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

03 July 2026

European General Retail

Weekly Stock Take

The European General Retail Sector was -1%, underperforming the broader European General Retail

ACmarket. ABF (-3%) was the weakest performer, moving lower after its disappointing Georgina Johanan, ACA

Q3 26 update, which included further downgrades to Sugar guidance. While the (44-20) 7134-5791

Primark LFL for the 16-week period to 20 Jun (-2.2%) was no worse than expected, georgina.s.johanan@jpmorgan.com

it remained in negative territory, with momentum therefore unconvincing on J.P. Morgan Securities plc

consumer engagement despite improvement initiatives. Kingfisher (-2%) and Shailja Maskara

Dunelm (-2%) also moved lower, not helped by a somewhat soft trading update from (91-22) 6157-3318

shailja.maskara@jpmchase.com

peer Topps Tiles (which cited lower consumer spend and margin pressure), along with J.P. Morgan India Private Limited

ongoing housing market concerns amid UK political uncertainty. H&M (flat),

Inditex (flat) and Next (flat) all outperformed the sector, with H&M supported by Specialist Sales contact details:

further family buying (please reach out if you would like our spreadsheet tracking Olivia Petronilho - Specialist Sales -

family buying). Marks & Spencer (+2%) was the best performer this week on no European Consumer

stock specific news. (44-20) 3493-3709

olivia.b.petronilho@jpmorgan.com

The E-commerce sector was +8%, significantly outperforming the market. Asos

(+12%) was the best performer, boosted by the announcement of the disposal of its

mothballed Atlanta DC, for net proceeds of c.£48m, and annual cash rent savings of

c.£6m. This followed the disposal of its Lichfield DC in May for c.£66m; overall,