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Top GAMCO Portfolio Manager Handicaps Race Between QVC And HSN For Holiday Season Sales
67 WALL STREET, New York - November 28, 2009 - The Wall Street Transcript has just published its Online And Direct To Consumer Retailing Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Online Retailer Profit Margins Vs. Bricks-And-Mortar Retailers - Uptick In Internet Commerce - Secular Shift In Market Share To Internet Retailers - Post-Crunch Consumer Confidence - Growing Market Share For Online Travel Agents - Possible Consolidation Of HSN, Inc. - Amazon As The "Wal-Mart Of The Internet" - Online Marketing Vs. In-Store Marketing - Maximized Markdowns - Online Traffic Conversion Rates - Social Networking To Drive Brand Awareness - Online Sales Holiday Outlook - E-Commerce As A Path To International Expansion
Companies include: Abercrombie & Fitch (ANF); Amazon's (AMZN); Ann Taylor (ANN); Apple (AAPL); Ask.com (IACI); Bebe (BEBE); Best Buy (BBY); Bidz.com (BIDZ); Dell (DELL); Dick's Sporting Goods (DKS); Expedia (EXPE); GSI Commerce (GSIC); GameStop (GME); Gap (GPS); General Motors (GM); Google (GOOG); HSN (HSN); HSN (HSNI); Hot Topic (HOTT); IAC (IAC); Liberty (LINTA); LivePerson (LPSN); MercadoLibre (MELI); Move Inc. (MOVE); Orbitz (OWW); Pacific Sunwear (PSUN); Quiksilver (ZQK); Ralph Lauren (RL); ShopNBC (WTV); South Korea's Gmarket (EBGMy); Sport Supply Group (RBI); Staples (SPLS); Starbucks (SBUX); Target (TGT); Timberland (TBL); Urban Outfitters (URBN); VeriSign (VRSN); Wal-Mart (WMT); WebMD (WBMD); eBay (EBAY); hhgregg (HGG); priceline.com (PCLN).
In the following brief excerpt from just one of the in depth interviews in the Special Report, a top tier money manager discusses the outlook for the sector and for investors.
Christopher J. Marangi, Senior Vice President of GAMCO Investors, Inc., is Associate Portfolio Manager of the Gabelli Value Fund, a $500 million open-ended mutual fund that invests in a concentrated portfolio of securities selling below their private market values. Mr. Marangi has appeared on Bloomberg television and radio, and has been quoted extensively in publications including The Wall Street Journal, The New York Times, Barrons, Newsday, Bloomberg, Variety and Broadcasting & Cable.
Mr. Marangi joined GAMCO in 2003 as a Research Analyst, covering companies in the cable, satellite and entertainment sectors. He began his career as an Investment Banking Analyst with J. P. Morgan & Co and later joined private equity firm Wellspring Capital Management.
Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a B.A. in political economy from Williams College, and holds an MBA with honors from the Columbia Graduate School of Business. He and his wife have three children.
TWST: Was the spin-off of HSN from IAC a good thing for investors and will continue to create value in the mid to long term?
Mr. Marangi: Yes, I think the spin-off was good for investors. It has created strategic opportunities for HSN, focused both management and investors on the upside of HSN, and eliminated for some people questions about capital allocation at the holding company level.
TWST: Excluding Cornerstone, HSN's sales have barely declined in a difficult economy. In your view, what have they done right that's allowed them to maintain revenues while so many other companies are struggling?
Mr. Marangi: The video-retailing model gives them certain advantages over traditional retail, in being able to change their marketing and merchandising on a dime. Mindy Grossman and her team have gotten the basics right. They've improved their merchandising, they've improved their customer care, their marketing and, with the exception of the cyclical downturn, they would have been doing much better.
TWST: What advantages does HSN has over QVC?
Mr. Marangi: QVC has scale, which comes with more favorable distribution costs. But HSN, starting from a lower base, has room to grow, has room to take share from QVC and traditional retailers.
The Wall Street Transcript is a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online .
The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations.
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