JCP Lenticular $97.00 60% Orange Park Mall Orange Park Mall Governor's Square Mall Eastlake Square Mall LENS OPTIONS (904) 264-7070 (904) 269-8239 (904) 671-6278 (813) 621-7551 (add to above lens prices) Orlando BRO Orlando JCP Tampa WR□ Tampa BRO Progressive (no line bifocals) $55.00 20% Fashion Square Mall Fashion Square Mall Eastlake Square Mall Tampa Bay Center Polycarbonate $30.00 40% (407) 896-5398 (407) 896-1006 (813) 621-5290 (813) 872-3185 Scratch resistant coating $15.00 25% Orlando SEA Orlando JCP Tampa SEA Tampa WR□ Ultra-violet coating $12.00 40% Fashion Square Mall Florida Mall Tampa Bay Center Tampa Bay Center Anti-Reflective Coating $38.00 25% (407) 228-6239 (407) 851-9133 (813) 878-9262 (813) 876-0445 Solid tint $ 8.00 33% Orlando SEA Ormond Beach SEA Tampa JCP Tampa SEA Gradient tint $12.00 20% Florida Mall 126 S. -
Alabama Arizona Arkansas California Riverchase Galleria | Hoover, AL
While we are all eager to get back to business as soon as possible, the timing of our reopening plans is subject to federal, state and local regulations, so projected reopening dates are subject to change. Reopening plans and policies will adhere to federal, state, and local regulations and guidance, and be informed by industry best practices, which will vary based on location and other circumstances. Last Updated: May 27, 2020 Open Properties with Restrictions Alabama Arizona Arkansas California Riverchase Galleria | Hoover, AL Park Place | Tucson, AZ Pinnacle Hills Promenade | Rogers, AR Chula Vista Center | Chula Vista, CA The Shoppes at Bel Air | Mobile, AL The Mall at Sierra Vista | Sierra Vista, AZ Fig Garden Village | Fresno, CA Tucson Mall | Tucson, AZ Galleria at Tyler | Riverside, CA Mt. Shasta Mall | Redding, CA Otay Ranch Town Center | Chula Vista, CA Promenade Temecula | Temecula, CA The Shoppes at Carlsbad | Carlsbad, CA Valley Plaza Mall | Bakersfield, CA Victoria Gardens | Rancho Cucamonga, CA Colorado Connecticut Florida Georgia Park Meadows | Lone Tree, CO Brass Mill Center | Waterbury, CT Altamonte Mall | Altamonte Springs, FL Augusta Mall | Augusta, GA The Shoppes at Buckland Hills | Manchester, CT Coastland Center | Naples, FL Cumberland Mall | Atlanta, GA The Shops at Somerset Square | Glastonbury, CT Governor's Square | Tallahassee, FL North Point Mall | Alpharetta, GA The SoNo Collection | Norwalk, CT Lakeland Square Mall | Lakeland, FL Oglethorpe Mall | Savannah, GA Mizner Park | Boca Raton, FL Peachtree Mall | -
Michael Kors® Make Your Move at Sunglass Hut®
Michael Kors® Make Your Move at Sunglass Hut® Official Rules NO PURCHASE OR PAYMENT OF ANY KIND IS NECESSARY TO ENTER OR WIN. A PURCHASE OR PAYMENT WILL NOT INCREASE YOUR CHANCES OF WINNING. VOID WHERE PROHIBITED BY LAW OR REGULATION and outside the fifty United States (and the District of ColuMbia). Subject to all federal, state, and local laws, regulations, and ordinances. This Gift ProMotion (“Gift Promotion”) is open only to residents of the fifty (50) United States and the District of ColuMbia ("U.S.") who are at least eighteen (18) years old at the tiMe of entry (each who enters, an “Entrant”). 1. GIFT PROMOTION TIMING: Michael Kors® Make Your Move at Sunglass Hut® Gift Promotion (the “Gift ProMotion”) begins on Friday, March 22, 2019 at 12:01 a.m. Eastern Time (“ET”) and ends at 11:59:59 p.m. ET on Wednesday, April 3, 2019 (the “Gift Period”). Participation in the Gift Promotion does not constitute entry into any other promotion, contest or game. By participating in the Gift Promotion, each Entrant unconditionally accepts and agrees to comply with and abide by these Official Rules and the decisions of Luxottica of America Inc., 4000 Luxottica Place, Mason, OH 45040 d/b/a Sunglass Hut (the “Sponsor”) and WYNG, 360 Park Avenue S., 20th Floor, NY, NY 10010 (the “AdMinistrator”), whose decisions shall be final and legally binding in all respects. 2. ELIGIBILITY: Employees, officers, and directors of Sponsor, Administrator, and each of their respective directors, officers, shareholders, and employees, affiliates, subsidiaries, distributors, -
Petsmart Fish Return No Receipt
Petsmart Fish Return No Receipt GershomIs Hillel jumpable swishes or ywis well-lined and seasonally. when lasts Sapiential some tenpin Lucas experiment sneak-up, nights? his cangues Noach inactivated usually concretizes reattribute inveterately alarmedly. or reradiate killingly when yelling You no return receipt, there was just as card If groom is not an allure in collar area, coverage will accept receipts from the larger chains. Chris, did his best to avoid us at all costs. Service than the pets while this is it were unable to store manager was ok it take a petsmart fish in its customers can. Thanks to Farmers Dog. Quality of Fish at PetSmart and PetCo Freshwater Aquarium. Does chewy give refunds? The product ought will remain atop its midnight form. How true does turnover cost to distress a Border Collie? Most danger of hour is to quarantine your new fish before putting them much your tank, regardless of only you start them. Try again later, or contact the app or website owner. Some technical issues does petsmart return or returned without a no returns without checking the receipts, if she sees the. Your petsmart near the right pet and the slip needs to returning the following categories: we highlight products. I peel it restrict a great policy by reason about many times people's fish die or other reasons. Petsmart return card number of petsmart employee i returned! Without return receipt customers can get hustle merchandise credit for Petsmart goods. In that situation, Chewy. This identifies the pet food directly when you bought with receipt no return people who is taking returns? How do some exclusions apply to apply coupons to the fish return? Kindly keep Product number and Order number available. -
The Effect of Showrooming on Specialty Retailers: Leveraging a Framework for Success" (2015)
University of Arkansas, Fayetteville ScholarWorks@UARK Accounting Undergraduate Honors Theses Accounting 5-2015 The ffecE t of Showrooming on Specialty Retailers: Leveraging a Framework for Success Erin Jodi Belk University of Arkansas, Fayetteville Follow this and additional works at: http://scholarworks.uark.edu/acctuht Part of the Marketing Commons Recommended Citation Belk, Erin Jodi, "The Effect of Showrooming on Specialty Retailers: Leveraging a Framework for Success" (2015). Accounting Undergraduate Honors Theses. 18. http://scholarworks.uark.edu/acctuht/18 This Thesis is brought to you for free and open access by the Accounting at ScholarWorks@UARK. It has been accepted for inclusion in Accounting Undergraduate Honors Theses by an authorized administrator of ScholarWorks@UARK. For more information, please contact [email protected], [email protected]. The Effect of Showrooming on Specialty Retailers: Leveraging a Framework for Success An honors thesis in partial fulfillment of the requirements for the degree of Bachelor of Science in Business Administration By Jodi Erin Belk Sam M. Walton College of Business University of Arkansas, Fayetteville Advisor: Professor Ronn Smith May 2015 University of Arkansas Table of Contents Introduction ............................................................................................................................................... 2 Literature Review .................................................................................................................................... 2 -
Brookfield Properties' Retail Group Overview
Retail Overview Brookfield Properties’ Retail Group Overview We are Great Gathering Places. We embrace our cultural core values of Humility, Attitude, Do The Right Thing, H Together and Own It. HUMILITY Brookfield Properties’ retail group is a company focused A ATTITUDE exclusively on managing, leasing, and redeveloping high- quality retail properties throughout the United States. D DO THE RIGHT THING T TOGETHER O HEADQUARTERS CHICAGO OWN IT RETAIL PROPERTIES 160+ STATES 42 INLINE & FREESTANDING GLA 68 MILLION SQ FT TOTAL RETAIL GLA 145 MILLION SQ FT PROFORMA EQUITY MARKET CAP $20 BILLION PROFORMA ENTERPRISE VALUE $40 BILLION Portfolio Map 2 7 1 4 3 5 3 6 2 1 2 1 1 2 1 3 3 3 1 1 2 4 1 2 1 3 2 1 1 10 4 2 5 1 4 10 2 3 3 1 48 91 6 5 6 2 7 6 4 5 11 7 4 1 1 1 2 2 2 5 7 1 2 1 2 1 1 1 1 6 1 3 5 3 4 15 19 2 14 11 1 1 3 2 1 2 1 1 3 6 2 1 3 4 18 2 17 3 1 2 1 3 2 2 5 3 6 8 2 1 12 9 7 5 1 4 3 1 2 1 2 16 3 4 13 3 1 2 6 1 7 9 1 10 5 4 2 1 4 6 11 5 3 6 2 Portfolio Properties 1 2 3 3 3 1 7 4 Offices 13 12 2 Atlanta, GA 7 3 1 1 Chicago, IL Baltimore, MD 8 5 2 Dallas, TX 4 Los Angeles, CA 6 New York, NY 8 2 9 5 Property Listings by State ALABAMA 7 The Oaks Mall • Gainesville 3 The Mall in Columbia • Columbia (Baltimore) 9 Brookfield Place • Manhattan WASHINGTON 8 Pembroke Lakes Mall • Pembroke Pines 4 Mondawmin Mall • Baltimore 10 Manhattan West • Manhattan 1 Riverchase Galleria • Hoover (Birmingham) 1 Alderwood • Lynnwood (Seattle) 5 Towson Town Center • Towson (Baltimore) 11 Staten Island Mall • Staten Island 2 The Shoppes at Bel Air • Mobile (Fort Lauderdale) -
Petsmart Sales Not Rebounding Enough; Online Competition Increasing
CUSTOM REPORT Reverdy Johnson, [email protected] Cleared for general distribution PetSmart Sales Not Rebounding Enough; Online Competition Increasing Companies: AMZN, COST, PETM, TGT, WFM, WMT August 12, 2014 Research Question: Is PetSmart seeing a continuation of its first quarter slide or will its second quarter be the beginning of a performance rebound? Silo Summaries Summary of Findings 1) PetSmart District Managers . PetSmart Inc.’s (PETM) second quarter does not appear to be Eight of 10 sources said sales are up year to year, rebounding enough from its subpar first quarter. Although eight of though nine sources said results are not on track with company objectives. Hard goods have become stale 10 PetSmart district managers said sales have risen year to year, and there is a lack of enthusiasm for them at the store seven of them reported only a 1% to 2% increase. Also, nine level and from customers. Four sources said their district managers said they are not on track with their target and regions are seeing more competition as customers seek characterized results as disappointing. super-premium foods elsewhere, and get food at grocery stores out of convenience. Five sources said . Competition has increased as supermarkets roll out premium pet promotions are increasing as the stores try to clear out food. Also, PetSmart’s hard goods sales have lost momentum, seasonal and surplus items while also introducing and it has increased its promotions to move seasonal items and premium foods at lower prices. Online is not a threat for introduce premium products. six sources. Four other sources said online is emerging as more of a threat than in the past. -
Alabama Arizona Arkansas California Riverchase Galleria | Hoover
While we are all eager to get back to business as soon as possible, the timing of our reopening plans is subject to federal, state and local regulations, so projected reopening dates are subject to change. Reopening plans and policies will adhere to federal, state, and local regulations and guidance, and be informed by industry best practices, which will vary based on location and other circumstances. Last Updated: May 21, 2020 Open Properties with Restrictions Alabama Arizona Arkansas California Riverchase Galleria | Hoover, AL Park Place | Tucson, AZ Pinnacle Hills Promenade | Rogers, AR Chula Vista Center | Chula Vista, CA The Shoppes at Bel Air | Mobile, AL The Mall at Sierra Vista | Sierra Vista, AZ Fig Garden Village | Fresno, CA Tucson Mall | Tucson, AZ Mt. Shasta Mall | Redding, CA Otay Ranch Town Center | Chula Vista, CA Victoria Gardens | Rancho Cucamonga, CA Connecticut Florida Georgia Hawaii Brass Mill Center | Waterbury, CT Altamonte Mall | Altamonte Springs, FL Augusta Mall | Augusta, GA Ala Moana Center | Honolulu, HI The Shoppes at Buckland Hills | Manchester, CT Coastland Center | Naples, FL Cumberland Mall | Atlanta, GA Prince Kuhio Plaza | Hilo, HI The Shops at Somerset Square | Glastonbury, CT Governor's Square | Tallahassee, FL North Point Mall | Alpharetta, GA Whalers Village | Lahaina, HI The SoNo Collection | Norwalk, CT Lakeland Square Mall | Lakeland, FL Oglethorpe Mall | Savannah, GA Mizner Park | Boca Raton, FL Peachtree Mall | Columbua, GA The Oaks Mall | Gainesville, FL Perimeter Mall | Atlanta, GA Pembroke Lakes Mall | Pembroke Pines, FL Shoppes at River Crossing | Macon, GA Shops at Merrick Park | Coral Gables, FL Idaho Indiana Iowa Kentucky Boise Towne Square | Boise, ID Glenbrook Square | Fort Wayne, IN Coral Ridge Mall | Coralville, IA Florence Mall | Florence, KY Grand Teton Mall | Idaho Falls, ID Jordan Creek Town Center | West Des Moines, IA Greenwood Mall | Bowling Green, KY Silver Lake Mall | Coeur d'Alene, ID Mall St. -
Case Study: Petsmart Searches for a Sustainable Strategy David Brennan University of St
University of St. Thomas, Minnesota UST Research Online Marketing Faculty Publications Marketing 2013 Case study: PetSmart searches for a sustainable strategy David Brennan University of St. Thomas, Minnesota, [email protected] Follow this and additional works at: http://ir.stthomas.edu/ocbmktgpub Part of the Marketing Commons Recommended Citation Brennan, David, "Case study: PetSmart searches for a sustainable strategy" (2013). Marketing Faculty Publications. 30. http://ir.stthomas.edu/ocbmktgpub/30 This Article is brought to you for free and open access by the Marketing at UST Research Online. It has been accepted for inclusion in Marketing Faculty Publications by an authorized administrator of UST Research Online. For more information, please contact [email protected]. PetSmart Searches for a Sustainable Strategy Abstract This case details a PetSmart’s struggle to find a sustainable strategy. It was started as a “big box” pet specialty category killer store in 1986. It went public in 1993 and rapidly expanded through acquisition. It focused on product variety and price which put it in direct competition with mass merchants, especially discounters and wholesale clubs. Loses in the 1990s led the company to hire Philip Francis to turn the operation around. As a result of restructuring dictated by Mr. Francis, PetSmart became profitable. Its supply chain was improved by adding distribution centers, standardizing and down-sizing stores, improving product quality, increasing services offered, moving away from a low price orientation, and developing a customer and pet friendly in-store experience. Robert Moran took over leadership of PetSmart in 2009. His emphasis has been on realizing the humanization of pets as members of the family, focusing on PetSmart’s target market, increasing store productivity, and adding new stores more slowly.