Rolling Back The Hack

Research evidence excerpt

Rolling Back The Hack

UK | Apparel, Footwear & Textiles EquityJuneResearch22, 2026

Today's Kantar update (with our estimated 4 wk measure to 24 May)

confirms (1) a slightly stronger May after weaker (and Easter-impacted)

Apr (2) Primark trading strengthens modestly ahead of the 1 Jul Q3 trading

update and (3) NXT appears to be giving back cyberattack share to MKS,

with both companies growing at similar rates on a 2 year stack.

A slight strengthening in the UK clothing market... We estimate from today's Kantar print that

industry sales were -2.3% for the 4 wks to 24 May, this after the reported -5.1% in the 12 wks

to 26 Apr (and we estimate -5.0% for the 4wk period to 26 Apr).

JEFe estimated 4wk volume came in at -4.2% in P7 (vs -6.6% our P6 estimated 4 wk measure),

implying estimated inflation/mix of +1.9%. JEFe estimates that the offline market recorded a

-4.2% over the P7 period (vs -4.3% we estimated in P6).

Primark slightly stronger, NXT and MKS impacted by the cyberattack. We estimate MKS's

performance in P7 was at +55.6% for the trailing 4wks to 24 May (after JEF est -1.1%/

+2.9%/-3.0%/-0.6% in P3/P4/P5/P6). Given the easy comps from the cyberattack, we estimate

this becomes +1.6% on a two year stack vs NXT estimated at +1.5% and industry estimated

at -5.5%.

JEFe NXT's overall platform growth is estimated at -0.1% (P6 est +15.5%); as a reminder, this is

measured over a different period from the retail reading (to 17 May in this case). We estimate

that NXT brand sales came in at -5.8% for this update (from +5.9% estimated in the prior 4-

week period), and that Primark is estimated to have slightly improved to -0.5% growth (vs -1.1%

est in P6).

Zara's outperformance of H&M slightly reducing. We estimate Zara saw sales in this period

of -0.5% (+0.7% est previously).