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European Retail Briefing - July 2009

ANALYST’S COMMENT
 RECESSION HERALDS CHANGE IN GERMAN RETAILING
Europe’s harshest retail climate?
But there are winners…
HEADLINES FOR THE MONTH
Food retailers
Clothing
Mixed goods/department stores
DIY
Electricals
Carpets
Furniture
Home shopping
Health and beauty
Other specialists
RETAIL SALES REVIEW
 FRANCE
Figure 1: France: Retail sales trends, 2008-09
Inflation
Figure 2: France: Inflation, 2008-09
 GERMANY
Figure 3: Germany: Retail sales trends, 2008-09
Inflation
Figure 4: Germany: Inflation, 2008-09
 ITALY
Figure 5: Italy: Retail sales trends, 2008-09
Inflation
Figure 6: Italy: Inflation, 2008-09
 NETHERLANDS
Figure 7: The Netherlands: Retail sales trends, 2008-09
Inflation
Figure 8: The Netherlands: Inflation, 2008-09
 SPAIN
Figure 9: Spain: Retail sales trends, 2008-09
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, 2008-09
SECTOR FOCUS: EUROPEAN RETAIL FORECASTS
 THE OUTLOOK FOR EUROPE
Summary
GDP contraction and slow recovery
Consumers cut back on spending
Unemployment to rise steadily
What lies ahead?
Retail sales forecasts
Figure 13: Europe: Retail sales forecasts, by country, 2008 and 2014
Figure 14: Europe: Forecast growth rates (in € at current prices), by country, 2009-14
NEWS ANALYSIS
 GROCERS
Belgium: Colruyt FY sales up 11%
Belgium: Delhaize completes acquisition in Romania
Denmark: Dansk to open 30 Netto stores in Poland
France: Carrefour
…opens first store in Moscow
…to sell 20 Polish stores
…unveils €4.5bn cost-cutting plan
France: Intermarché
…to withdraw Ecomarché fascia
…plans cost-cutting exercise
Germany: Aldi retains expansion plans despite missing target
Germany: Edeka forging ahead with Netto expansion
Germany: Rewe posts record EBITDA for 2008
Germany: Tengelmann asks court to intervene over Plus deal
Netherlands: Ahold reports $186m tendered under debt buyback offer
Netherlands: Super de Boer sees Q2 sales rise
Russian Federation: Kopeyka reports wider 2008 losses
Russian Federation: Magnit plans London listing
Russian Federation: X5
…announces plans to expand Pyaterochka chain
…completes buyout of Pyaterochka franchisee
…sees sales slow in Q2
Slovenia: Mercator plans Bulgarian expansion
Spain: Intermarché pulls out of Spain
Switzerland: Migros reports profit drop
UK: Iceland posts record sales and profits
UK: Kwik Save moves to Spain
UK: Morrisons ploughs ahead with farm in Scotland
UK: Sainsbury's
…LFLs climb 7.8%
…considers two for chairman role
UK: Tesco
…reveals "solid" Q1 performance
…in £458m property deal
…in insurance deal with Fortis
…could bid for Northern Rock
 OFF-LICENCES
UK: First Quench posts FY loss
UK: Majestic sees FY profits plummet 56%
 CLOTHING RETAILING
Spain: Inditex suffers 15% net profit drop
UK: H&M reports rise in Q2 profit
UK: Jacques Vert records £2.9m loss
UK: Matalan defies gloom with robust FY results
UK: Moss Bros reveals bullish expansion plans
UK: Mulberry FY profit down despite sales growth
UK: New Look to roll out premium brand
UK: Primark sales jump 20%
UK: Ted Baker sees sales lift in Q1
 FOOTWEAR RETAILING
UK: Mr Shoes
…trips into administration
...saved from administration
 MIXED GOODS RETAILING
UK: BrightHouse posts 21.5% earnings boost
UK: Instore FY pre-tax loss widens to £10.5m
 MULTI-SECTOR RETAILING
Germany: Arcandor
…sees Sal Oppenheim sell stake in group
…receives state aid for Quelle
…granted state aid for Quelle by EU
Germany: Shopping centre operator Mfi eyes Karstadt
Netherlands: Macintosh Retail sells Belcompany Belgium
UK: M&S
…to launch home shopping in 70 countries
…to launch pick 'n' mix sweet selection
…reports improvement in Q1 sales
…chief announces plans to step down
…executive chairman Rose receives support
 DEPARTMENT STORES
Italy: Gruppo Coin posts flat Q1 profit
UK: Beales sales dip in H1
UK: Debenhams' share offer receives weak uptake
UK: Harvey Nichols to trial online fashion sales
UK: House of Fraser quells rumours of banking covenant breach
 DIY RETAILING
Germany: Hornbach sales rise 5.4% in Q1
Germany: Praktiker optimistic on market improvement
UK: Focus
…ponders CVA
…faces tough business review
UK: Kingfisher plans large Russian expansion
 ELECTRICAL RETAILING
UK: Best Buy suffers 15% fall in Q1 profit
UK: DSGi suffers £140.4m FY loss
UK: Kesa Electricals reports FY loss
 MUSIC AND VIDEO GOODS RETAILING
UK: HMV reports 11.5% rise in FY pre-tax profit
UK: Virgin Megastores posts loss
 CARPET RETAILING
UK: Allied Carpets
…to place subsidiary in administration
…to close stores and cut jobs
…goes into administration and pre-pack deal
UK: Carpetright suffers 72% slump in FY profit
 FURNITURE RETAILING
Sweden: Ikea
…cuts jobs as growth slows
…to cull further staff
…ponders Eastern Europe expansion
 HOMEWARES RETAILING
UK: Dunelm sees LFLs climb 5%
 HOME SHOPPING
UK: Asos boasts 93% surge in FY profits
UK: Ideal Shopping Direct enjoys sales increase
UK: N Brown enjoys sales rise
UK: Shop Direct
…to rebrand Littlewoods
…unveils Woolworths.co.uk
 HEALTH AND BEAUTY RETAILING
Germany: Celesio
…takes majority stake in Brazilian firm
…enters Swedish market
…receives approval for Pharmexx purchase
 SPORTS AND LEISURE GOODS RETAILING
UK: JJB Sports
…plots £50m fund raising amid loan storm
…row escalates
…threatens legal action against Ashley
 JEWELLERS
UK: Theo Fennell returns to board
 TOYS AND GAMES RETAILING
UK: Game sees LFLs plummet 15.4%
UK: Hamleys appoints new chairman
 MISCELLANEOUS SPECIALIST RETAILING
UK: Halfords profits rise 2.4%
 ECONOMIC NEWS
Czech Republic: Retail sales continue to fall in April
Germany: Retail sales rise month-on-month in May
Ireland: Retail sales continue to fall
Romania: Retail sales fall
UK:
BRC: May LFL retail sales drop 0.8%
CBI: Retail sales continue to drop in June
ONS: April retail sales rise more than expected

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