瑞银-美股-零售行业-美国零售行业分析与投资策略-2018.2.15-40页

www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE34.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch15February2018U.S.HardlinesRetailUBSEvidenceLab-HD/LOW:NoFizzlefromthisChiselHomeImprovementtrendsremainedstrongin4QSeveraldatapointshighlightsolidHomeImprovementdemandin4Q,supportingHD&LOWstop-lines.OurHIVendorIndex(74%correl.w.HD/LOWSSS)acceleratedto6.6%growth(vs.5.1%in3Q).Further,ourUBSEvidenceLabHISpendTracker(usingmillionsofcredit&debittransactions),suggests4QconsumerspendinggrowthatHDaccelerate