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European Retail Briefing - August 2017

ANALYST COMMENT
 CECONOMY – THE NEWCOMER MAKES ITS PRESENCE FELT
European market leader
Big is better
Challengers
New countries
Dangerous strategy
Opportunities
Where next?
EUROPEAN RETAIL SALES
Key points
Retail sales
Figure 1: Major European economies:  Year-on-year retail sales value growth, 2016-17
Figure 2: Major European economies:  Year-on-year retail sales volume growth, 2016-17
Inflation
Figure 3: Major European economies:  All items CPI, 2016-17
Figure 4: Major European economies:  Food price inflation, 2016-17
HEADLINES FOR THE MONTH
Grocers
Other food and drink specialists
Clothing retailing
Multi-Sector retailing
DIY retailing
Electrical retailing
Home shopping
Health & beauty retailing
NEWS ANALYSIS – FOOD AND DRINK
 CONVENIENCE STORES
UK: Heron Food Group acquired by B&M for £152m
UK: McColl’s
…sales rise and profits fall
…teams up with Morrisons in £1bn supply deal
 GROCERS
Belgium: Carrefour’s organic bus tour
Finland: Kesko reports an increase in sales
France: Carrefour Market to display product reviews in store
France: Groupe Casino reports sales growth for Q2
Germany: Edeka Südbayern renaming acquired Tengelmann stores
Germany: Kaufland reduces number of products sold
Ireland: Lidl set for €700 million expansion
Italy: Carrefour Italia suffers €400 million loss since 2014
Italy: Eataly reports loss for 2016
Italy: Megamark posts increase in sales
Italy: VéGé Group reports sales increase
Netherlands: Ahold Delhaize sees strong Q2
Netherlands: Albert Heijn launches in-store augmented reality app
Romania: Kaufland launches new retail concept in Bucharest
Russia: O’Key Group report second quarter revenue growth
UK: Asda
…reportedly considering B&M acquisition
…sales and profits fall for 2016
UK: Booths undergoing financial review
UK: Lidl to open 60 new stores a year in UK expansion
UK: Morrisons
…expands into online florist market
…unveils in-store weather bulletins
UK: Sainsbury’s to cut 1000 jobs
UK: Tesco
…redundancies at fashion arm
…to stop selling 5p carrier bags
…launches same day delivery nationwide
UK: Waitrose
…hires first ever director of food service
…partners with leading marine charity to fight plastic beach pollution
 OTHER FOOD AND DRINK SPECIALISTS
Switzerland: Lindt & Sprüngli increase sales and profit
UK: Conviviality posts increase in sales and profit
UK: Greggs sees sales and profits rise
UK: Hotel Chocolat revenues rise
NEWS ANALYSIS – NON-FOOD
 CLOTHING RETAILING
France: Damartex reports revenue growth for 2016
Italy: Salvatore Ferragamo reports profit decline
Italy: Stone Island to sell off 30% of company
UK: American Eagle Outfitters pulls out of the UK
UK: Arcadia
…owned out-of-town store Outfit to launch childrenswear
…launch in-store online delivery service
…parent company names Karren Brady as new chairman
…Topshop/Topman appoint new CEO
UK: Bonmarché online sales drives sales
UK: Bravissimo to launch stores in the US
UK: Burberry
…face criticism over executive pay
…sales and revenue rise in first quarter
UK: H&M confirms London opening date for Weekday store
UK: Jack Wills profits return
UK: Joules posts growth in revenue and profit
UK: Matalan post growth in profits in quarterly update
UK: New Look sales and profit decline in first quarter
UK: Next Q2 results sees sales drop
UK: Oasis launch in-store virtual reality campaign
UK: Store Twenty One enters administration
UK: Urban Revivo launches its debut UK store
UK: White Stuff sales up but profits down in annual results
 MULTI-SECTOR RETAILING
France: Kering reports strong growth for first half year
France: LVMH sales and profit growth
Germany: Hugo Boss increases sales for first half year
Germany: Tedi announces plans for 150 new stores
UK: B&M reports strongest Q1 growth for three years
UK: M&S
…reduce plastic in food packaging
…clothing sales decline slows in first quarter
…trialling sushi counters in store in partnership with Wasabi
UK: Mothercare sales rise
UK: Poundland
…Twin Peaks chocolate bar in copyright battle
…launches first half price sale
UK: Wilko profits plunge for the year
 DEPARTMENT STORES
UK: John Lewis
…considering co-working office space
…hires first brand experience manager
UK: Selfridges opens Christmas store
UK: Too Hot pop-up store in Harvey Nichols
 DIY RETAILING
France: Bricomarche to acquire Bricorama
France: Mr Bricolage reports growth in profit
UK: Screwfix CEO leaves for rival
UK: Travis Perkins sees sales rise whilst profits fall
 ELECTRICAL RETAILING
France: Ceconomy becomes largest shareholder of Fnac Darty
Spain: Dixons Carphone disposes of The Phone House Spain
UK: Dixons Carphone launching day of deals
UK: EE opens concessions in Sainsbury’s and Argos
 BOOKS AND STATIONERY RETAILING
UK: Card Factory sales rise
 FURNITURE RETAILING
UK: DFS
…struggles in second half of 2017
…to buy Sofology
UK: Bathstore see rise in full year profits
UK: Feather and Black profits rise
UK: Oak Furniture Land sees profits and turnover rise
UK: ScS order numbers decline
 HOMEWARES RETAILING
UK: Australian houseware retailer House to launch in UK
UK: Cath Kidston profits soar in annual figures
 HOME SHOPPING
France: MK Direct buy Envie de Fraise
Germany: Zalando reports strong revenue and profit growth
Italy: Yoox Net a Porter reports positive first half year
UK: AO.com reports increased revenue
UK: ASOS
…new visual search engine
…sales spike
UK: Avon CEO to step down
UK: Feelunique launches pass for unlimited next-day delivery
UK: matchesfashion.com to be sold
UK: Missguided to sell third party sportswear
UK: N Brown £40m down over ‘flawed’ insurance products
UK: Shop Direct
…ecommerce director resigns
…sale stopped by Barclay Brothers
 HEALTH & BEAUTY RETAILING
Finland: Kesko set to open health and beauty chain
UK: AS Watson to create new jobs with store expansion
UK: The Fragrance Shop profit increases
 SPORTS AND LEISURE GOODS RETAILING
Germany: Adidas reports positive Q2
UK: Evans Cycles fall in earnings
UK: JD Sports to open dual shop and gym
UK: Rapha sold to Walmart heirs for £200m
UK: Sports Direct
…fall in profit
…buys stake in GAME
…takes 27% of French Connection
 GARDEN CENTRES
UK: Wyevale Garden Centres to refinance debt
 DUTY FREE RETAILING
Switzerland: Dufry AG reports growth in sales and profit for the first half of 2017
 PETS AND PET PRODUCTS RETAILING
UK: Pets at Home revenue rise
 SHOPPING CENTRES
UK: Volkswagen open first store in UK shopping centre
 ECONOMY
UK: BRC
…sales increase for June
…solid sales for the UK in July
KERING
What we think
Store-to-door in 90 minutes
Gucci.com to launch in China in 2017
Big plans for Yves Saint Laurent
Bottega Veneta’s multi-product lifestyle strategy
Company background
Company performance
Figure 5: Kering: Financial performance, 2012-16
Figure 6: Kering Luxury: Breakdown of revenue by region, 2012-16
Figure 7: Kering Luxury: Directly-operated stores, 2015-16
E-commerce

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