Richemont, B&M, Previews, …: EU Consumer Sector Specialist Commentary

Research evidence excerpt

Richemont, B&M, Previews, …: EU Consumer Sector Specialist Commentary

Olivia Petronilho - Specialist Sales - European Consumer AC (44-20) 3493-3709 Europe Specialist Sales J P M O R G A Nolivia.b.petronilho@jpmorgan.com

J.P. Morgan Securities plc 15 July 2026

Richemont, B&M, Previews, ...

Olivia Petronilho

+44 207 134 2676

olivia.b.petronilho@jpmorgan.com

Morning all,

Main Highlights for Today:

• Richemont.In the Sky with Diamonds - A Massive Q1 Beat

• B&M: Q1 overall in line. No FY guidance

• Previews: Diageo, Avolta, Lottomatica

• Data & Laterals: Swedish Retail Sales

• TODAY: England vs. Argentina

• TOMORROW: Essity, Dunelm, Sodexo CMD

In details

Richemont. In the Sky with Diamonds - A Massive Q1 Beat

Shares should be strong today. Richemont JM ex-FX growth came in at 24%, a massive beat to JPMe/cons at 14%/13%, and a

much upped buyside bar at 18%. Yet another blunt reminder Richemont remains the outperformer in the space, and brand

momentum at Cartier and VC&A is strong as ever. As Chiara flagged time and time again in her heatmap iterations (latest here),

Jewellery Maisons momentum remains strong and continues to support one of the best top line deliveries in Luxury. All

regions beat Chiara’s expectations, with mgmt flagging strong local demand across the board. Worth flagging 1) continued strong

momentum in the US, with growth at high-20s%; 2) APAC at +21% with mgmt flagging strong demand in HK, Macau, South

Korea and Taiwan; and 3) ME & Africa +3% with “robust local demand more than offsetting significant drop in tourist

spending”. 4) Japan grew +36%, supported by local demand as well as tourist spending. What’s next? Debates on the name

should now focus on 1) what is the margin and EPS upside to consensus; and 2) how much re-rating can we see to CFR shares