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Amazon.Com, Inc. [email protected]
Equity Research Consumer | E-commerce November 16, 2016 Ryan Domyancic +1 312 364 5412 Update Report (16-098) [email protected] Bhavan Suri +1 312 364 5341 Amazon.com, Inc. [email protected] Comprehensive Pricing Survey Underscores the Value of Prime Stock Rating: Outperform Company Proile: Aggressive Growth We randomly selected 100 items from 32 retailers to compare their in-store assort- ment and pricing with Amazon. We concluded that Amazon’s assortment remains Symbol: AMZN (NASDAQ) strong, the Prime eligible selection has increased signiicantly since 2014, and its Price: $719.07 (52-Wk.: $474–$847) Prime eligible selection is priced at a discount to brick-and-mortar retailers. Market Value (bil.): $347 Long-Term EPS Growth Rate: 20% Prime eligible selection priced at a 4% discount to physical retailer locations. Dividend/Yield: None Our 2016 pricing survey found items sold by Amazon or by third-party sellers that Fiscal Year End: December utilized Fulillment by Amazon (FBA) were priced at a 4% discount to identical items in physical retail locations. For our comparison, we did not include shipping cost, because Prime eligible items ship for free as part of Amazon’s Prime program Estimates 2015A 2016E 2017E or if the order value exceeds $49. Revenue (bil.) $107 $137 $168 EBITDA (bil.) $10.8 $15.3 $21.3 Majority of Prime eligible overlapping items were same price or less expensive EPS $1.25 $4.88 $9.37 than physical retail locations. For Prime members and order values that exceed the $49 free shipping threshold, we found that 67% of Prime eligible overlapping Valuation items were the same price or less expensive on Amazon versus retail stores. -
Town Faring Well in Snow Removal Fight
Property of the Watertown Historical Society 1-3 y*.,.-i td Gut watertownhistoricalsociety.org o tr - ,5 I": XTtmee vO O K Timely Coverage Of News In The Fastest Growing Community In LitchfieM County Vol. 42 No. 4 SUBSCRIPTION- PRICE $12.00 PER YEAR Car, Rl. P.S. PRICE 30 CENTS Jan. 2.9, 1987' Annual Faculty Recital At Taft Slated Sunday Night Town Faring Well In The music faculty at Taft School will present its third annual Facul- ty Recital Sunday. Feb. I, at 7:30 p.m. in the choral recital room near Snow Removal Fight the Bin&hum Auditorium at Tali. available from the' Department of far, Mr. Middaugh said. HO Woodbury Road. Public Works as of Tuesday, but He. .said the• town,• like many Works by European masters of Chief Offers Mr. Middaugh said, nevertheless he •municipalities, has run. a ""little the 18th and 19th centuries will be believes, (he'' town, still is • in fair • low" on • sand, but'nothing to get featured. Admission is free, but, Winter Hints shape. worried about.,- because there is limited .seating. "I think people have lost sight of ., The town's $192 £00 snow budget tickets may be obtained by calling how much snow we've really had." for Fiscal 1986-87 includes $5,5.000 Carol Sboiilone at Taft at 274-2516! Residents this week have been, he said... noting a formidable moun- for highway personnel overtime. basking in a few days; of respite Besun as a celebration of the tain of the white stuff has been built about the same figure that was spent, from the heavy-hitting snowstorms 3«Mh birthdays of Bach. -
Welcome to the Fashion Costume Gallery
Welcome to the Fashion Costume Gallery Costume History Timeline click on thumbnails for larger images and information 1890 1900 1910 1950 1960 1970 1980 Wedding Ensemble c. 1898 This dress was donated to CSUS by Professor Emeritus, Jeline Ware. Her grandmother wore the ensemble for her wedding in 1898. In 1924 the dress was worn by her mother for her wedding, and then by her mother's youngest sister for her wedding in 1940. The dress was worn again by Jeline Ware's mother for her 25 th wedding anniversary in 1949. This two piece ensemble contains a fitted, fully boned, bodice with a long full skirt with train. The ensemble is made out of light weight wool with silk ribbon accents. Silk pleated ribbon decorates the hem of the skirt. It also decorates the bodice and sleeves in beautiful scroll patterns. The bust insert, which is made of chiffon, was added in 1949. The ensemble is finished off by a wide silk belt with a bow. This piece embodies many of the characteristics of clothing from the era. During the 1890s, two piece dresses with boned detail bodices were popular. During this period skirts were full, but lacked the bustles that had been so popular in the previous decade. In the latter years of the 1890s sleeves became narrow compared to the large puffed sleeves that had been popular during the first part of the decade. -Rachel Young Lace Undergarment c. 1903 Undergarments such as this white lace combination bodice and drawers were worn by women and girls under a corset throughout the late 1890's and into the early twentieth century. -
Chapter 1 1850-1890: the Dawn of Modern Clothing
Chapter 1 1850-1890: The Dawn of Modern Clothing This Teacher’s Guide, compiled with the assistance of Stephanie Kramer, is designed to provide you with a summary of the key points in the development of fashion during the period/decade covered in this chapter. It also provides a concise survey of the significant designers of the time, essay and discussion questions, and further reading and research suggestions. Objective The main objective of this chapter is to study the development of fashion during the second half of the 19th century, particularly the establishment of those aspects of the fashion system that are still in place today. Fashion in this period reflected the latest developments in engineering, chemistry, and communication and witnessed development of the role of the “fashion designer.” Key Teaching Points The following teaching points have been arranged thematically and highlight the important topics that need to be covered in order to meet the main objective of the chapter. Social and Economic Background • Britain o reign of Queen Victoria (1837-1901); stress on propriety and etiquette o rapid industrialization o expanding overseas empire • United States o impact of Civil War (1861-1865) on global trade o emergence as industrial power • France o reestablishment of court during Second Empire (begins 1852, ends with Franco-Prussian war 1870) o transformation of Paris into fashionable modern city • Japan o opens borders (1853-1854) o goods enter the Western market and impact Western tastes The Arts • Orientalism and Academic -
Basic Concepts of Family
Content Page 6.1 Cultural Value and Fashion 1 6.1.1 Design Concepts of Different Cultures 3 6.1.2 The Evolution of Historical Western Costume in the 20th 3 Century 6.1.3 National Costumes of East Asia & India 30 6.2 Factors Contributing to Fashion Trends in Local and Global 40 Context 6.2.1 Fashion Trend 40 6.2.2 The Change of Fashion 41 6.3 Fashion Designers 46 6.3.1 Exploring a Career in Fashion 46 6.3.2 Design Beliefs and Style 56 6.4 Total Image for Fashion Design 59 6.4.1 The Nature of Fashion Image 59 6.4.2 Major Fashion Styles 59 6.4.3 Use of Materials 66 6.4.4 Use of Fashion Accessories 68 6.1 Cultural Value and Fashion Clothing has been an integral part of human life since prehistoric time. Throughout history, clothing has provided adornment, modesty, protection, identification and status. It has also reflected the change of our geographical, social, political, economic and technological development. Clothing has also played important roles in different historical and cultural events. All these different aspects also in turn contribute to the design, styling, colour or silhouettes of clothing worn by people. Customs dictate what is deemed acceptable by a society, religions and laws play a role by determining what colours and styles are allowed. For instance, for ancient Roman, tyrian purple could only be worn by Roman senators. In China, only the Emperor could wear golden yellow. In Hawaii, only high-ranking Hawaiian chiefs could wear feather cloaks and palaoas or carved whale teeth.