Fitch2010年8月全球零售行业研究报告.pdf

Corporates Retailing The Retail Register U.S. and Canada Special Report Summer 2010 Analysts Summary Karen Ghaffari, CFA, CPA In this edition of The Retail Register, Fitch reviews first-half 2010 results and outlines +1 212 908-0708 expectations for the remainder of 2010 and 2011. Expectations for rating actions in karen.ghaffari@ Fitch’s U.S. retail coverage and the underlying factors driving those actions in the Monica Aggarwal, CFA coming year are also discussed in this report. +1 212 908-0282 monica.aggarwal@ Important highlights are as follows. Tiffany Co First-Half 2010 Takeaways +1 312 368-3185 tiffany.co@ Ratings in the sector fared relatively well through the recession, with the ratings of all Phil Zahn, CFA but one of the U.S. retailers under Fitch’s coverage returning to within one notch of +1 312 606-2336 their pre-recession levels. philip.zahn@ The recession took its toll on retailers, causing significant declines in sales and William Reinhardt +1 212 908-0562 operating profits as well as growth spending particularly for department stores and william.reinhardt@ specialty retailers. Many companies used the recession as an opportunity to fundamentally change their operations, and companies re