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European Retail Briefing - June 2013

ANALYST COMMENT
The Hypermarket: Evolving, Fifty Years On
The death of the hypermarket?
Carrefour: continuing to overhaul stores
Tesco: flexing the mix
J. Sainsbury: investing in non-foods
What’s next?
What we think
EUROPEAN RETAIL SALES
Key points
Retail sales
Figure 1: Major European economies: Year on year retail sales value growth, 2012-13
Figure 2: Major European economies: Year on year retail sales volume growth, 2012-13
Inflation
Figure 3: Major European economies: All items CPI, 2012-13
Figure 4: Major European economies: Food price inflation, 2012-13
KINGFISHER GROUP
What we think
Solid 2012/13 results in declining markets
Growth in Trade Point hits gross margins
Latest strategy underpins performance
Making it easier for customers
Offloading UK space
International growth by expansion
Company background
Company performance
Figure 5: Kingfisher Group: Group financial performance, 2007/08-2012/13
Figure 6: UK trade sales, excl. VAT, 2008/09-2011/12
HEADLINES FOR THE MONTH
Convenience stores
Grocers
Clothing retailing
Multi-sector retailing
DIY retailing
Electrical retailing
Music & video goods retailing
Home shopping
Sports & leisure goods retailing
NEWS ANALYSIS
 CO-OPS
UK: The Co-op appoints new group finance director
 CONVENIENCE STORES
Netherlands: SPAR’s revenue up 2.8%
UK: Nisa Retail appoints newly created role of marketing director
 GROCERS
Belgium: Delhaize Group
…CEO exits
…agrees on sale of Sweetbay, Harveys and Reid’s
Europe: Rewe Group to expand in Romania
Germany: Edeka introduces mobile technology
Netherlands: Ahold
…creates new senior role
…launches pick-up points for Bol.com
…Ahold Q1 sales grow 4.4%
Russian Federation: Dixy sees revenue growth of 22.7% for Q1 2013
UK: Aldi
…grows market share
…outpaces grocery market
UK: Asda
…appoints international director for George brand
…Q1 sales up 1.3%
…to donate surplus stock to FareShare
UK: Booths appoints Paul Minett as retail director
UK: Fortnum & Mason to open standalone store
UK: Iceland posts profit rise
UK: Morrisons
…appoints interim chief information officer
…questions Tesco’s Price Promise claims
…to launch adult clothing
UK: Sainsbury’s
…staff share record £90 million bonus pot
…Justin King sees 23% rise in pay package
…to help food start-ups enter market
…ups digital with video-on-demand
UK: Tesco
…F&F announces international expansion plans
…posts fall in Q1 sales
…trials “super convenience” store
…Fresh & Easy boss receives payout
UK: Waitrose
…boss threatens Ocado and Morrisons deal
…signs cricket sponsorship deal
…to supply Chile with British products
…unveils store revamp programme
 OTHER FOOD SPECIALISTS
UK: Holland & Barrett owner acquires Essenza chain
UK: Hotel Chocolat looks to sell minority stake
 WHOLESALERS
UK: Booker profits rise 13%
 CLOTHING RETAILING
Europe: Primark to open first French stores in Marseille and Dijon
Italy: Armani reports profits rise for 2012
Italy: Versace eyed by Qatar Investment Authority
UK: All Saints launches film production Company
UK: Barbour
…appoints two new senior team members
…awarded £549,000 government investment
UK: Basic Thinking opens new factory in Leicester
UK: Bhs sales down in 2011/12
UK: Burberry posts profits rise
UK: Cambridge Satchel Company in talks with Wahaha
UK: Cocosa hires new general manager
UK: Coggles falls into administration
UK: French Connection like-for-like sales flat
UK: Hackett takes Ferrari store on Regent Street
UK: Hobbs’ profits up 1.3%
UK: Hunter Boots appoints new ecommerce director
UK: Issa founder and creative director to exit business
UK: Jaeger finance director steps down
UK: Joules targeted by LVMH’s private equity arm L Capital
UK: Lee Cooper expands into Baltic markets
UK: Monsoon Accessorize hires Jacques Vert director as digital boss
UK: Moss Bros’ online sales increase by 138%
UK: New Look returns to profit
UK: Next plc announces board changes
UK: Oki Ni bought by ecommerce group
UK: Reiss
…‘back on track’ with new structure
…ecommerce and brand directors to exit
UK: River Island set to expand in Australia
UK: SuperGroup
…appoints new international director
…plans German expansion
UK: TM Lewin eyes Nigeria, India and Philippines for international expansion
UK: Topshop unveils festival collection
 FOOTWEAR RETAILING
Germany: PUMA adjusts revenue expectations for 2013
UK: Clarks pre-tax profits rise
UK: LK Bennett
…appoints former Burberry director
…plans expansion in China
UK: Schuh opens first out-of-town store
 MIXED GOODS RETAILING
UK: Poundland cuts prices
UK: The Original Factory Shop hires Tony Page as chief executive
 MULTI-SECTOR RETAILING
Europe: Rewe Group to expand in Romania
Germany: Douglas Holding’s 1.8% sales growth driven by perfumeries
Germany: Metro AG
…considers withdrawal from foreign operations
…shares surge after Morgan Stanley recommendation
Germany: Rewe Group to expand Temma format in Germany
Netherlands: Marks & Spencer opens interactive store in Amsterdam
UK: Laura Ashley pays shareholders special dividend
UK: Home Retail Group boss reward package rises
UK: M&S
…marketing and store environment directors to leave
…boosts womenswear with two appointments
…boss Marc Bolland pay drops by a third
…hits lowest annual profit since 2009 as clothing sales drop
…previews crucial autumn/winter collection
 DEPARTMENT STORES
UK: Harvey Nichols to expand Birmingham branch
UK: House of Fraser
…strong performance boosted by soaring online sales
…to boost premium credentials
UK: John Lewis to open Oxford store
UK: Louboutin to open standalone store in Harrods
UK: Selfridges
…opens world’s largest denim store
…sees exit of online and finance bosses
 DIY RETAILING
Germany: Praktiker reshuffles management
UK: B&Q
…and Morrisons confirm joint shopping space
…trials tool upcycling scheme in Bristol
UK: Home Retail Group boss reward package rises
UK: Kingfisher posts Q1 results
UK: Topps Tiles posts H1 results
UK: Travis Perkins posts Q1 results
 SHOPPING CENTRES
UK: Trinity Leeds: 2.7 million visitors in first month
UK: Whiteley shopping centre opens in Hampshire
 ELECTRICAL RETAILING
France: Darty reports decline in revenues
Germany: Media-Saturn and Expert interested in Rewe's ProMarkt
UK: Dixons reports growth in the UK, Ireland and Northern Europe
UK: Maplin’s operating profit declines by 33.6%
 MUSIC AND VIDEO GOODS RETAILING
Ireland: HMV to re-open stores in Ireland
 FURNITURE RETAILING
UK: Barker & Stonehouse opens first London store
UK: Dreams chief executive Nick Worthington steps down
UK: Dwell looks at sale
UK: Steinhoff Europe increases funding facilities
UK: Sun European pays £23 million to clear debt owed after Dreams collapse
 HOME SHOPPING
Germany: Metro Group
…to divest online wine business
…to launch online store in Russia
UK: Amazon
…to open London office
…under fire over dodged tax bill
UK: Asos withdraws radioactive belts
UK: Boden plots international expansion
UK: Brand Alley seeks overseas expansion
UK: eBay to launch click-and-collect service
UK: Findel sees pre-tax profits rise 50%
UK: Iceland to launch online offering
UK: Morrisons signs deal with Ocado to launch online store
UK: N Brown boss awarded £4 million ‘golden hello’
UK: Ocado
…eyes transformation from supermarket to hypermarket
…reconfirms that it will not be acquired by Morrisons
UK: PayPoint relaunches Collect+
UK: Royal Mail to enter Click and Collect initiative
UK: Primark makes first move into online retail
UK: Retailers to invest £5bn in omnichannel over next five years
UK: Shop Direct reviews womenswear brand portfolio
UK: Very launches new collection
UK: WorldStores received £10 million investment
 OFF-LICENCES
UK: Bargain Booze hires wine consultant
 HEALTH & BEAUTY RETAILING
UK: Boots posts year-end results
UK: Lloyds pharmacy to roll out new store layout
UK: The Fragrance Shop posts record year-end results
 BOOK AND STATIONERY RETAILING
UK: Card Factory
…considers public offering
…plots 1,200 store expansion
UK: WH Smith voted worst store on high street
 SPORTS AND LEISURE GOODS RETAILING
Europe: Sports Direct makes acquisitions in Austria and the Baltics
Netherlands: JD Sports to expand into the Netherlands
UK: Snow+Rock reports flat full-year profits
UK: Sports Direct
…closes 20 Republic stores
…launches news website
 JEWELLERS
UK: Aurum’s profits increase by 7%
UK: Signet posts sales fall at H Samuel
UK: Theo Fennell extends bid deadline
 MISCELLANEOUS SPECIALIST RETAILING
UK: Halfords posts fall in pre-tax profits
UK: Mamas & Papas launches kidswear range
UK: Mothercare posts full year results
 ECONOMY
UK: BRC:
…cash payments falling in the UK
…retail sales up 1.8% on a like-for-like
…shop vacancy levels rise to record high
UK: ONS: Retail sales down 1.3% in April
Figure 7: Kingfisher Group: Outlet data, 2007/08-2012/13
Retail offering
B&Q UK
Other fascia

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