European General Retail: Weekly Stock Take

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European General Retail: Weekly Stock Take

J P M O R G A N Europe Equity Research

31 July 2026

European General Retail

Weekly Stock Take

The European General Retail Sector was up +6%, outperforming the market as the European General Retail

ACspace became a net beneficiary of the broader de-grossing. All the stocks under our Georgina Johanan, ACA

coverage were in positive territory. Marks & Spencer (+8%) was the best performer (44-20) 7134-5791

this week, reaching +24% ytd and breaking through the 400p level. We remain georgina.s.johanan@jpmorgan.com

constructive on the stock, with recent Food data firmly underpinning estimates, and J.P. Morgan Securities plc

Clothing data suggesting that top line in the FH&B division is regaining lost market Shailja Maskara

share. We also see margin upside in FH&B over the mid-term, and recently explored (91-22) 6157-3318

shailja.maskara@jpmchase.com

the online margin opportunity in more detail here: From Pick to Profit – The Online J.P. Morgan India Private Limited

Margin Glow-Up. H&M (+7%) and ITX (+7%) also outperformed, the latter

supported by a broker upgrade, along with investors seeking quality safe havens Specialist Sales contact details:

within the broader Consumer space. Kingfisher (+4%), moved higher despite Olivia Petronilho - Specialist Sales -

ongoing uncertainty around policies for the housing sector. New UK Prime Minister, European Consumer

Andy Burnham, stated this week that he would not be removing stamp duty or (44-20) 3493-3709

introducing a land value tax at the next budget. However, we think uncertainty olivia.b.petronilho@jpmorgan.com

remains, and that, given the material nature of the potential future changes, this could

well still be causing some near-term weakness in the housing market, which would be