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

24 July 2026

European General Retail

Weekly Stock Take

The European General Retail Sector was -1% this week, broadly in line with the European General Retail

ACwider market. The weakest performers were ABF (-2%) and Next (-2%). The former Georgina Johanan, ACA

may have been dragged by news of Primark price investments, albeit our (44-20) 7134-5791

understanding is that this was already in management’s plans and guidance. The latter georgina.s.johanan@jpmorgan.com

was dragged by consensual longs generally underperforming, a dynamic that also J.P. Morgan Securities plc

weighed on Inditex (-1%). Marks & Spencer (-1%) had a volatile week, rising Shailja Maskara

significantly (+5%) early in the week helped by strong Worldpanel market share data, (91-22) 6157-3318

shailja.maskara@jpmchase.com

but dragged in recent days as the MD of Food, MD of International, and outgoing J.P. Morgan India Private Limited

Operations Director all sold stock. Across our coverage there were no stocks in

positive territory, although H&M, Kingfisher and Dunelm were all flat. The E- Specialist Sales contact details:

commerce sector was weak after a period of outperformance, falling -4%. Asos (- Olivia Petronilho - Specialist Sales -

4%), Moonpig (-3%), and Zalando (-3%) all underperformed the market. European Consumer

(44-20) 3493-3709

We reiterated our OW recommendation on Marks & Spencer this week, in a note olivia.b.petronilho@jpmorgan.com

exploring the online margin opportunity for the group’s Fashion, Home &

Beauty business. We raised our FY 29 PBT forecast by +6% as we put tangible &

quantifiable benefits of our analysis into our numbers (the bull case from Lichfield

margin initiatives would bring another 7%).