Table of Contents
Analyst Comment
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- Repositioning at Asda?
- Weak margins
- The problem with price
- Time for a rethink
Headlines of the Month
Retail Sales – Background and Outlook
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- Retail sales trends
- A strong Christmas
- But a weak January
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- Figure 1: Retail sales trends, 2009-10
- January hard to interpret
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- Figure 2: UK retail sales y/y growth, BRC vs ONS, Dec 2007-Jan 2010
- John Lewis
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- Figure 3: John Lewis: Year-on-year growth, 2008-10
- Inflation and wages
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- Figure 4: RPI vs Wage rate growth, 2007-10
- The RPI up again
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- Figure 5: Annual percentage change in Retail Price Index for selected product groups, 2009-10
- Looking forward
Sector Focus – Food Retailers
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- Sales trends
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- Figure 6: Food retailers, sales trends, 2001-09
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- Figure 7: Food retailers sales as % of all retail sales, 1998-2009
- Sub-sectors
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- Figure 8: Breakdown of food retailers’ sales, by sub-sector, 2005-09
- Retail price inflation
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- Figure 9: Indices of retail prices for key product categories, 2005-09
- Consumer expenditure
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- Figure 10: Consumer expenditure on selected product categories, 2004-09 (Q3)
- Figure 11: Food retailers sales relative to all spending on food and drink, 2000-08
- Food retailers
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- Figure 12: Food retailers: Leading retailers’ share of food retailers’ sales, 2008/09
News Analysis
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- Bakers (retail)
- Thorntons sales down 4.4%
- Co-ops (retail)
- Co-operative sales soar 66% over Christmas
- Grocers
- Asda
- ...trials vending machines to reduce waste
- Morrisons
- ...names Philips as new chief
- ...sees LFLs rise 6.5% over Christmas
- Sainsbury's
- ...to double non-food business
- Tesco
- ...enjoys strong Christmas results
- … launches Buy One, Get One Free Later deals
- … opens first carbon neutral store
- Off-licences
- Majestic
- ...appoints Wrigely as new chairman
- Clothing retailing
- Adams
- ...falls back into administration
- Adili
- ...suspends shares
- Alexon
- ...LFLs plunge 14.3%
- Baird Group
- ...ponders CVA
- Bhs
- ...hands ten stores to Primark
- Burberry
- ...LFLs up 10%
- Ethel Austin
- … falls into administration
- … closes 129 stores
- Figleaves
- ...attracts suitors
- M&Co.
- ...reports 11% uplift in Christmas LFLs
- Matalan
- … hails "impressive" Christmas sales
- … sale pulled
- New Look
- … confirms IPO
- … board mulls IPO withdrawal
- Peacocks
- ...reports robust Christmas sales
- Primark
- ...sales rise 19%
- Footwear retailing
- Office
- ...hopes up after 19% hike in Christmas LFLs
- Shoe Zone
- ...Christmas LFLs soar 27%
- Mixed goods retailing
- Alliance Boots
- …enjoys strong festive period
- … and Mothercare team up for kids' range
- Mamas & Papas
- ...secures funding for expansion
- Mothercare
- ...posts strong Christmas results
- Poundland
- ...festive sales rise by one third
- Multi-sector retailing
- M&S
- ...Bolland pay deal revealed
- HMV
- … acquires Mama Group
- … sales hit dented by Waterstone's
- Department stores
- Beales
- ...losses narrow after Christmas sales boost
- Debenhams
- … names Northridge as new chairman
- … chief linked to DFS bid
- … LFLs up 0.1%
- House of Fraser
- ...enjoys record Christmas sales
- John Lewis
- … appoints new retail operations director
- … becomes official Olympics sponsor
- … opens second homewares shop in Croydon
- Liberty of London
- ...creative director leaves
- TJ Hughes
- ...unveils 4% Christmas sales increase
- DIY retailing
- Focus DIY
- ...asks landlords for rent holiday
- Home Retail Group
- ...LFLs up marginally
- Homebase
- ...introduces re-usable packaging
- Topps Tiles
- ...posts 5.5% sales rise
- Electrical retailing
- Best Buy Europe
- ...LFLs up 6.3%
- DSGi
- ...sales trump expectations
- Carpet retailing
- Carpetright
- ...sales up 7%
- DFS
- ...circled by Lovering and Permira
- Habitat
- ...owner plans debt write-off
- Homewares retailing
- Home Bargains
- ...in £25m expansion drive
- Dunelm
- ...posts strong H1 results
- The White Company
- ...posts strong Christmas results
- Home shopping
- Asos
- ...Christmas sales up 30%
- Findel
- ...LFLs down 3%
- Flying Brands
- ...sees sales slump
- Ideal Shopping Direct
- ...reveals solid FY results
- N Brown
- ...sales rise 5% over festive period
- Ocado
- ...appoints advisers ahead of flotation
- Shop Direct
- ...axes 1,500 staff
- Book and stationery retailing
- WH Smith
- ...LFLs down 2%
- Greetings card retailing
- Card Factory
- ...up for sale
- Photographic retailing
- Jessops
- ...liquidation plan approved
- Sports and leisure goods retailing
- Blacks Leisure
- … looks to raise £20.3m for recovery
- … Blacks Leisure sees strong Christmas trading
- JJB
- ...confirms Jones departure
- Sports Direct
- ...retails sales rise 9%
- Jewellers
- Aurum
- ...sees glittering sales
- Diamonds & Pearls
- ...bought out of pre-pack administration
- Theo Fennell
- ...enjoys festive sales boost
- Garden centres
- Garden Centre Group
- ...has "terrific" Christmas
- Toys and games retailing
- Game
- Suffers disappointing Christmas
- Miscellaneous specialist retailing
- Halfords
- … mulls bid for HobbyCraft
- … sees LFLs increase 1.2%
- Hobbycraft
- ...posts sales rise
- Pets at Home
- … LFLs up 6.7%
- … sold to KKR for £955m
- Economics
- BRC: 15-year low in January sales
- BRC: Christmas retail sales beat expectations
- CBI: Retail sales down in January
- London retail sales up 12% in December
- ONS: Retail sales up 0.3% in December
- Scottish retail sales lack behind in December
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