UK Fashion Retail: Market share – M&S grows on 2Y view

Research evidence excerpt

UK Fashion Retail: Market share – M&S grows on 2Y view

Equity Research

22 June 2026

UK Fashion Retail

Market share – M&S grows on 2Y

view

Market full-price sales fell -6.7% in 8w to 24 May, an European General Retail

improvement compared to the prior period to 26 Apr. First NEUTRAL

period lapping M&S cyber incident-related disruption. Only a European General Retail

Matthew Clements

couple days of late-May heatwave covered. M&S full-price +44 (0)20 7773 6018

sales growth looks encouraging on a two-year view. matthew.clements@barclays.com

Barclays, UK

Imogen Doyle

Overall conclusion +44 (0)20 7773 2605

We think the most meaningful way to gauge industry growth is to think in terms of full-price imogen.doyle@barclays.com

sales on a 1YoY basis. On that basis, we can calculate from the data that the industry declined by Barclays, UK

-6.7% for the eight weeks to 24 May, an improvement from -8.0% in the prior period.

UK Mid & Small Cap Leisure/Consumer

It's no great surprise to us that the market slowed given tough weather comps and the late start Richard Taylor

to Spring this year. This data only covers a couple of days of the hot weather that started around +44 (0)20 3555 2650

richard.e.taylor@barclays.comthe second bank holiday in late May.

This is the first 4-week period of data fully lapping M&S's cyber incident-related disruption

European Consumer Staples

(cyber incident was reported on 21 April), with five of the eight weeks in the base disrupted. Warren Ackerman

+44 (0)20 3134 1903

To look through the cyber disruption, we focus on the 2Y growth rates (see Figure 3). On this warren.ackerman@barclays.com

basis, we note that M&S grew full-price sales by +5.0% in the 8 weeks to 24 May 2026, slightly Barclays, UK

slower than the +5.8% in the period prior.