Real-Time Retail Round-Up: BME, FRAS, MOON, PETS.

研报英文原文证据摘录

Real-Time Retail Round-Up: BME, FRAS, MOON, PETS.

UK | Retailers EquityJuneResearch7, 2026

Chart 1 - BME: closely correlated withReal-Time Retail Round-Up: BME, FRAS,

revenues - but the market had discounted

YoY chg in Retail Trends BarometerMOON, PETS.

10.0%

8.0%

6.0%This is Edition 64 of Jefferies' Real-Time Retail Round-Up, in which we take 4.0%

a data-led look at some of the latest underlying trends in our coverage, 2.0%0.0%

centred on proprietary company-specific barometers that harness web -2.0%-4.0%

traffic, app downloads, and search data. -6.0%-8.0%

-10.0%

. May-25 Jul-25 Sept-25 Nov-25 Jan-26 Mar-26

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Data Dump

B&M: The data vs. positioning conundrum. This week, B&M reported its FY26 results and

noted that the strong UK LFL run rate observed in December and January (c.+3%) was not

sustained through February and March. As a result, Q4 UK LFLs came in at flat, and April,

against a tough weather-boosted comp, was softer still. This top-line progression was all

entirely consistent with our B&M Retail Trends Barometer that highlighted a jump into positive

territory in Dec/Jan (+5%) before a reversal in Feb/Mar (-7%) and a further step-down in

April (-8%). However, this negative read on stub-Q4 and early-Q1 had clearly been more than

discounted by the market - despite the soft trading, the shares rallied over +20% this week.

A reminder that, even when it is strongly correlated to trading, data is only ever a part of the

puzzle.

Some decelerating trends to keep an eye on... While Trends in both ASOS and boohoo are