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European Retail Briefing - February 2013

ANALYST COMMENT
 A LEAN EUROPEAN CHRISTMAS
Retail sales at Christmas 2012
Figure 1: Europe: Year-on-year, real-terms change in all retail sales, November and December 2012
Figure 2: Greece: Index of retail sales, real terms, Jan 2007-Nov 2012
Consumer confidence improves a little
Figure 3: Europe: Consumer confidence levels, November and December 2012
Confidence versus retail sales
Figure 4: Europe: Real-terms, year-on-year retail sales growth versus consumer confidence levels, three-months averages*, Oct-Dec 2012
Major retailers
Figure 5: Europe: Major retailers’ year-on-year sales growth, Christmas 2012
RETAIL SALES REVIEW
Key points
 FRANCE
Figure 6: France: Retail sales, 2011-12
Inflation
Figure 7: France: Inflation, 2012-13
 GERMANY
Figure 8: Germany: Retail Sales trends, 2011-12
Inflation
Figure 9: Germany: Inflation, 2012-13
 ITALY
Figure 10: Italy: Retail sales trends, 2011-12
Inflation
Figure 11: Italy: Inflation, 2012-13
 NETHERLANDS
Figure 12: The Netherlands: Retail sales trends, 2012
Inflation
Figure 13: The Netherlands: Inflation, 2012-13
 SPAIN
Figure 14: Spain: Retail sales trends, 2012
Inflation
Figure 15: Spain: Inflation 2012-13
 UK
Figure 16: UK: Retail sales trends, 2012-13
Inflation
Figure 17: UK: Inflation, 2012-13
HEADLINES FOR THE MONTH
Grocers
Clothing retailing
DIY retailing
Electrical retailing
Music and video goods retailing
Furniture retailing
Home shopping
Economy
NEWS ANALYSIS
 CO-OPS
UK: Co-operative Group
…launches new charity fundraising initiative
…reports strong Christmas trading performance
UK: Midlands Co-op
…to shut Fashion and Home stores
…posts positive Christmas trading results
 CONVENIENCE STORES
UK: Nisa Retail appoints new chairman and board members
UK: Waitrose appoints new convenience director
 GROCERS
Austria: Lidl revamps Austrian distribution centre
Belgium: Colruyt reports strong results for first nine months
Belgium: Delhaize posts revenue growth in fourth quarter
France: Auchan launches new fascia
France: Carrefour reports improved sales in France
France: Monoprix to increase store count
France: Norma plans disposal of 38 of its stores in France
Germany: Edeka to open €130m distribution depot
Germany: Metro
…expected to withdraw Media Markt from China
…reports marginal growth
…to raise stake in Media-Saturn
Netherlands: SPAR to expand into Middle East
Russian Federation: Magnit reports strong full-year performance
Slovenia: Mercator sees full-year profits slide
UK: Asda
…relaunches dedicated flower website
…McKenna handed international role
UK: Booths revamps its wine offer
UK: Fortnum & Mason posts profit decline
UK: Lidl announces UK expansion plans
UK: Morrisons
…acquires formers Jessops stores
…begins another round of price negotiations
…boss vows to get back on track
…creates in-house digital agency, M Digital
…partners with Lakeland to launch kitchenware website
UK: Sainsbury’s partners with Channel 4 for daily cooking show
UK: Spar introduces in-store Amazon collection lockers
UK: Tesco
…hires managing director for London stores
…increases its 'dark store' portfolio
…launches baby brand
…to create 700 new jobs at dotcom store
…reports like-for-likes up 1.8%
…to open first in-store Harris + Hoole coffee shop
UK: Waitrose to restructure head office retail services division
 OTHER FOOD SPECIALISTS
UK: Thorntons rise in Christmas sales
UK: Hotel Chocolat
…appoints its first international director
…reports boost in sales and profit
 CLOTHING RETAILING
Europe: Burberry like-for-likes up 6% in third quarter
France: LVMH delivers “remarkable” year
Germany: Hugo Boss reports results at top end of expectations
Sweden: H&M
…reports decline in December like-for-likes
…posts fourth-quarter results
UK: All Saints loses four members of executive team
UK: American Apparel achieves 38% rise in online sales with new web platform
UK: Aquascutum ex-chief executive to launch new label
UK: Asda relaunches dedicated flower website
UK: Burberry appoints news chief operating officer
UK: Evans launches sub-brand for younger consumers
UK: Fat Face appoints new chairman
UK: French Connection records 2.9% drop in like-for-likes
UK: Hobbs posts 16.4% increase in sales
UK: Hoi Polloi collapses into administration
UK: Matalan
…loses two senior directors
…sees Christmas sales fall
UK: Moss Bros to exceed profit expectations
UK: New Look
…looks to appoint refinancers
…restructures its online buying team
UK: Peacocks appoints new managing director
UK: Primark records 25% sales surge in Q1
UK: Radley
…appoints new chief executive
…earnings drop by £5 million in 2011/12
UK: Republic
…chairman departs as restructurer is appointed
…considers store closures
UK: Store Twenty One asks for rent relief
UK: SuperGroup
…posts 10.6% rise in Christmas like-for-likes
…to update online offering with click-and-collect service
UK: TK Maxx to open new Surrey store
UK: Uniqlo halves UK losses
UK: Urban Outfitters to open new Oxford Street store
UK: Victoria’s Secret opens stand-alone store at Stansted Airport
UK: Whistles enjoys strong Christmas trading
UK: White Stuff sees sales soar over Christmas
 FOOTWEAR RETAILING
UK: LK Bennett sees sales rise
 MULTI-SECTOR RETAILING
UK: Home Retail Group raises profit forecast after strong performance from Argos
UK: Laura Ashley to launch menswear
UK: Marks & Spencer
…loses market share
…makes £8.5m loss in Paris
…launches digital lab
…releases trading statement early
 DEPARTMENT STORES
UK: Allders faces probe into money owed to outlets
UK: Beales
…in debt negotiations
…posts dismal year end trading figures
UK: Debenhams to revamp Oxford Street flagship
UK: John Lewis
…appoints new online director
…sees sales soar 20.6%
…sees strong conclusion to Christmas Sales
UK: The Original Factory Shop in potential sale
 DIY RETAILING
Ireland: B&Q Ireland calls in examiner
UK: Kingfisher reshuffles management team
UK: Theo Paphitis retail group enjoys strong Christmas trading
 ELECTRICAL RETAILING
Europe: Bang and Olufsen to close 125 stores
UK: Carphone Warehouse reports 16% boost in Q3 like-for-likes
UK: Dixons
…appoints new non-executive director
…posts strong third quarter results
UK: Jessops
…cut 77 more jobs
…falls into administration
…to be run as online-only retailer
 MUSIC AND VIDEO GOODS RETAILING
UK: Blockbuster
…enters administration
…receives attention from restructuring firm
…to close 129 stores
UK: HMV
…administrator Deloitte sets a deadline for prospective buyers
…calls in administrators
…could potentially be saved by Hilco
…cuts 190 jobs at head office and distribution network
…has debt acquired by restructuring firm
…sees rise in footfall
…stores eyed by Game group
…to accept gift vouchers again
…to axe 66 stores
…to close up to 100 stores
 CARPET RETAILING
UK: Carpetright sees increase in UK like-for-likes
 FURNITURE RETAILING
Sweden: Ikea posts record profit for 2011/12 financial year
UK: CSL reports record pre-tax profits
UK: Conran Shop enjoys strong Christmas trading
UK: Dreams posts 7.2% rise in like-for-likes
UK: Ikea posts post-Christmas Sales results
UK: Made.com launches in France
UK: Oak Furniture Land reports record sales
 HOMEWARES RETAILING
UK: Cath Kidston records 24% rise in total sales
UK: Lakeland continues UK expansion
 HOME SHOPPING
UK: Amazon
…expected to reveal extensive cash reserves
…posts record sales
UK: Asos reports 41% increase in December sales
UK: Findel Group post 10.2% increase in Q3 sales
UK: N Brown
…poaches Original Factory Shop boss
…reports 7.9% rise in like-for-like sales
UK: Ocado
…names former M&S executive as its new chairman
…narrows losses
UK: Play.com closes direct retail business
UK: Shop Direct reports 5% growth in Christmas sales
UK: The Hut Group
…acquires Probikekit.com
…in talks to acquire Cloggs
UK: Very partners with Glamour for new collections
UK: Worldstores partners with Wonga
 HEALTH AND BEAUTY RETAILING
UK: The Fragrance Shop records 4% jump in Christmas like-for-likes
UK: The Perfume Shop
…appoints new brand and marketing manager
…reports 2.4% rise in like-for-like sales
 BOOK AND STATIONERY RETAILING
UK: Waterstones
…creates new retail director role
…sees pre-tax losses widen
UK: WHSmith
…opens first Zoodle store in the UK
…records 5% drop in like-for-likes
 SPORTS AND LEISURE GOODS RETAILING
UK: JD Sports
…acquires Gio Goi brand
…loses head of JD Pro
…reports rise in sales
UK: Mountain Warehouse benefits from bad weather
UK: Sports Direct consider acquisition of Gio Goi
 JEWELLERS
Switzerland: Swatch targets 10% growth with improved US and China markets
UK: Theo Fennell issues profit warning
 MISCELLANEOUS SPECIALIST RETAILING
UK: Halfords reports flat like-for-likes over Christmas
UK: Mamas & Papas cuts pre-tax losses to £1.2 million
UK: Mothercare
…posts decline in group sales
…UK managing director steps down
 SHOPPING CENTRES AND PROPERTY
UK: McArthurGlen reports strong Christmas trading period
 ECONOMY
UK: BRC:
…footfall down 1.2% in December
…increase in business rates could prevent new jobs
…like-for-like retail sales up 1.9% in January
…retail searches on tablets up 238%
…retailers to axe jobs ahead of retail rates hit
…shop price inflation falls to lowest level since November 2009
UK: ONS: UK retail sales disappoint in December
BEAUTY RETAILING IN EUROPE
 A. S. WATSON (EUROPE)
What we think
Health & beauty
Luxury
Company background
Figure 18: A. S. Watson: European health and beauty operations, 2011
Company performance
Figure 19: A. S. Watson (Europe): Group financial performance, 2009-12
Figure 20: A. S. Watson (Europe): Sales by division, 2011
Figure 21: A. S. Watson (Europe): Turnover by chain (part estimated), 2009-11
Figure 22: A. S. Watson (Europe): Sales breakdown by chain, 2011 (part estimated)
Figure 23: A. S. Watson (Europe): Outlet data, 2009-12
Figure 24: A. S. Watson (Europe): Stores by division, 2011
Figure 25: A. S. Watson (Europe): Outlet data by country (part estimated), 2009-11
Figure 26: A. S. Watson (Europe): Store numbers by chain, 2011
Retail offering – main businesses
Superdrug
The Perfume Shop
Savers
Kruidvat
Trekpleister
Prijsmepper
Marionnaud
ICI Paris XL

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