Retail Detail (3i/Allegro/WOSG results, M&S Food DC, Temu/Shein US spend)

研报英文原文证据摘录

Retail Detail (3i/Allegro/WOSG results, M&S Food DC, Temu/Shein US spend)

Barclays | Retail Detail (3i/Allegro/WOSG results, M&S Food DC, Temu/Shein US spend)

YTD. New buyback of up to £750m to be completed by end December. We make <1% changes to

NAV estimates; maintain OW.*

**BARCLAYS RESEARCH: WOSG - FY26 EBIT a modest beat. Upgrade FY27 EPS by 12%, c10%

above company consensus. Expect strong positive reaction** We expect a strong positive

reaction to this statement, given ac3% EBIT beat vs FY26 company consensus (at mid-point of

FY26 expected outcome), along with confident guidance for FY27 that implies EBIT 7% above

company consensus, using the mid-point of the new revenue/EBIT margin range. We upgrade

FY26/27 EPS by 5/12% respectively. To see the US perform well is not a huge surprise, but UK

revenue growth has improved sequentially in H2, which we view as encouraging. Roberto Coin

wholesale performance (+22% CC) is worth calling out, and may help improve investor

confidence about the group’s decision to allocate capital on this acquisition.^^

**BARCLAYS RESEARCH: Allegro - Strong momentum in Q1; slowing a bit in Q2 but still on

track** Group GMV of PLN 17bn, up 12.8% YoY, 2% ahead of Barc and company consensus. At

the group level, adjusted EBITDA increased 24% YoY to PLN 932m, 11% above Barc and 9%

ahead of consensus. Polish Adjusted EBITDA rose 18.5% YoY to PLN 1.0bn, 8% above Barc and

6% above consensus. Upgraded guidance for International, expecting 40-45% in GMV growth

YoY (35-40% prior) and 25-35% growth in revenues YoY (20-30% prior). Given how small the

segment is, it doesn’t change group guidance with Allegro reaffirming previous guidance. The

business is guiding to 10-12% GMV growth, 12-15% growth in revenues, adjusted EBITDA growth