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European Retail Briefing - March 2009

ANALYST’S COMMENT
 FOOD FIGHT IN FRANCE
The big boys
And the rest
Is price enough?
HEADLINES OF THE MONTH
Food retailers
Non-food
RETAIL SALES REVIEW
 FRANCE
Figure 1: France: Retail sales trends, 2008
Inflation
Figure 2: France: Inflation, 2008-09
 GERMANY
Figure 3: Germany: Retail sales trends, Jan 2008-Jan 2009
Inflation
Figure 4: Germany: Inflation, 2008-09
 ITALY
Figure 5: Italy: Retail sales trends, 2008
Inflation
Figure 6: Italy: Inflation, 2008-09
 NETHERLANDS
Figure 7: The Netherlands: Retail sales trends, Nov 2007-Dec 2008
Inflation
Figure 8: The Netherlands: Inflation, 2008-09
 SPAIN
Figure 9: Spain: Retail sales trends, Dec 2007-Dec 2008
Inflation
Figure 10: Spain: Inflation, 2008-09
 UK
Figure 11: Retail sales trends, 2008-09
Inflation
Figure 12: UK: Annual percentage change in Retail Price Index for selected product groups, Dec 2007-Jan 2009
SECTOR FOCUS – EUROPEAN HOME SHOPPING
 OTTO GROUP
Figure 13: Otto Group: Retail sales as share of non-store retailers in Europe, 2003-07
Figure 14: Otto UK: Retail sales as share of UK non-store retailers, 2003-07
Strategic evaluation
Consolidation of business activities
Internationalisation
Building a stronger multi-channel platform
Innovation
History
Financial performance
Retailing focus
But declining retail sales record
Online offsets some of the decline…
… and international outperforms too
Figure 15: Otto multi-channel retail division: Financial performance, 2003/04-2007/08
Store portfolio
Catalogues
Figure 16: Otto Europe: Multi-channel retail operations, 2008
e-commerce
THE MONTH IN RETAILING
 CO-OPS (RETAIL)
Italy: Co-op Italia signs clothing deal
Switzerland: Co-op Schweiz reports FY results
UK: Co-op stores sold to Sainsbury’s
 GROCERS
Belgium: Delhaize ends Unilever boycott
Denmark: Dansk Supermarked sees FY sales rise 3%
France: Carrefour
… enters Morocco
… signs Abu Dhabi deal
… eyes 75% stake in Seventh Continent
… launches in Bulgaria
France: Casino announces rise in EBIT and €1bn asset sale
Germany: Rewe reports 11% FY sales increase
Netherlands: Ahold
… Q4 profits soar 49%
… FY net income plummets
Netherlands: Super de Boer triples FY profits
Portugal: Jeronimo Martins sees FY profit rise 24%
Russian Federation: Billa sees FY sales climb 40%
Slovenia: Mercator reports 8% FY profit drop
Spain: Condis sees sales rise in 2008
Spain: Mercadona posts 5% profit drop in 2008
Sweden: ICA sees FY sales increase
Sweden: Axfood sales steady in February
UK: Asda
… appoints new COO
… posts impressive FY results
… removes underperforming brands from stores
… reports February sales boost
UK: Morrisons wades into supermarket price war
UK: Tesco
… and Asda ramp up pressure in price war
… launches new format
… wins appeal over ruling to curb expansion
UK: Waitrose wades into supermarket price war
 OFF-LICENCES
UK: Majestic Wine acquires Lay & Wheeler
 CLOTHING RETAILING
Denmark: IC Companys posts 1% sales increase
Italy: Benetton's FY profit up 7%
Sweden: H&M
… boasts 9% sales increase in January
… appoints new chief
Sweden: RNB sales slide in February
UK: Adams saved by former owner
UK: Arcadia to merge with Bhs
UK: Bhs outlines development plans
UK: Mosaic
… poised for pre-pack administration
… fashion chain Principles is shutting its gates
… in brands deal with Aurora Fashions
… Aurora seeks rent reduction
UK: Mulberry reveals stronger-than-expected Holiday sales
UK: Primark reports LFLs increase
 FOOTWEAR RETAILING
UK: Dune poised to acquire Shoe Studio
UK: Stylo to slip into administration
… chairman plans to buy back stores
 MULTI-SECTOR RETAILING
France: PPR
… appoints new Redcats boss
… FY profits slump 20%
Germany: Arcandor
… drops FY outlook due to lacking visibility
… reveals €58m net loss in Q1
Germany: Metro sells Adler fashion stores
UK: M&S
… chairman reiterates Chinese expansion despite errors
… puts pressure on suppliers
 DEPARTMENT STORES
Finland: Stockmann reports 18% Q4 profit drop
UK: House of Fraser mulls Beatties disposal
UK: John Lewis pledges to create 1,000 jobs in 2009
 DIY RETAILING
Austria: BauMax weathers economic gloom
Europe: Kingfisher reports strong Q4 results
France: Mr Bricolage posts profit boost
Germany: Praktiker sees FY profit fall
UK: Travis Perkins sees FY profits plunge
 ELECTRICAL RETAILING
Germany: Media-Saturn executives leave
UK: Carphone Warehouse to slash 400 jobs
UK: Best Buy delays UK launch until 2010
UK: DSGi announces new store plan
 MUSIC AND VIDEO GOODS RETAILING
UK: Zavvi
… to live on online
… to become Head following purchase
 FURNITURE RETAILING
Sweden: Nobia reports sales, profit drop
UK: Habitat reveals £13m FY loss
 HOMEWARES RETAILING
UK: Dunelm reports flat half-year profits
 HOME SHOPPING
Germany: Neckermann poaches new chief executive from Quelle
UK: Asos launches kidswear business
UK: Shop Direct flourishes on rivals' demise
 HEALTH AND BEAUTY RETAILING
Switzerland: Galenica to take over Sun Store pharmacy chain
UK: Body Shop FY profits dive
 BOOK AND STATIONERY RETAILING
UK: WH Smith signs deal with BAA
 SPORTS AND LEISURE GOODS RETAILING
UK: Blacks Leisure receives approaches
UK: JJB
… confirms health club offers
… looks to place lifestyle division in administration
UK: Sports Direct posts 12% sales boost
 TOYS AND GAMES RETAILING
Greece: Jumbo posts 15% surge in H1 profits

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