Introduction

Our weekly Earnings Insights reports look at key commentary and qualitative insights from major US retailers and brand owners on their recent performance, in terms of revenues and comps, and the impact of the Covid-19 pandemic on fourth quarter 2021 performance (ended January 31, 2022, for most companies). Companies featured are those within our newly updated Coresight 100 coverage list, and we focus on those that reported in the week ended February 27, 2022. For most US retail companies covered in this series, the quarter under review will be the fourth quarter of fiscal 2021 (4Q21). In October 2021, US retail sales saw a double-digit year-over-year increase, fueled by strong growth in several sectors, and sales increased by 23.2% on a two-year basis. In November 2021, US retail sales continued to see double-digit growth, with sales increasing by a strong revised 14.7% year over year and revised 24.7% on a two-year basis. In December 2021, US retail sales increased by 13.3% year over year and 22.3% on a two-year basis. However, sales growth slowed sequentially in December 2021, possibly reflecting some holiday season shopping being pulled forward into November 2021. In January 2022, US retail sales increased by 8.2% year over year and 22.3% on a two-year basis, against strong 2021 comparatives, boosted by a strong month of job creation and continued average hourly wage growth. US retail traffic saw growth of 26.9% year over year in January 2022—lower than December’s growth of 32.6%, reflecting a trend towards shopping-trip consolidation, due to a rise in Covid-19 cases and bad weather conditions. We assess the recent performance of selected retailers below.

Apparel and Footwear Brand Owners

Apparel and footwear brand owners continue to see strong growth momentum, with Gildan reporting double-digit sales growth year over year. Last week, we saw Crocs report solid double-digit year-over-year revenue growth and Under Armour report a high-single-digit year-over-year revenue increase. In the week ended February 6, Columbia Sportswear, Deckers Outdoor Corporation, Ralph Lauren, Skechers and VF Corporation reported strong double-digit year-over-year revenue growth, while Hanesbrands reported single-digit revenue growth. Similarly, Levi’s reported double-digit year-over-year revenue growth in the week ended January 30.

	Gildan Activewear Inc. (TSX: GIL) 4Q21
Commentary	The company’s total sales increased by 14.0% year over year and by 19.0% on a two-year basis. EPS increased by 68.9% year over year and by 85.0% on a two-year basis. Adjusted gross margin was up 480 basis points (bps) to 30.6% year over year, driven by higher net selling prices and manufacturing efficiencies. Adjusted operating margin was 20.4%, up 510 bps year over year. By category, activewear sales increased by 16.6% year over year, while hosiery and underwear sales increased by 3.2% year over year. By geography, US sales increased by 14.5% and Canada sales increased by 19.3%. International sales increased by 1.8%. During the quarter, the company reinforced its vertically integrated supply chain model by broadening its existing yarn capabilities through the acquisition of Frontier Yarns, a producer of spun yarns—which will help the company to expand its business in Central America and the Caribbean.
Outlook	The company’s sales CAGR outlook between 2021 and 2024 reflects net sales growth of 7.0%–10.0% and its operating margin is expected to be 18.0%–20.0%. Gildan expects investments in capital expenditures as a percentage of sales to be in the range of 6.0% to 8.0% over the three-year period.

Beauty Brand and Retailers

Beauty brand owners are enjoying solid sales growth, with Bath & Body Works reporting double-digit year-over-year sales growth. In the week ended February 13, we saw Coty and L’Oréal report double-digit year-over-year sales growth. Similarly, Estée Lauder also reported a year-over-year double-digit sales increase, in the week ended February 6.

	Bath & Body Works (NYSE: BBWI) 4Q21
Commentary	Bath & Body Works (formerly L Brands) reported sales growth of 11.4% year over year and 35.7% on a two-year basis. Adjusted EPS increased by 17.0% year over year and its company’s operating income increased by 1.2%. According to the company, its performance was driven by strong customer response to its merchandise assortment, solid vertically integrated supply chain and a growing loyal customer base. CEO Andrew Meslow stated, “We demonstrated agility to read, react and replan the business in the midst of strong customer demand while also experiencing inflationary pressures and production constraints. Our primarily North American, vertically integrated supply chain provides us agility, and we were able to present full merchandise assortments to our customers in all time frames. We had adjusted to continuous Covid-19 protocol changes to keep our associates and our customers safe. We started planning and constructing a new company-run fulfillment center to support the future growth of our digital business.”
Outlook	For the first quarter of fiscal 2022, Bath & Body Works is forecasting a low-to-mid-single-digit decrease in year-over-year sales and its EPS to be $0.47–$0.55, compared to $0.60 in 1Q21. For full year 2022, the company expects sales to be flat to up 4.0% year over year. EPS is expected to be in the range of $4.3–$4.7, compared to $4.5 in first quarter of 2021, representing growth of (4.4)%–4.4% year over year. Gross margin is expected to contract 300–400 bps from 49.0% in fiscal 2021, primarily reflecting contracting merchandise margins due to inflationary costs.

CPG

CPG companies are witnessing a mixed recovery. In its latest quarter, Herbalife posted a mid-single-digit year-over-year sales decline. In the week ended February 6, we saw Colgate-Palmolive report low-single-digit year-over-year sales growth, while Clorox reported a high-single-digit year-over-year sales decline.

	Herbalife Nutrition Ltd. (NYSE: HLF) 4Q21
Commentary	Herbalife’s total sales decreased by 6.6% year over year, mainly due to strong comparatives. On a two-year stack, sales increased by 8.0%. Adjusted EPS decreased by 19.7% year over year and by 23.0% on a two-year stack. The gross margin for the fourth quarter was 77.5%, down 60 bps year over year, due to increased costs as supply chain challenges persisted. By geography, North America’s sales decreased by 2.6% year over year but increased by 29.0% on a two-year stack. EMEA’s sales decreased by 7.4% year over year but increased by 21.0% on a two-year basis. South and Central America’s sales decreased by 14.3% year over year, while Asia Pacific’s sales increased by 5.1% year over year, led by continued strength in India, which grew 33.0% year over year. During the quarter, the company opened a new facility in a suburb of Bangalore, spanning 150,000 square feet. The new center will allow the company to accommodate planned growth in India, and will be home to a new local product research and development facility designed to accelerate new product launches. It will also contain a quality-control lab, a distributor meeting facility and a global business services center.
Outlook	For full year 2022, the company expects sales growth to be in the range of flat to 6.0% year over year and adjusted EPS to be in the range of $4.25 to $4.75, down from $4.79 in 2021. For first quarter of 2022, Herbalife expects sales growth to decline by 4.0%–10.0% year over year; however, the company anticipates that the sales decline will ease in the second quarter of fiscal 2022. Herbalife expects adjusted EPS to be in the range of $0.8 to $1.0, compared to $1.42 in 1Q21.

Department Stores

	Macy’s (NYSE: M) 4Q21
Commentary	Macy’s reported total sales growth of 27.8% year over year—driven by strong November and December holiday sales that exceeded the company’s expectations, but offset by softer sales in January. On a two-year basis, sales increased by 3.4%. Comparable sales increased by 27.8% year over year and by 6.1% on a two-year basis. Adjusted EPS increased by 206.3% year over year and by 15.6% on a two-year basis. Gross margin for the quarter was 36.5%, up 280 bps from the fourth quarter of 2020 and down 30 bps from the fourth quarter of 2019. Digital sales increased by 12.0% year over year and by 36.0% on a two-year basis. Digital penetration was 39% of net sales, a five-percentage point decline from 4Q20, but a 10-percentage point improvement on a two-year basis. By banner, comp sales at Macy’s were up 27.8% year over year and increased by 5.2% on a two-year basis. Bloomingdale’s comp sales increased by 37.6% year over year and by 13.0% on a two-year basis, and Bluemercury comp sales were up 30.9% year over year and increased by 3.1% on a two-year basis. Trending categories at Macy’s included: Fragrances, fine jewelry, home decor, men’s outerwear, toys, sleepwear and watches. Luxury clothing was a strength at Bloomingdale’s, along with strong performances in fragrances, fine jewelry, handbags, home décor and men’s shoes. Inventory was up 16.0% year over year and down 16.0% on a two-year basis. The company attributed its inventory productivity improvements to scaling its data science into its working teams, which has improved its decision-making process. In the quarter, the company added 7.2 million new customers, an 11.0% improvement on a two-year basis, with 58.0% coming in through its digital platform. Around 30% of these new customers were dormant over the past 12 months and have now re-engaged. Management announced that it will not be separating its e-commerce business, which had been under review for several months.
Outlook	Macy’s anticipates positive momentum in 2022, supported by strong consumer demand as the job market improves and wages continue to rise. The company expects demand to increase particularly as people return to the office and events. At the same time the company expects macroeconomic challenges, such as inflation, supply chain pressures, labor shortages and new Covid-19 variants. For full fiscal 2022, the company anticipates sales growth to be flat to 1.0% year over year, digital sales penetration of around 37.0% and capital expenditures of around $1 billion. Macy’s forecasts its gross margin rate to be between 38.1% and 38.3%—slightly down from fiscal 2021, largely due to increased digital penetration and expected inflationary cost pressures. The company plans to open 10 off-mall locations in 2022, including a mix of Bloomies and Bloomingdale’s, Freestanding Backstage and Market by Macy’s. The company is expanding and relocating its distribution centers to support business growth and serve its growing customer base. For first quarter of fiscal 2022, the company expects net sales to be between $5.3 and $5.4 billion, representing growth of 12.8%–14.9% year over year. Diluted EPS is expected to be in the range of $0.77–$0.85, representing growth of 97.4%–117.9% year over year.

E-Commerce

Based on online retail-related metrics, e-commerce players are reporting slow growth in the latest quarter. Alibaba reported double-digit sales growth year over year; however, its China commerce segment registered slow growth. In the week ended February 6, Amazon reported high-single-digit year-over-year sales growth; however, focusing on online retail-related metrics, Amazon faltered compared to last year.

	Alibaba (NYSE: BABA) 3Q22
Commentary	Alibaba’s total sales increased by 10.0% year over year, driven by strong sales growth in its cloud segment, local consumer services and its international commerce segment. On a two-year basis, sales increased by 64.2%. Adjusted EPS declined by 23.0% year over year. The number of annual active consumers (AACs) in the company’s ecosystem reached around 1.28 billion globally, an increase of around 43 million. In China, AACs grew from 953 million to 979 million during the quarter, while AACs outside of China grew to 301 million, with a quarterly net increase of 16 million. By segment, sales from its China commerce segment—which includes retail businesses Alibaba Health, Freshippo, Sun Art, Taobao, Taobao Deals, Taocaicai, Tmall, Tmall Global and Tmall Supermarket, alongside wholesale business such as 1688.com—increased by 7.0% year over year. The segment was impacted, by slowing macroeconomic growth and increased e-commerce competition, according to the company. Physical goods GMV for Taobao and Tmall grew by a single-digit percentage, year-over-year, depressed by apparel and electronics growing more slowly than total GMV growth. We have observed for some months the more challenging China context in which Alibaba is operating and the weak growth in Chinese retail demand. International commerce sales increased by 18.0% year over year, driven by solid transaction growth from its Lazada and Alibaba.com businesses. Sales from local consumer service business increased strongly by 27.0% year over year, driven by growth in order volume of 22.0%. Sales from smart logistics network Cainiao increased by 23.0% year over year, primarily driven by the growth of fulfillment solutions and value-added services provided to China commerce retail businesses. Cloud business sales increased by 20.0% year over year, driven by robust growth from financial and telecommunications industries. Taocaicai, Alibaba’s community marketplace business, continued to penetrate in less developed areas and its gross merchandise value (GMV) increased by 30.0% quarter over quarter. Trendyol, the largest e-commerce platform in Turkey, delivered GMV growth of 49.0% year over year, while Singapore’s e-commerce platform, Lazada, delivered GMV of 52.0% year over year. Management stated that the development of the international commerce market will be based on a combination of local supply and cross-border supply. Taobao Deals, which operates with a manufacturer-to-consumer model, continued to provide consumers with more value-for-money products, driving rapid consumer growth. During the quarter, paid orders on Taobao Deals grew strongly at over 100.0% year over year.
Outlook	The company did not provide guidance; however, it expects China commerce GMV growth to remain resilient, despite a challenging macroenvironment. Alibaba expects revenue diversification to continue, with cloud and international commerce segments exhibiting strong growth. Taobao Deals and Taocaicai are also expected to narrow down losses in the coming quarters. Alibaba stated that it will continue its plan to build cloud and logistics infrastructure both in China and internationally in 2022.

Food Retailers

	Sprouts Farmers Market, Inc. (NasdaqGS: SFM) 4Q21
Commentary	Total sales decreased by 7.0% year over year but increased by 9.0% on a two-year basis. The company’s comparable store sales decreased by 1.1% year over year but increased by 2.7% on a two-year basis. EPS decreased by 45.8% year over year but increased by 18.5% on a two-year basis. Gross margin was down 100 bps year over year to 35.7% but was up 135 bps on a two-year basis. In the fourth quarter, bakery, deli, grocery and vitamins segments delivered strong sales growth. Deli continues to show strength in prepared deli meals, grab-and-go, vegan options and sushi. In prepared foods, the company released new meals created by in-house chefs, such as keto-friendly Atlantic salmon with poblano crema and a whole line of faster meals using NEA chicken, grass-fed beef and other attribute-driven proteins. Bakery continues to grow year over year, supported by ongoing innovation and seasonal events. Vitamins benefited from immunity products, partnerships and innovative new items, while grocery benefited from a strong holiday program and innovation. During the quarter, the company opened eight new stores and spent $28 million in capital expenditures.
Outlook	For the full year 2022, the company expects sales growth between 4.0% and 6.0% year over year, with comp store sales growth of 0.0%–2.0% year over year. The company expects gross margin to be flat compared to 2021 and adjusted EPS to be in the range of $2.14 to $2.24, representing 1.9%–6.7% year-over-year growth. The company plans to open 15–20 new stores in 2022, less than the previous estimate of 25–30 stores due to the ongoing permitting and supply chain challenges associated with sourcing materials and equipment. For the full year 2022, capital expenditure is expected to be between $150 and $170 million, which includes the potential relocation of one of the company’s distribution centers to a larger facility. For the first quarter of fiscal 2022, the company expects comp store sales growth of 0.0%–2.0% year over year and adjusted EPS between $0.69 and $0.73, representing growth of 0.0%–4.3% year over year.

Home and Home-Improvement

Overall, most home and home-improvement retailers continue to report strong topline expansion. In the latest quarter, Floor & Decor and Home Depot reported double-digit sales growth year over year. Lowe’s reported mid-single-digit year-over-year sales growth, while Wayfair reported a double-digit year-over-year sales decline. In the week ended January 30, we saw Tractor Supply Company report double-digit sales growth year over year.

	Floor & Decor Holdings Inc. (NYSE: FND) 4Q21
Commentary	Total sales increased by 26.4% year over year and by 73.5% on a two-year basis. The company’s comparable store sales increased by 14.0% year over year. Adjusted EPS decreased by 6.4% year over year but increased by 69.2% on a two-year basis. Operating income decreased by 10.2% year over year and its operating margin was down 270 bps year over year to 6.7%. The company’s e-commerce sales increased by 45.1% year over year. It saw an increase in its e-commerce sales penetration rate of 190 bps to 16.4% year over year. In the fourth quarter, the company’s ocean freight costs, which represent its highest supply chain cost, more than doubled from its 2020 level. Given that ocean capacity constraints are driving higher container rates and demurrage and detention costs, the company expects higher ocean freight costs throughout 2022. CEO Thomas Taylor stated, “Our supply chain teams continue to work aggressively to secure international ocean carrier capacity to meet our strong demand. To do so, we have added significantly more capacity to our ocean and North American logistics, particularly from Asia, Brazil and Europe. Consequently, our in-stocks continue to trend in the right direction, supporting our strong sales growth.” The company opened seven new warehouse stores during the fourth quarter, ending the quarter with 160 warehouse stores and two design studios.
Outlook	For fiscal 2022, the company expects sales to be $4.3–4.4 billion, representing growth of 26.5%–29.4% year over year, and comp sales growth to be 10.5%–13.0% year over year. Floor & Decor expects diluted EPS to be $2.75–$3.00, representing growth of 12.7%–23.0% year over year, and its gross margin to be around 39.5% to slightly above 40%. Floor & Decor plans to open 32 new warehouse-format stores and four small design studios in 2022. It expects about 56.0% of the store openings to be in existing markets and 44.0% in new markets. The company expects capital expenditure to be $550–$590 million in 2022.
	Home Depot (NYSE: HD) 4Q21
Commentary	Home Depot’s total sales increased by 10.7% year over year and by 38.4% on a two-year basis. The company’s comparable sales increased by 8.1% year over year, with US comps of 7.6%. EPS increased by 21.1% year over year and by 40.8% on a two-year basis. During the fourth quarter, all Home Depot’s regions and merchandise departments posted positive comps year over year. Departments of comps above the company average were building materials, décor, electrical, millwork, paint, plumbing and storage. The company’s kitchen bath department comp sales were in line with the company average, and appliances, flooring, hardware tools, garden and lumber departments were positive, but below the company average. In the fourth quarter, gross margin was down 35 bps year over year to 33.2% due to investments in supply chain network. Operating margin was 13.5%, an increase of 80 bps year over year. The company saw continuous strength in its both pro and DIY during the quarter, and pro sales growth continues to outpace DIY growth. On a two-year basis, sales grew strongly by double-digit for both pro and DIY customers. By geography, all 19 US regions posted positive year-over-year comps. Both Canada and Mexico posted double-digit positive comps, as the company managed industry-wide supply chain disruptions, inflation and a tight labor market efficiently. On a comparable basis, the average ticket increased by 12.3% year over year, mainly due to inflation across several product categories.
Outlook	The company expects sales growth and comp store sales growth to be slightly positive for fiscal 2022 and its operating margin to be flat versus fiscal 2021. Home Depot expects year-over-year EPS growth to be a low-single-digit percentage. Home Depot plans to invest around $3 billion in the company in the form of capital expenditures in fiscal 2022.
	Lowe’s (NYSE: LOW) 4Q22
Commentary	Total sales increased by 4.9% year over year or by 32.9% on a two-year basis. EPS increased by 34.0% year over year. The company’s comparable sales increased by 5.0% year over year and by 34.5% on a two-year basis. US comparable sales increased by 5.1% year over year and grew 35.2% on a two-year basis. Gross margin was 32.9%, up 115 bps year over year. On Lowes.com, sales grew 11.5% year over year, which represents a two-year comp of 147.0% and around 11.0% sales penetration. The company completed the conversion of its third geographic area, the Carolina region, to the market-based delivery model for big and bulky products, which are now delivered directly to customers’ homes, bypassing stores altogether. The conversion in Carolina follows successful implementations in Florida and Ohio Valley regions. The company’s three merchandising divisions all posted positive comps year over year with strong growth across pro and DIY customers. Growth was well balanced with 12 of 15 merchandising departments posting positive comps and was broad-based on a two-year basis with all 15 departments up more than 18.0%. In pro, the company delivered growth of 23.0% year over year and 54.0% on a two-year basis. Within home decor merchandising division, flooring and appliances delivered the strongest comps in the quarter. Within hardlines, the company performed well during the holiday season as customers were active early and shopped often in its trim and tree category. In its building products division, comps were very strong, driven by broad-based balanced growth across building materials, electrical, lumber, millwork and rough plumbing.
Outlook	For the full year 2022, the company raised sales, EPS and operating margin guidance. It now expects sales to be in the range of $97–99 billion, a $2 billion improvement from the higher end of its prior forecast, with comp sales either falling or rising by 1.0% year over year. It forecasts diluted EPS to be in the range of $13.1–$13.6, up from prior range of $12.3–$13.0 and operating margin to be in the range of 12.8%-13.0% up from prior range of 12.5%–12.8%. The company expects capital expenditures of around $2 billion for the full year 2022 and gross margin is expected to be up slightly compared to the prior year.
	Wayfair (NYSE: W) 4Q21
Commentary	Wayfair reported an 11.4% decline in revenues year over year, adversely affected by pronounced supply chain challenges in this quarter. On a two-year basis, revenues were up 28.5%. For the fourth quarter, its gross margin was down 190 bps to 27.2% year over year. The company noted that lower year-over-year volumes as well as inflation, driven by supply chain bottlenecks and a tight labor market, remain pressure points on its gross margin line. By geography, US net revenue declined by 8.8% year over year while international net revenue declined by 23.0%. During the quarter, the total number of orders delivered was down 26.7% year over year and active customers declined by 12.5% year over year; however, net revenue per active customer was increased by 10.6% year over year. Management stated that the macroenvironment remains dynamic and extremely difficult to read. Although household savings remain robust, customers are seeing widespread inflation impact their lives and pressure their wallets. As pandemic restrictions ease, they also have a larger range of choices for spending.
Outlook	Wayfair did not provide financial guidance. However, for the first quarter of fiscal 2022, the company expects its gross margin to be 27.0%–28.0% and capital expenditure to be $95–$105 million. Wayfair announced that it has partnered with Capital One Trade Credit to begin offering a Wayfair professional credit card with rewards for business shoppers, and a Wayfair professional flex account with flexible payment terms—both of which the company expects to roll out later in 2022. Customers will be able to apply using their business credentials to build credit. The company has built a suite of business-specific features, like tracking spend by customer or project, and provisioning account access for multiple employees.

Off-Price Retailers

	The TJX Companies (NYSE: TJX) 4Q22
Commentary	The company’s total sales increased by 28.6% year over year and by 13.5% on a two-year basis. EPS increased by 188.7% year over year but declined by 3.7% on a two-year basis. The company’s overall open-only comp sales grew by 10.0% on a two-year basis, supported by strong holiday season in November and December, offsetting softer sales in January due to Covid-19 restrictions. By banner, Marmaxx (US Marshalls and US T.J. Maxx) comps increased by 10.0% on a two-year basis, HomeGoods comps increased significantly by 22.0%, TJX Canada comps increased by 1.0%; however, TJX International comps decreased by 2.0%, due to government-mandated shopping restrictions throughout the quarter in Europe and Australia. In the fourth quarter, the company saw a strong increase in its average basket across all divisions, as customers purchased more items per shop. The company also saw consistent strength across all major categories and geographic regions for HomeGoods and HomeSense. Total inventories were up 22.4% compared to fiscal 2020, due to higher in-transit inventory. Management stated that per store inventory levels improved sequentially and were up versus fiscal 2020. During the quarter, the company increased its store count by five for a total of 4,689 stores.
Outlook	For the first quarter of 2023, the company expects US comp store sales to be up 1.0%–3.0% year over year. It expects total sales to be $11.5–$11.7 billion, representing a growth of 13.9%–15.8% year over year, and its gross margin to be 8.1%–8.5%. However, the company expects elevated expense headwinds compared to fiscal 2022. The TJX Companies currently expects that the level of incremental freight expense in fiscal 2023 will be the highest in the first quarter, at around 220 bps. The company expects its diluted EPS to be in the range of $0.58–$0.61, representing growth of 31.8%–38.6% year over year. For the full fiscal year 2023, the company expects US comp store sales to be up 3.0%–4.0% year over year. It expects total sales to be $52.6–53.1 billion, representing growth of 8.2%–9.3% year over year. It forecasts its gross margin to be close to fiscal 2022’s adjusted gross margin of 9.6%. The company plans to add about 170 new stores in its fiscal year 2023, which will bring its year-end total to 4,850 stores, representing store growth of around 3.0%. The company plans to remodel 400-plus stores and relocate 50-plus stores during the year. In the long term, it plans to grow its current store base to 6,275 stores, adding 1,600 more stores.

Looking Forward

Apparel and footwear brand owners continue to enjoy strong revenue growth, with Gildan reporting double-digit sales growth year over year. The company’s sales CAGR outlook between 2021 and 2024 reflects net sales growth of high single to double digits. Last week we saw that Crocs is expecting strong double-digit year-over-year sales growth for fiscal 2022 and that Under Armour raised revenue guidance for its “transition quarter” ending March 31, 2022, as the company is changing its fiscal year end from December 31 to March 31. In the week ended February 6, we saw Columbia Sportswear, Deckers Outdoor Corporation, Ralph Lauren, Skechers and VF Corporation report strong double-digit year-over-year revenue growth, while Hanesbrands reported single-digit revenue growth. Similarly, Levi’s reported double-digit year-over-year revenue growth in the week ended January 30. However, these brand owners expect to see continued cost increases from freight and wages. Beauty retailers and brand owners continue to see strong sales growth momentum, with Bath & Body Works reporting double-digit year-over-year sales growth. For the full year 2022, the company expects year-over-year sales growth to be flat to up low single digit. In the week ended February 13, we saw Coty raised its comparable sales guidance for fiscal 2022, now expecting growth at the upper end of its previous guidance of low to mid-teens. The company also raised its fiscal 2022 adjusted EPS guidance. Similarly, Estée Lauder raised sales guidance for its full fiscal 2022 in the week ended February 6. CPG companies are seeing a mixed recovery, with Herbalife posting a mid-single-digit sales decline year over year. For the full year 2022, the company expects sales growth to be in the range of flat to mid-single digits year over year. In the week ended February 6, Colgate-Palmolive reported that it expects organic net sales in 2022 to be within the company’s long-term target range of mid-single digits, while Clorox raised its full-year 2022 sales guidance. Department store Macy’s posted strong double-digit sales growth year over year. For the full year 2022, the company anticipates almost flat sales growth year over year. Although Alibaba posted double-digit year-over-year sales growth, it is witnessing slow-consumption demand in its China commerce segment. Nevertheless, the company expects China commerce GMV growth to remain resilient in the coming months. In the week ended February 6, we saw Amazon report that it expects revenue growth of low to high single digits in its first quarter of fiscal 2022. Food retailer Sprouts Farmers Markets posted a single-digit year-over-year sales decline in its fourth quarter. However, for the full year 2022, the company expects mid-single-digit year-over-year sales growth, and that comparable sales growth will be flat to low single digits. Overall, home improvement retailers continue to report strong topline expansion, with all covered companies reporting positive sales growth except Wayfair. Floor & Decor expects strong double-digit sales and comparable sales growth for fiscal 2022. Home Depot expects comp sales growth to be slightly positive for fiscal 2022. Lowe’s raised its full-year 2022 sales, EPS and operating margin guidance. In the week ended January 30, we saw Tractor Supply Company report that it expects high-single-digit sales growth and comp sales growth in mid-single digits for fiscal 2022. Off-price retailer The TJX Companies posted a solid quarter with strong double-digit sales growth. For the full fiscal year 2023, the company expects year-over-year US comparable sales growth to be in the low single digits and total year-over-year sales growth to be in high single digits. The company continued to expand its store estate in the quarter.