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European Retail Briefing - June 2017

Analyst comment on Steinhoff and its future prospects.

  • An overview of the the latest European retail sales data across the five major European economies.
  • A profile of ADEO. This is taken from our recently published DIY Retailing - Europe, May 2017 report.
  • Monthly headlines and retail news analysis across Europe.

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Table of contents

  1. Analyst Comment

    • Steinhoff – a progress report
      • Interim results
        • Synergies
          • Discounting
            • Progress
            • 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
                    • Clothing retailing
                      • Footwear retailing
                        • Multi-sector retailing
                          • Department stores
                            • DIY retailing
                              • Furniture retailing
                                • Home shopping
                                  • Health & beauty retailing
                                  • News Analysis – Food and Drink

                                    • Convenience stores
                                      • UK – McColls eyes up One Stop
                                        • UK – Spar sales rise 8.5%
                                          • UK – Tesco's One Stop achieves 7% like-for-like growth
                                            • Grocers
                                              • France – Casino trials ‘no cash’ Monoprix store
                                                • Ireland – Musgrave reveals new branding
                                                  • Italy – CIA-Conad sales rise 3.5%
                                                    • Italy – Conad Adriatico sales rise 4.8%
                                                      • Netherlands – Ahold Delhaize net sales rise 65.1%
                                                        • Slovenia – Mercator Group sales fall 6.7% in Q1
                                                          • Spain – Carrefour Bio opens first Spanish store
                                                            • Spain – Coviran expands international store footprint
                                                              • Spain – Dia sales rise 6.8%
                                                                • Spain – Eroski
                                                                  • …lowers prices as it looks to pass savings on
                                                                    • …pre-tax profits surge 97% to €40m
                                                                      • Switzerland – Coop opens store dedicated to vegetarian and vegan products
                                                                        • UK – Aldi envisages ambitious UK growth
                                                                          • UK – Asda shortens payment terms for suppliers
                                                                            • UK – Booths chief executive departs
                                                                              • UK – Iceland reports rise in full-year sales and profits
                                                                                • UK – Lidl to launch fashion range with Heidi Klum
                                                                                  • UK – Sainsbury's
                                                                                    • …hires new trend team to bolster clothing ranges
                                                                                      • …introduces Asian buns and gluten-free options in food-to-go
                                                                                        • UK – Tesco
                                                                                          • …celebrating links with British farmers at agricultural shows
                                                                                            • …CEO under pressure over relocation deal
                                                                                              • …introduces dietary food search tool
                                                                                                • …introduces monthly Delivery Saver plan
                                                                                                  • …investors oppose Booker takeover
                                                                                                    • …to trial Currys PC World concessions in-store
                                                                                                      • …Tesco-Booker merger faces competition inquiry
                                                                                                        • Other food and drink specialists
                                                                                                          • UK – Costco sales rise 8%
                                                                                                            • UK – Conviviality retail sales increase 6.1%
                                                                                                              • UK – Greggs makes a 'good start' to the year
                                                                                                              • News Analysis – Non-food

                                                                                                                • Clothing retailing
                                                                                                                  • France – C&A chief executive departs
                                                                                                                    • France – Scotch and Soda continues French expansion
                                                                                                                      • Germany – Jack Wills expands into Germany
                                                                                                                        • Germany – Takko net revenues reach €1.1bn
                                                                                                                          • Switzerland – Migros to close down two of its clothing subsidiaries
                                                                                                                            • UK – Arcadia
                                                                                                                              • …appoints management firm to turn around online business
                                                                                                                                • …sales fall 17%
                                                                                                                                  • UK – Burberry underlying profits fall due to strategic investments
                                                                                                                                    • UK – Canada Goose to open first European store in London
                                                                                                                                      • UK – Edinburgh Woollen Mill opens first department store
                                                                                                                                        • UK – H&M launches new loyalty scheme
                                                                                                                                          • UK – Jacques Vert close to administration
                                                                                                                                            • UK – Joules anticipates strengthened profit margins ahead of full results
                                                                                                                                              • UK – Joy bought out of administration
                                                                                                                                                • UK – Matalan’s focus on full-price sales boosts profits
                                                                                                                                                  • UK – Missguided opens first store outside London
                                                                                                                                                    • UK – New Look revenues fall 2.4%
                                                                                                                                                      • UK – Next secures new flagship store
                                                                                                                                                        • UK – Style Group Brands set to be rescued by investor group
                                                                                                                                                          • UK – SuperGroup global revenues boosted weak sterling
                                                                                                                                                            • UK – The Idle Man starts crowdfunding campaign
                                                                                                                                                              • Footwear retailing
                                                                                                                                                                • Germany: Görtz makes it out of the red
                                                                                                                                                                  • UK – Clarks
                                                                                                                                                                    • …hires new CFO
                                                                                                                                                                      • …profits down
                                                                                                                                                                        • UK – Schuh sales increase 5.3%
                                                                                                                                                                          • UK: Shoe Zone sales fall 2%
                                                                                                                                                                            • Multi-sector retailing
                                                                                                                                                                              • Netherlands: Blokker Holding to sell off all chains apart from Blokker
                                                                                                                                                                                • Portugal: Sonae acquires Brio as part of wellness push
                                                                                                                                                                                  • UK – B&M
                                                                                                                                                                                    • …revenues rise 19.4%
                                                                                                                                                                                      • …shareholders to sell significant stake in business
                                                                                                                                                                                        • UK: Halfords retail sales rise 8%
                                                                                                                                                                                          • UK – M&S
                                                                                                                                                                                            • …announces community transformation programme
                                                                                                                                                                                              • …sales rise 0.6%
                                                                                                                                                                                                • UK – Mothercare derives 41% of turnover online
                                                                                                                                                                                                  • UK – Store Twenty One granted time to raise funds
                                                                                                                                                                                                    • Department stores
                                                                                                                                                                                                      • France: Galeries Lafayette secures later Sunday opening
                                                                                                                                                                                                        • Germany: Retailers seek more flexible Sunday opening hours
                                                                                                                                                                                                          • Netherlands: Hudson's Bay adds Middle Eastern restaurant to new store
                                                                                                                                                                                                            • DIY retailing
                                                                                                                                                                                                              • Europe: Kingfisher revenue held back by France
                                                                                                                                                                                                                • Germany: Hornbach Group reports growth in full-year sales and profits
                                                                                                                                                                                                                  • UK: Topps Tiles revenue down 1.3%
                                                                                                                                                                                                                    • Electrical retailing
                                                                                                                                                                                                                      • UK: Dixons Carphone full-year sales up 9%
                                                                                                                                                                                                                        • Furniture retailing
                                                                                                                                                                                                                          • France: Conforama buys stake in online- Showroomprivé
                                                                                                                                                                                                                            • UK – Dreams eyed by international mattress makers
                                                                                                                                                                                                                              • UK – Hillarys sold to Hunter Douglas
                                                                                                                                                                                                                                • UK – IKEA launches range with fashion stylist Bea Åkerlund
                                                                                                                                                                                                                                  • UK – ScS MD to step down
                                                                                                                                                                                                                                    • UK – Steinhoff UK revenues fall on sterling weakness
                                                                                                                                                                                                                                      • Home shopping
                                                                                                                                                                                                                                        • France: Brand Alley launches own-label collection
                                                                                                                                                                                                                                          • France – LVMH multi-brand site to go live in June
                                                                                                                                                                                                                                            • Germany – ASOS recovers from Berlin warehouse fire
                                                                                                                                                                                                                                              • UK – Amara narrows losses following sales surge
                                                                                                                                                                                                                                                • UK – Amazon
                                                                                                                                                                                                                                                  • …expands Amazon Fresh delivery to new postcodes
                                                                                                                                                                                                                                                    • …lures subscribers with exclusive live music events
                                                                                                                                                                                                                                                      • …trademarks checkout-free supermarket slogan in the UK
                                                                                                                                                                                                                                                        • UK – AO sales surpass £700m mark
                                                                                                                                                                                                                                                          • UK – ASOS unveils ambitions to bolster beauty offer
                                                                                                                                                                                                                                                            • UK – Boohoo group revenues double in Q1
                                                                                                                                                                                                                                                              • UK – Eve Sleep raises €35m through IPO
                                                                                                                                                                                                                                                                • UK – Gear4Music delivers profitable growth
                                                                                                                                                                                                                                                                  • UK – MyOptique losses double
                                                                                                                                                                                                                                                                    • UK – Ocado signs new European deal
                                                                                                                                                                                                                                                                      • UK – Shop Direct bidders put-off by credit business
                                                                                                                                                                                                                                                                        • UK – Yoox Net-a-Porter Group reveals fur-free policy
                                                                                                                                                                                                                                                                          • Health and beauty retailing
                                                                                                                                                                                                                                                                            • France – Sephora rolls out connected store concept
                                                                                                                                                                                                                                                                              • Germany – Douglas sales up 2.4%
                                                                                                                                                                                                                                                                                • Germany – Edeka and Budnikowsky cooperation given the green light
                                                                                                                                                                                                                                                                                  • UK – Body Shop price tag hurt by decline in profits
                                                                                                                                                                                                                                                                                    • Book and stationery retailing
                                                                                                                                                                                                                                                                                      • UK – Card Factory reports strong start to the year
                                                                                                                                                                                                                                                                                        • UK – iCandy falls into administration
                                                                                                                                                                                                                                                                                          • UK – The Works set to be sold
                                                                                                                                                                                                                                                                                            • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                              • Germany – SportScheck offers customers fitness training and wellness courses
                                                                                                                                                                                                                                                                                                • UK – JD Sports Go Outdoors acquisition approved
                                                                                                                                                                                                                                                                                                  • UK – Mountain Warehouse eyes expansion as profits and sales rise
                                                                                                                                                                                                                                                                                                    • Garden centres
                                                                                                                                                                                                                                                                                                      • UK – Blue Diamond like-for-likes up 8%
                                                                                                                                                                                                                                                                                                        • Pet specialists
                                                                                                                                                                                                                                                                                                          • UK – Pets at Home LFL sales rise 1.5%
                                                                                                                                                                                                                                                                                                            • Shopping locations
                                                                                                                                                                                                                                                                                                              • UK – Westfield partnering with Uber
                                                                                                                                                                                                                                                                                                                • Economy
                                                                                                                                                                                                                                                                                                                  • UK – BRC
                                                                                                                                                                                                                                                                                                                    • …April footfall grows by 1.6%
                                                                                                                                                                                                                                                                                                                      • …decline in like-for-like retail sales
                                                                                                                                                                                                                                                                                                                        • UK – Barclaycard trials for checkout free payment app
                                                                                                                                                                                                                                                                                                                          • UK – Retail sales surge 8.1% in April
                                                                                                                                                                                                                                                                                                                            • UK – Retailers sign up to part-time worker scheme
                                                                                                                                                                                                                                                                                                                              • UK – Vacancy rate for retail warehousing units falls to new low
                                                                                                                                                                                                                                                                                                                              • ADEO

                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                    • A portfolio of brands expanding internationally
                                                                                                                                                                                                                                                                                                                                      • Vision 2025
                                                                                                                                                                                                                                                                                                                                        • Smaller city centre stores
                                                                                                                                                                                                                                                                                                                                          • Attracting younger and less confident DIYers
                                                                                                                                                                                                                                                                                                                                            • Digital and online
                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                  • Figure 5: ADEO: group sales performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                  • Figure 6: ADEO: retail formats, 2017
                                                                                                                                                                                                                                                                                                                                                  • Figure 7: ADEO: outlet data (main European countries), 2012-16
                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                  • Leroy Merlin
                                                                                                                                                                                                                                                                                                                                                    • Other fascia

                                                                                                                                                                                                                                                                                                                                                    Companies Covered

                                                                                                                                                                                                                                                                                                                                                    • Agrokor
                                                                                                                                                                                                                                                                                                                                                    • Ahold Delhaize
                                                                                                                                                                                                                                                                                                                                                    • Aldi
                                                                                                                                                                                                                                                                                                                                                    • Amara Living
                                                                                                                                                                                                                                                                                                                                                    • Amazon UK
                                                                                                                                                                                                                                                                                                                                                    • AO UK
                                                                                                                                                                                                                                                                                                                                                    • Arcadia Group
                                                                                                                                                                                                                                                                                                                                                    • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                    • ASOS
                                                                                                                                                                                                                                                                                                                                                    • B&M Retail Ltd
                                                                                                                                                                                                                                                                                                                                                    • B&Q (UK & Ireland)
                                                                                                                                                                                                                                                                                                                                                    • Barclaycard
                                                                                                                                                                                                                                                                                                                                                    • Bargain Booze Ltd
                                                                                                                                                                                                                                                                                                                                                    • Bensons Bed Centres Ltd
                                                                                                                                                                                                                                                                                                                                                    • Blokker (Group)
                                                                                                                                                                                                                                                                                                                                                    • Blokker Belgium
                                                                                                                                                                                                                                                                                                                                                    • Blue Diamond
                                                                                                                                                                                                                                                                                                                                                    • Boohoo.com plc
                                                                                                                                                                                                                                                                                                                                                    • Booker food retail
                                                                                                                                                                                                                                                                                                                                                    • Brand Alley
                                                                                                                                                                                                                                                                                                                                                    • Brico Depôt (France)
                                                                                                                                                                                                                                                                                                                                                    • British Retail Consortium
                                                                                                                                                                                                                                                                                                                                                    • Budnikowsky
                                                                                                                                                                                                                                                                                                                                                    • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                    • C&A
                                                                                                                                                                                                                                                                                                                                                    • C&J Clark Group
                                                                                                                                                                                                                                                                                                                                                    • Carrefour Europe
                                                                                                                                                                                                                                                                                                                                                    • Casino
                                                                                                                                                                                                                                                                                                                                                    • Castorama (Russia)
                                                                                                                                                                                                                                                                                                                                                    • Clintons Cards (AG Retail Cards Ltd)
                                                                                                                                                                                                                                                                                                                                                    • Co-operative Group
                                                                                                                                                                                                                                                                                                                                                    • Conad
                                                                                                                                                                                                                                                                                                                                                    • Conforama
                                                                                                                                                                                                                                                                                                                                                    • Coop Schweiz
                                                                                                                                                                                                                                                                                                                                                    • Costco Wholesale Corporation
                                                                                                                                                                                                                                                                                                                                                    • Currys
                                                                                                                                                                                                                                                                                                                                                    • Dia
                                                                                                                                                                                                                                                                                                                                                    • Dixons Carphone
                                                                                                                                                                                                                                                                                                                                                    • Dixons Carphone (UK)
                                                                                                                                                                                                                                                                                                                                                    • Douglas (International)
                                                                                                                                                                                                                                                                                                                                                    • Dreams (Dreams Topco Ltd)
                                                                                                                                                                                                                                                                                                                                                    • Edeka Group
                                                                                                                                                                                                                                                                                                                                                    • EH Booth & Co Ltd
                                                                                                                                                                                                                                                                                                                                                    • Eroski Food Retailing
                                                                                                                                                                                                                                                                                                                                                    • Galeries Lafayette Department Stores
                                                                                                                                                                                                                                                                                                                                                    • Gear4Music
                                                                                                                                                                                                                                                                                                                                                    • Go Outdoors Ltd
                                                                                                                                                                                                                                                                                                                                                    • Greggs Plc
                                                                                                                                                                                                                                                                                                                                                    • Grupo Eroski
                                                                                                                                                                                                                                                                                                                                                    • Grupo Inditex
                                                                                                                                                                                                                                                                                                                                                    • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                    • Harveys Furnishing Plc
                                                                                                                                                                                                                                                                                                                                                    • Herren Globus
                                                                                                                                                                                                                                                                                                                                                    • Hillarys Blinds Ltd
                                                                                                                                                                                                                                                                                                                                                    • Holland & Barrett Retail Ltd
                                                                                                                                                                                                                                                                                                                                                    • Hornbach Holding
                                                                                                                                                                                                                                                                                                                                                    • Hudson's Bay Company
                                                                                                                                                                                                                                                                                                                                                    • Hunter Douglas (UK) Ltd
                                                                                                                                                                                                                                                                                                                                                    • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                                                    • IKEA
                                                                                                                                                                                                                                                                                                                                                    • Jack Wills Ltd
                                                                                                                                                                                                                                                                                                                                                    • Jacques Vert Group Ltd
                                                                                                                                                                                                                                                                                                                                                    • Jawoll
                                                                                                                                                                                                                                                                                                                                                    • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                                                    • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                    • Joules
                                                                                                                                                                                                                                                                                                                                                    • Joy the store
                                                                                                                                                                                                                                                                                                                                                    • Karstadt Premium Department Stores
                                                                                                                                                                                                                                                                                                                                                    • Kaufhof/Inno (Belgium)
                                                                                                                                                                                                                                                                                                                                                    • Kika (Austria)
                                                                                                                                                                                                                                                                                                                                                    • Kingfisher Group
                                                                                                                                                                                                                                                                                                                                                    • Leen Bakker Belgium
                                                                                                                                                                                                                                                                                                                                                    • Lidl (Germany)
                                                                                                                                                                                                                                                                                                                                                    • Lipsy
                                                                                                                                                                                                                                                                                                                                                    • Londis (Holdings) Ltd - retail sales
                                                                                                                                                                                                                                                                                                                                                    • Ludwig Görtz
                                                                                                                                                                                                                                                                                                                                                    • LVMH Moët Hennessy Louis Vuitton SA
                                                                                                                                                                                                                                                                                                                                                    • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                    • Matalan Ltd
                                                                                                                                                                                                                                                                                                                                                    • Maxi Toys
                                                                                                                                                                                                                                                                                                                                                    • McKinsey & Company
                                                                                                                                                                                                                                                                                                                                                    • Mercator
                                                                                                                                                                                                                                                                                                                                                    • Merry Hill Shopping Centre
                                                                                                                                                                                                                                                                                                                                                    • Migros (Switzerland)
                                                                                                                                                                                                                                                                                                                                                    • Monoprix
                                                                                                                                                                                                                                                                                                                                                    • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                                    • Mountain Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                    • Musgrave
                                                                                                                                                                                                                                                                                                                                                    • Net-A-Porter Ltd
                                                                                                                                                                                                                                                                                                                                                    • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                    • Next Group
                                                                                                                                                                                                                                                                                                                                                    • Ocado Group plc
                                                                                                                                                                                                                                                                                                                                                    • One Stop
                                                                                                                                                                                                                                                                                                                                                    • Poco Loco (Sweden)
                                                                                                                                                                                                                                                                                                                                                    • Poundland Ltd
                                                                                                                                                                                                                                                                                                                                                    • Premier
                                                                                                                                                                                                                                                                                                                                                    • River Island Holdings Limited
                                                                                                                                                                                                                                                                                                                                                    • Rossmann
                                                                                                                                                                                                                                                                                                                                                    • Rue du Commerce
                                                                                                                                                                                                                                                                                                                                                    • Sainsbury's Local
                                                                                                                                                                                                                                                                                                                                                    • Schild
                                                                                                                                                                                                                                                                                                                                                    • Schuh (UK)
                                                                                                                                                                                                                                                                                                                                                    • Screwfix UK
                                                                                                                                                                                                                                                                                                                                                    • ScS Upholstery Plc
                                                                                                                                                                                                                                                                                                                                                    • Shoe Zone Group Ltd
                                                                                                                                                                                                                                                                                                                                                    • Shop Direct Group
                                                                                                                                                                                                                                                                                                                                                    • Showroomprive.com
                                                                                                                                                                                                                                                                                                                                                    • Sonae Distribução
                                                                                                                                                                                                                                                                                                                                                    • Spar UK Ltd
                                                                                                                                                                                                                                                                                                                                                    • Steinhoff Continental Europe
                                                                                                                                                                                                                                                                                                                                                    • Steinhoff UK
                                                                                                                                                                                                                                                                                                                                                    • SuperGroup Plc
                                                                                                                                                                                                                                                                                                                                                    • SuperGroup UK
                                                                                                                                                                                                                                                                                                                                                    • TAG Heuer International SA 
                                                                                                                                                                                                                                                                                                                                                    • Takko
                                                                                                                                                                                                                                                                                                                                                    • Tesco (UK)
                                                                                                                                                                                                                                                                                                                                                    • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                    • The Edinburgh Woollen Mill Group
                                                                                                                                                                                                                                                                                                                                                    • TJ Morris Ltd
                                                                                                                                                                                                                                                                                                                                                    • Topps Tiles (UK)
                                                                                                                                                                                                                                                                                                                                                    • Vente Privee
                                                                                                                                                                                                                                                                                                                                                    • Virgin Holidays
                                                                                                                                                                                                                                                                                                                                                    • Westfield Group
                                                                                                                                                                                                                                                                                                                                                    • Xenos
                                                                                                                                                                                                                                                                                                                                                    • YNAP (UK)
                                                                                                                                                                                                                                                                                                                                                    • Zalando

                                                                                                                                                                                                                                                                                                                                                    European Retail Briefing - June 2017

                                                                                                                                                                                                                                                                                                                                                    US $380.17 (Excl.Tax)