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European Retail Briefing - September 2010

ANALYST COMMENT
 ITM – MAKING A VIRTUE OF BEING LOCAL
Strong growth nearly faltered
Cutting the dead wood
Looking to the future
Going Local
HEADLINES OF THE MONTH
Food retailers
Clothing
Department stores
DIY
Electricals
Health and beauty
Luxury goods
RETAIL SALES REVIEW
Key points
 FRANCE
Figure 1: France: Retail sales trends, 2009-10
Inflation
Figure 2: France: Inflation, 2009-10
 GERMANY
Figure 3: Germany: Retail sales trends, 2009-10
Inflation
Figure 4: Germany: Inflation, 2009-10
 ITALY
Figure 5: Italy: Retail sales trends, 2009-10
Inflation
Figure 6: Italy: Inflation, 2009-10
 NETHERLANDS
Figure 7: The Netherlands: Retail sales trends, 2009-10
Inflation
Figure 8: The Netherlands: Inflation, 2009-10
 SPAIN
Figure 9: Spain: Retail sales trends, 2009-10
Inflation
Figure 10: Spain: Inflation, 2009-10
 UK
Figure 11: Retail sales trends, 2009-10
Inflation
Figure 12: UK: Annual percentage change in Retail Price Index for selected product groups, 2009-10
NEWS ANALYSIS
 BAKERS (RETAIL)
UK: Thorntons reports profits fall
 CO-OPS (RETAIL)
UK: Co-op H1 profits rise
 GROCERS
Denmark: Dansk Supermarked revenue up 3.1%
Denmark: Netto outlines expansion plans
France: Auchan revenue up 6.8%
France: Carrefour
…outlines Indian plans
…posts H1 profit
…to unveil new hypermarkets
Netherlands: Ahold profits boosted by World Cup
Norway: Norgesgruppen posts strong H1 results
Russian Federation: Magnit impresses in H1
Russian Federation: X5
…profit slumps in Q2
…seeks approval for Kopeika acquisition
Slovenia: Mercator posts solid results
Sweden: ICA suffers Q2 loss
UK: Asda
…chief lambasts its food offer
…lowers petrol prices
…reports LFLs drop
UK: Morrisons enjoys profit boost
UK: Ocado reports 29.5% sales rise
UK: Sainsbury's
…and Nectar launch iPhone apps
…to roll out 'eco-friendly' milk bags
UK: Spar sales boosted by improved range
UK: Tesco
…announces bullish China plans
…launches triple Clubcard points scheme
…to open drive-thru supermarket
 CLOTHING RETAILING
Europe: TJX Europe suffers profit slump
Sweden: H&M LFLs up 10%
UK: Adams launches new concessions
UK: Alexon
…appoints commercial director
…looks for web growth
UK: Evans targets plus-size teens
UK: Fossil enjoys strong results
UK: M&Co doubles profits
UK: Republic launches ad campaign
UK: Sixty UK files for liquidation
UK: USC uses website to sell overseas
UK: Zara launches transactional website
 MIXED GOODS RETAILING
UK: B&M Bargains buys Opus Homewares for £48 million
UK: Home Retail profits hit by Argos performance
UK: Poundland profits soar
 MULTI-SECTOR RETAILING
UK: HMV sales dented by World Cup
UK: M&S
…starts student initiative
…to close Midlands stores
…confirms Swannell as chairman
 DEPARTMENT STORES
Finland: Stockmann posts solid Q2 results
Germany: Karstadt improves prospects with bank deal
Ireland: Arnotts to receive €10 million
Netherlands: Maxeda shows H1 growth
UK: Debenhams launches unexpected sale
UK: Fenwick sales and profits down
UK: House of Fraser launches overseas delivery
UK: John Lewis opens second At Home outlet
UK: Littlewoods launches TV campaign
 DIY RETAILING
France: Mr Bricolage profits and sales improve
Germany: Tengelmann records sales rise
 ELECTRICAL RETAILING
Russian Federation: M.Video posts H1 improvement
UK: Dixons Retail sales boosted by World Cup
 FURNITURE RETAILING
Sweden: Ikea plots Reading move
UK: Dwell secures £5 million funding
UK: MFI relaunched
 HOME SHOPPING
UK: Bond takes stake in Wiggle
UK: Confetti in administration
UK: Ebay plots major fashion push
UK: Findel
…mulls Express Gifts sale
…sells CWIO division
UK: Flying Brands
…acquires online gardening business
…profit down
UK: Moonpig profits almost double
UK: N Brown launches Simply Be in US
 HEALTH AND BEAUTY RETAILING
Switzerland: Galenica posts H1 profit increase
UK: Body Shop enjoys improved results
 BOOKS AND STATIONERY RETAILING
UK: Waterstone's
…founder ponders buy-back bid
…to open a restaurant in store
UK: WH Smith buys Gadget Shop
 SPORTS AND LEISURE GOODS RETAILING
UK: JJB shareholder ups stake
UK: Snow+Rock buys Runners Need
UK: Sports Direct enjoys sales boost
 JEWELLERS
UK: Signet reports improved Q2 performance
 LUXURY GOODS RETAILING
Europe: Hugo Boss records strong results
Switzerland: Richemont results boosted by Asian demand
INTERNATIONAL LUXURY GOODS
 MARKET FORECASTS AND OUTLOOK
Forecasts
Figure 13: Global luxury goods: Estimated market size at retail selling prices, 2006-12
What next?
Latest fashion trends favour luxury
Anti-bling, anti-extravagance
‘Quieter’ goods - responding to consumer sentiment
But is their universal resonance?
Customised design
Differentiation
Leveraging local craftsmanship
New segments
Youth unemployment
Men only
Corporate activity
E-commerce potential
Coy over the detail
Cross channel experience will improve
New initiatives
Reaching out globally
Mobilising the smart phone
 ARMANI
Figure 14: Armani: Share of global luxury goods market, 2005-09
Recent history
Financial performance
Figure 15: Armani Financial performance, 2005-09
Figure 16: Armani: Sales by region and sales, by brand, 2008
Figure 17: Armani: Sales growth, by region and product, 2007-08
Store portfolio
Figure 18: Armani: Outlets, 2005-09
Figure 19: Armani: Outlets, by brand, 2008 and 2009
Brand offering
Figure 20: Armani: Brands, 2010
e-commerce

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