Raymond James analysts Aaron Kessler and Ben Cohen pour over ChannelAdvisor’s Feburary report, looking at numbers from the month of February.

eBay Amazon

ChannelAdvisor (CA) released February same-store sales (SSS) data for Marketplaces (eBay/Amazon) as well as search data. Overall, we view the February data as positive for both eBay Inc (NASDAQ:EBAY) and Amazon.com, Inc. (NASDAQ:AMZN), with SSS accelerating for both. CA is a leading eCommerce platform, supporting a wide range of about 3,000 retailers and approximately $3 billion in gross merchandise value (GMV). Based on the CA data, eBay Inc (NASDAQ:EBAY) data remained solid at +15% y/y in February (vs. +12.7% y/y in January) and Amazon.com, Inc. (NASDAQ:AMZN) growth accelerated to 23.0% y/y in February (vs. 14% y/y in January).

eBay same-store sales improve in February led by fixed price and Motors

For February, CA indicated eBay Inc (NASDAQ:EBAY) same-store sales grew 15% y/y, a slight acceleration from 12.7% y/y in January. Fixed price (approximately two-thirds of GMV), increased 15.5% y/y (vs. +14.6% y/y in January), and eBay Motors (parts and accessories) increased 22.3% y/y (vs. +17.6% y/y in January). Auctions (approximately one-third of GMV) decreased 8.5% y/y in February (vs. -10.9% y/y in January). For 1Q QTD, eBay samestore sales according to CA have increased 13.9% y/y, an acceleration from 11.9% y/y in 4Q. We estimate eBay North America revenue growth for U.S. GMV (most comparable to CA data) of 13.2% y/y in 1Q (vs. 13.8% y/y reported in 4Q). We note that CA data skews more towards fixed price and eBay Inc (NASDAQ:EBAY) Motors, which has positively skewed recent CA data vs. reported results.

Amazon same-store sales growth accelerates in February as weather eases

According to CA, Amazon.com, Inc. (NASDAQ:AMZN) same-store sales for February increased 23.0% y/y, an acceleration from 14% y/y in January. CA indicated that improved weather conditions led to the m/m acceleration. Quarter to date, Amazon same-store sales have increased 18.5% y/y (vs. 18.1% y/y in 4Q). For 1Q, we estimate Amazon.com, Inc. (NASDAQ:AMZN) revenue growth for U.S. Electronics & Other General Merchandise (most comparable to CA data) of 26.0% y/y vs. 25.2% y/y in 4Q.

Search growth data in February

CA data indicates search same-store sales increased 4.3% y/y in February (vs. +10.3% y/y in January). Specifically, paid clicks decreased 9% y/y (vs. -4% y/y in January), while costs per click (CPCs) decreased 7% y/y (vs. -22% y/y in January). Quarter to date, search same-store sales have increased 7.3% y/y vs. +7.4% y/y in 4Q. Additionally, Google Inc (NASDAQ:GOOG) Shopping/Product Listing ads increased 48% y/y in February (vs. 63% y/y in January) and ~85% y/y in 4Q. CA indicated that GS/PLAs are experiencing “a normal aging of the program” and noted much of the low-hanging fruit has been picked.