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发帖时间:2024-09-29 08:23:07
Photo credit: BH Auction
From Road & Track
Car auctions are often a mixed bag of cool,ff14 if you put it that way show-stopping legends and more typical collector vehicles. Usually, there's only one or two star items per auction. This one is a little different.
BH Auction is holding an event at the Tokyo Auto Salon on January 11th, and it boasts one of the coolest lineups we've seen in awhile-rivaling
RM's "Youngtimers" '80s and '90s collection
. There are dozens of Nissan Skylines, vintage Honda sports cars, factory specials, race cars, and rare oddities like a Koenig-modified Ferrari Testarossa, an AMG-restored Mercedes-Benz 300SL, and even a Nissan 240RS Group B homologation special. Out of the 50 total lots, I can't seem to find one car I wouldn't want to own (though, the lone 2014 Ford Mustang Shelby GT500 does seem a bit out of place among all of the iconic JDM hardware).
Photo credit: BH Auction
A few more standout cars include a 2003 Dodge Viper race car, a Caparo T1, a Porsche 911R, two Carrera GTs, a Group A R32-generation Nissan Skyline GT-R, an ex-Super GT Audi R8 LMS, and a Superformance GT40 replica. Truly legendary stuff. Whatever you're into, this auction has it.
Photo credit: BH Auction
As much as it pains me to admit, I do not have the funds necessary to purchase any of the cars offered at BH Auction's event next week. But if you do, I invite you to
check out the entire 50-car catalog
. Who knows? Maybe you'll find something cool enough worth catching a flight to Tokyo for. Let us know if you do.
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相关内容
As shown below, the results in the quarter materially changed the trend in two-year stacked comps for each of the banners, along with a significant acceleration for consolidated comps.
The increase in consolidated comps was the primary driver of an 8% increase in revenues to $6.3 billion. The company ended the quarter with 15,370 locations, up less than 1% year-over-year. This reflects a 7% increase in Dollar Tree units, offset by a 4% decline in Family Dollar units.
The top-line results at each banner flowed through to their respective income statements, with Dollar Tree gross margins and operating margins declining year-over-year while Family Dollar gross margins and operating margins expanded year-over-year. On a consolidated basis, gross margins contracted by 120 basis points in the quarter to 28.5%, reflective of a shift to lower-margin consumables, tariff costs and the impact of markdowns from the Easter headwinds at the Dollar Tree banner. The company saw slight operating leverage on SG&A from higher comps, with the net result being an 80 basis point contraction in operating margins to 5.8%, with operating income declining 5% to $366 million. This is not adjusted for $73 million of pandemic-related costs, such as PPE supplies.
In the first quarter, the company opened 85 stores (net of closures) and completed 220 Family Dollar renovations to the H2 format. Importantly, comps at renovated Family Dollar stores continue to outpace the chain average by more than 10%. On the call, management indicated that they plan on reducing both the number of new store openings (from 550 to 500) and the number of H2 renovations (from 1,250 to 750) in 2020.
Personally, given the fact that Family Dollar is seeing material benefits to its business from the pandemic with new or lapsed customers coming into its stores, I think the company should try to get more aggressive with its renovation plans, not less. On the other hand, you could argue that renovations cause short-term disruptions and limit their ability to fully capitalize on the business momentum they are currently experiencing.
As a result of fewer new stores and remodels, management now expects 2020 capital expenditures to total $1.0 billion compared to previous guidance of $1.2 billion. In addition, the company has temporarily suspended share repurchases. At quarter's end, the company had $1.8 billion in cash on its balance sheet compared to $4.3 billion in total debt.
Conclusion
In recent years, Dollar Tree has been a tale of two cities. While its namesake banner has generally delivered impressive financial results, Family Dollar has been a persistent underperformer. This quarter, those results flipped, and given what we've seen in the weeks since quarter's end, there's a decent possibility that we will see something similar in the coming months. As the CEO noted, the second quarter is off to a very good start at Family Dollar.
Here's the important question: how useful is that information is in terms of making future predictions about the business? Will recent success at Family Dollar translate into long-term success for the banner? The optimistic take is that new or lapsed customers, especially those visiting the renovated stores, could become recurring business for the banner. The pessimistic take is that they have experienced short-term success out of necessity as people went to any store that was open to try and find essentials like toilet paper and hand sanitizer that were largely out of stock throughout the retail landscape. From that view, many of these customers could abandon the retailer when life returns to normal. As Philbin noted on the conference call, early on [during the pandemic], folks needed us. Will people still shop as much at Family Dollar when it's no longer a necessity?
Personally, I do not place too much weight on the recent results. I will need to see incremental data points that indicate that Family Dollar has truly won sustained business from these new customers. While I still believe that the Dollar Tree banner is a well-positioned retailer with attractive unit returns, I'm not yet willing to say the same thing for Family Dollar. For that reason, along with the recent run-up in the stock price, I plan on staying on the sidelines for now.
Disclosure: None
Read more here:
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Walmart: Continued Omni-Channel Progress
Match: An Impressive Start to 2020
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