Deutsche Bank-Macro Focus Tax Refunds Remain Positive as of 38, But Mode...-107091472

DeutscheBankIndustryDateResearch17March2024MacroFocusNorthAmericaIndustryUpdateUnitedStatesConsumerRetailing/DepartmentStores&BroadlinesTaxRefundsRemainPositiveasof3/8,KrisztinaKataiButModerateSequentiallyResearchAnalyst+1-212-250-0590Summary:WiththeInternalRevenueService'sfourthweeklyupdateofthetaxfilingseason,wehavesummarized:1)totalrefundsthrough3/8;2)thetotalYOYchangeJustinNanberginrefunds;and3)adjustmentsforashorterfilingperiodvs.lastyear.ResearchAssociate+1-212-250-2007Inourweeklyupdate,wehighlight:1)YTDtaxrefundscontinuedtoimprovethroughtheweekending3/8,withtotalrefundsdown-7.4%vs.-9.3%intheweekJessicaTaylorprior;2)totalweeklyrefundsmoderated,butremainedpositive,up+5.1%YOYResearchAssociatecomparedwith+17.6%fortheweekending3/1,whiledirectdepositswereup+1-212-250-3165+17.2%vs.+18.4%intheweekprior;3)totaldepositsweredown-4.8%throughtheweekending3/8vs.-7.7%intheweekprior;4)adjusting2023forsevenfewerAyusshAhujadays,totalweeklyrefundswereup+8.7%YOYvs.+9.9%intheweekprior;and5)ResearchAssociatetheaverageindividualrefundthisweekwasup+11.4%to$2,945(vs.up+10.4%+1-212-250-9931YOYinthepriorweekto$3,060).Ourbiasremainstowardvalueandtraffic-drivingplayerswithinourcoverage,andweseeBURL,COST,DG,DLTR,ROST,TJX,andWMTwellpositionedtotakeadvantageofvalue-seekingconsumersandneed-basedpurchases.Distributedon:17/03/202420:28:...