【出版时间及名称】：20100329高盛中国零售行业分析
      【作者】：高盛
      【文件格式】：pdf
      【页数】：19页
      【目录或简介】：Consumption up strongly year to date,
March seasonally quieter
Most retailers saw a strong pickup in sales YTD,
underpinned by easy comp and strengthening
demand thanks to broad-based pickup in income
growth. So far, Jan-Feb CNY retail comps
(generally in the mid to high teens) appear to be
tracking higher than GS & consensus’ FY10 fullyear
assumptions. For March, latest channel checks
indicate growth generally is slower by a few
percent, but not unexpected given March is
seasonally a quieter month with launch of full-price
Spring merchandise. Discounting has tapered off
YOY – virtually all retailers are reporting that
inventory levels are now well-controlled and GP
margin is strengthening.