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European Retail Briefing - May 2013

ANALYST COMMENT
Learning the dangers of repositioning – JCPenney and Carrefour Planet
JCP straying from its roots
Figure 1: JCPenney’s Levis’s denim bar, 2012-13
Figure 2: JCPenney: Year-on-year net revenue growth, Q1 2011-Q1 2013
Carrefour’s Planet repositioning
Figure 3: Carrefour Planet, 2012
Figure 4: Carrefour France: Year-on-year revenue growth, Q1 2011-Q1 2013
Backtracking
Lessons learnt
EUROPEAN RETAIL SALES
Key points
Retail sales
Figure 5: Major European economies: Year on year retail sales value growth, 2012-13
Figure 6: Major European economies: Year on year retail sales volume growth, 2012-13
Inflation
Figure 7: Major European economies: All items CPI, 2012-13
Figure 8: Major European economies: Food price inflation, 2012-13
APPLE RETAIL
What we think
Growth levelling off?
Trouble at the top
Stores integral to brand equity
Company background
Company performance
UK sales
Figure 9: Apple Retail UK: Group financial performance, 2006/07-2011/12
Figure 10: Apple Retail UK: Outlet data, 2006/07-2011/12
Figure 11: Apple Retail: European stores, 2012 and 2013
Retail offering
HEADLINES FOR THE MONTH
Convenience stores
Grocers
Clothing retailing
Multi-sector retailing
Department stores
Electrical retailing
Music and video goods retailing
Furniture retailing
Home shopping
Health and beauty retailing
NEWS ANALYSIS
 BAKERS
UK: Greggs issues profit warning
 CONVENIENCE STORES
Spain: Eroski trials new convenience store
UK: Asda to invest £700 million in new ‘convenience’ services
UK: Musgrave Group reports 11% growth in turnover
UK: Spar launches forecourt offer
 GROCERS
Belgium: Delhaize Group posts first quarter trading results
France: Auchan to boost investment in Vietnamese business
France: Carrefour
…builds new distribution centre
…reduces majority stake in Turkish business
…introduces discount section to hypermarkets
…reports strong sales growth in Latin America
France: Casino reports revenue growth of 33.7% in Q1
France: DIA to introduce Fresh store format in France
Germany: Edeka reports 3.8% growth
Germany: Rewe Group regrets underestimating e-commerce
Portugal: Lidl to invest €45 million in its Portuguese business
Spain: DIA sells Turkish business for €136 million
Switzerland: Migros Switzerland and Migros Ticaret report sales rise
UK: Farmfoods posts 2012 financial results
UK: Lidl doubles the number of “healthy tills”
UK: Morrisons
…nears deal with Ocado
…posts Q1 trading results
…puts 700 jobs at risk with cash-handling technology
…questions Tesco’s Price Promise claims
…scraps chief executive bonus
…adds 200,000 sq. ft. of retail space
UK: Sainsbury’s
…Justin King denies rumours he is quitting
…posts full year results
…puts London HQ up for lease
UK: Tesco
…opens mobile app office in Shoreditch
…profits plunge 13% as it confirms US exit
…revamps Clubcard website
…sees slowest sales growth in nine months
…to unveil revival plans
…trials new shopping model
UK: Waitrose
…begins year with 11% sales growth
…to open first farm shop
…to supply food to Eurostar trains
 OTHER FOOD SPECIALISTS
UK: Thorntons posts encouraging Q3 results
UK: Whittard reports strong performance
 CLOTHING RETAILING
France: LVMH posts disappointing Q1 results
Germany: Adler urges shareholders to reject takeover bid
Germany: Hugo Boss sees sales slip
UK: Abercrombie & Fitch to open first European outlet store
UK: Ann Summers to boost wholesale after £1.2 million profit increase
UK: Aurora
…credit insurance reduced amid restructuring process
…and Karen Millen outsource property functions
…seeks rent reduction from landlords
UK: Burberry posts sales increase
UK: Crombie to launch made-to-measure service
UK: French Connection
…group director leaves after 12 years
…appoints new finance director
UK: Guess appoints new chief design officer
UK: H&M
…March sales drop as spring delayed by cold weather
…to dress the 2016 Swedish Olympic team
UK: Hackett looks at buying Regent Street Ferrari store
UK: Internacionale signs on to British Land in Hull
UK: J Crew looks for menswear only store
UK: Jaeger launches space for emerging talent
UK: Joules considers selling minority stake
UK: Karen Millen appoints new CFO
UK: Kookai to exit UK market
UK: New Look
…to reduce debt burden through £800m bond issue
…footwear buying director steps down
UK: Next
…cautious over rise in sales
…chief executive to share bonus
UK: Oasis launches personalisation service
UK: Primark
…plots French stores
…reports profit growth
UK: River Island to launch second Rihanna collaboration
UK: Select searching for 200 new stores over next five years
UK: Superdry looks at luxury retailers
UK: SuperGroup
…hire new logistics boss
…to open new distribution centre
…strong results as it eyes expansion
UK: T.M. Lewin
…boosts international portfolio with 5-year expansion plan
…eyes Nigeria, India and Philippines for international expansion
UK: Victoria’s Secret poaches Aurora omni-channel director
 FOOTWEAR RETAILING
UK: Dune launches in-store technology
UK: Jane Shilton results show £1.9 million loss
UK: Mascotte to open first UK store
UK: Sole Trader profits plummet
 MIXED GOODS RETAILING
UK: 99p Stores: Scotland expansion
 MULTI-SECTOR RETAILING
Germany: Metro AG considers withdrawal from foreign operations
Netherlands: Marks & Spencer opens interactive store in Amsterdam
UK: Argos
…rivals Amazon
…like-for-likes up for first time in five years
UK: M&S
…formal menswear buyer joins John Lewis
…considered purchasing Jaeger
…lingerie and beauty buyer exits
…overhauls womenswear team
…posts encouraging Q4 results
…hires new director of Lingerie
 DEPARTMENT STORES
France: Printemps to be taken over by Qataris for €1.6bn
UK: Debenhams
…posts a fall in pre-tax profits
…reports increase in cookware sales
…seeks reduced lead times
…set to become the latest cold weather casualty
UK: Harvey Nichols boss denies exit rumours
UK: House of Fraser
…eyed by Qataris
…poaches new executives
…to boost premium credentials
UK: John Lewis
…looks at broadband market
…launches sofa reuse scheme
…to begin At Home store in Kent next week
…to offer degree-equivalent qualifications
UK: Selfridges
…fee from suppliers for early payment
…restructures senior buying roles
…to launch click-and-collect
 DIY RETAILING
UK: Kingfisher announces expansion into Romania
 ELECTRICAL RETAILING
Europe: Dixons disposes of Webhallen
France: Darty
…denies change of majority ownership
…new chief executive to start early
Switzerland: Media-Saturn-Holding withdraws Saturn from Switzerland
 MUSIC AND VIDEO GOODS RETAILING
Ireland: Xtra-vision video rentals falls into receivership
UK: HMV retains market share
UK: Rough Trade reports 25% sales growth in Q1
 CARPET RETAILING
UK: Carpetright
…announces management reshuffle
…sales spurred by refurbs and cold weather
 FURNITURE RETAILING
Sweden: Ikea’s plans for India approved
UK: Barker & Stonehouse opens first London store
UK: Ikea
…unveils plans for new Sheffield store
…opens pop-up shops in London stations
UK: The Range plots Scottish expansion
 HOMEWARES RETAILING
UK: Dunelm posts third quarter results
UK: Williams-Sonoma opens first store in UK
 HOME SHOPPING
Germany: Otto Group re-launches Quelle.de as online store
Russian Federation: Amazon to expand into Russia
UK: Amazon posts Q1 results
UK: Asos
…posts H1 results
…senior director to step down
…to launch value fashion line
UK: Debenhams rated top for mobile retail
UK: EBook growth drives total UK book sales
UK: Iceland Foods trials new e-commerce site
UK: John Lewis online sales hit £1 billion
UK: Littlewoods launches Facebook shopping tool
UK: N Brown Group posts strong full year results
UK: Ocado reconfirms that it will not be acquired by Morrisons
UK: Waterstones founder to launch online books offer
 HEALTH AND BEAUTY RETAILING
Germany: DM Drogerie Markt reports double digit growth for H1 2013
Germany: Rossmann reports double digit growth for 2012
UK: Lush’s pre-tax profits rise by 22.5%
 BOOK AND STATIONERY RETAILING
UK: Clintons reports sales growth under new owner American Greetings
UK: WH Smith
…announces new chairman
…profits up, sales down
 SPORTS AND LEISURE GOODS RETAILING
UK: JD Sports profits fall by 18.3%
UK: Sports Direct
…closes 14 JJB Sports stores
…posts Q4 results
…reportedly freezes buying operations
…threatens to close Republic stores
 JEWELLERS
Switzerland: Piaget warns sales in China slow
Switzerland: Richemont Group sees growth in annual profit
UK: Claire’s Accessories prepares to launch ecommerce in Europe
UK: Pandora acquires former Asda CEO
UK: Swarovski to launch new fascia Cadenza at Westfield Stratford
 GARDEN CENTRES
UK: Tesco-owned garden centre Dobbies opens retail village in Edinburgh
 OPTICIANS
UK: Vision Express expands in North West
 TOYS AND GAMES RETAILING
UK: The Entertainer introduces 90-minute deliveries
 MISCELLANEOUS SPECIALIST RETAILING
UK: Halfords sales helped by cold weather
UK: Mothercare
…announces flat Q4 like-for-likes
…head office staff put into consultation
 ECONOMY
UK: BRC
…footfall fell in March 2013
…like-for-like retail sales fall in April 2013
…non-food retailers plan to cut staff
…retail search volumes increase in Q1
…shop price inflation falls in April
UK: ONS: March 2013 retail results
UK: PopUp Britain to open flagship store on King’s road

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