European Retailing

研报英文原文证据摘录

European Retailing

RBC Europe Limited

Richard Chamberlain (Co-Head of Global Consumer & Retail

Research)

+44 20 7429 8092, richard.chamberlain@rbccm.com

Manjari Dhar (Analyst)

+44 20 7002 2111, manjari.dhar@rbccm.com

Charles Perkins (Associate)

+44 20 7002 2309, charles.perkins@rbccm.com

June 29, 2026 Piral Dadhania (Analyst)

+44 20 7429 8644, piral.dadhania@rbccm.com

Nikolaos Lafioniatis (Analyst) European Retailing +44 20 7429 8437, nikolaos.lafioniatis@rbccm.comRESEARCH European Consumer/Retailing conference

takeaways Published Research

Last week we hosted a European Consumer/Retailing conference at our RBC Imagine™ - Rise of the 8th Continent

offices in London. We came away thinking that consumer trends are European Retailing - The Retailing Life Cycle

European Retailing - 10 Themes for 2026 resilient, albeit with some recent shifts by category. In addition the cost European Retail primer - Bifurcation in trends

outlook has improved, both for cost of goods sold and for opex. We now Global Retailing - The Times, They Are A-Changin’ 2026

see a strong chance of consensus earnings upgrades for the likes of NEXT UK Food Retail - A buying opportunityEQUITY and Inditex, much less so for ABF. 3i Group - Valuation still on the full side

ABF - More challenging outlook for Primark

Consumer spending resilient. Generally retail sales trends have been Avolta - CMD feedback

resilient, albeit with some polarisation between companies and shifts B&M - UK LFL improving but margin rebase

between categories. For example, in recent months sales trends Currys - Strong footing for further growth; upgrade to OP

for discount retailers and home improvement have been improving Dunelm - Measuring up well

somewhat, while trends in Travel have been softening.