European Retailing

研报英文原文证据摘录

European Retailing

labour component will be higher. Lower priced Halfords - FY PBT a little better than expected

retailers also tend to have lower gross margins and lower opex structures. H&M - Strong cost control, more cautious outlook

The full impact of higher raw material costs is often diluted through the Hugo Boss - Waiting for Touchdown

production process however. Inditex - Maintaining OP rating and EUR62 PT

JD Sports - Following in the footsteps of Nike

Small upwards pressure on pricing. We expect to see higher energy prices Kingfisher - Powering ahead...

impacting fabric costs from October/November time. As such we expect to Marks & Spencer - Well positioned, execution risk higher

see small upwards pressure on pricing in H2, with more to come in 2027, Next - Investor meeting feedback (+)

Pets at Home - Oppawtunities elsewhere partly due to higher raw material costs, and also higher freight costs. J Sainsbury - Investor call feedback (+)

SSP Group - More valuation upside elsewhere in Travel The larger fashion retailers have fairly strong pricing power with Tesco - Keeping it in the basket

suppliers. Apparel retailers are buying finished garments not raw WH Smith - A lot to do in H2; d/g to Sector Perform

cotton or other materials, and they are likely to negotiate hard Zalando - ZAL can reassure in 2026

with a fragmented supplier base to achieve their bought in margin

expectations. In turn suppliers are likely to accelerate cost efficiency

programmes and to develop alternative production locations. We expect Calendar of Events

a polarised performance and for the more operationally flexible retailers 14th May 3i Group FY results

to outperform this year. 19th May SSP Group HY results

19th May Currys FY trading update