European Retailing

Research evidence excerpt

European Retailing

g Halfords - FY PBT a little better than expected

ITX, NXT and Shein) and in UK grocery (eg TSCO and SBRY). H&M - Strong cost control, more cautious outlook

Hugo Boss - Waiting for Touchdown

Structural forces at work. Scale in procurement, logistics, and digital Inditex - Maintaining OP rating and EUR62 PT

investment are driving compounding advantages that smaller and mid- JD Sports - Following in the footsteps of Nike

Kingfisher - Powering ahead... market retailers find it hard to match. Ecommerce is acting as an additional Marks & Spencer - Well positioned, execution risk higher

accelerant, as omnichannel retailers gaining share are the same ones that Next - Investor meeting feedback (+)

were already winning in physical retail. Also tougher macro conditions Pets at Home - Oppawtunities elsewhere

tend to lead to a polarisation in performance, and consumers spending J Sainsbury - Investor call feedback (+)

more at retailers with compelling value for money propositions. SSP Group - More valuation upside elsewhere in Travel

Tesco - Keeping it in the basket

Smaller retailers can still differentiate to outperform. However, we WH Smith - A lot to do in H2

think all is not lost for smaller retailers which can differentiate through Zalando - ZAL can reassure in 2026

execution, service, or heavily localised and personalised offers. Also

many retail markets eg fashion, are fragmented and so provide share

opportunities from weaker specialists, independents and department Calendar of Events stores. Agentic AI could also help to disperse revenue among more

retailers, although we think this is as likely just to grow the overall pie. 10th June WH Smith Q3 trading update

18th June Tesco Q1 trading update