European General Retail Weekly Stock Take

Research evidence excerpt

European General Retail Weekly Stock Take

J P M O R G A N Europe Equity Research

26 June 2026

European General Retail

Weekly Stock Take

The European General Retail Sector was up +2% this week, ahead of the broader European General Retail

ACmarket, amidst optimism around a US-Iran peace deal. The strongest performer was Georgina Johanan, ACA

Marks & Spencer (+7%), boosted by another set of strong Worldpanel Food data, (44-20) 7134-5791

with Worldpanel Clothing data also highlighting market share regain. More broadly, georgina.s.johanan@jpmorgan.com

UK data releases this week showed strong trends for the UK clothing market in May, J.P. Morgan Securities plc

supported by the heatwave. Albeit we think the online channel outperformed within Fiyin Durojaiye

this, with read across therefore being less encouraging for Primark/ ABF (+4%), and (44-20) 3493-0455

fiyin.durojaiye@jpmorgan.com

more helpful for Next (+2%). Kingfisher (+4%) also outperformed the broader J.P. Morgan Securities plc

market, supported by generally more upbeat sentiment. The weakest performer was

Shailja Maskara

H&M (-1%), not helped by a mixed set of Q2 26 results, with top line still very (91-22) 6157-3318

lacklustre despite now more than 2 years of structural and brand initiatives to drive shailja.maskara@jpmchase.com

performance. See more here. J.P. Morgan India Private Limited

The E-commerce sector was up +8% this week, outperforming the broader market. Specialist Sales contact details:

Asos (+9%) moved higher on no stock-specific news. Moonpig (+5%) moved Olivia Petronilho - Specialist Sales -

higher, with the stock up +2% on the day of solid FY 26 results with EBITDA c.3% European Consumer

ahead of cons. New CEO Catherine Faiers was clear that the financial framework is (44-20) 3493-3709