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《德意志银行-英国-服装零售业-英国服装零售业的“三伏天”-20170829-uk clothing retail the dog days of summer-deutsche bank》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、UKClothingRetailDeutscheBankMarketsResearchEuropeIndustryDateUnitedKingdom29August2017UKClothingRetailRetailRetail-NonFoodIndustryUpdateThedogdaysofsummerCharlieMuir-Sands,CFAUKClothingmarket+0.6%over12weeksto30JulyResearchAnalystWithfavourableweatherhelpingtheclothingmarketsustainslightgrowth,inthe
2、faceofawiderconsumerdeterioration,twocompany-specificthemesstoodout+44-20-754-75749intoday'sKantarWorldPanelrelease:1)M&SreturnedtomarketsharegainsforJainaMistrythefirsttimesince2013and2)dataonNextremainedsurprisinglyweakintheResearchAnalystcontextoftherecenttradingupdate.Theperiodreportedcovers6weeks
3、ofnew+44-20-754-71337dataforDebenhams,5weeksforABFoods'Primarkand4weeksforM&S.TheperiodhasbeenfullyreportedforNext.InsidewesetoutallthekeychartsasWarwickOkinesusual,andlookinmoredetailatNext'sperceivedrecentimprovement.ResearchAnalyst+44-20-754-58546Theclothingmarketgrew,drivenstillbymenswearThemark
4、etgrewby+0.6%yearonyear,stableontheperiod4weeksprior,ToppicksandthiscannolongbeattributedtothetimingofEaster.AlthoughvolumesABFoods(ABF.L),GBP3,184.00Buydeclinedby1.0%,amodestdeterioration,averagesellingpricesrose1.6%.ThisSource:DeutscheBankwasaslightaccelerationmonth-on-monththoughremainslowerthan>
5、2%levelsseenintheSpring.Webelievetheindustryinaggregateisstrugglingtopassoncurrency-inducedcostpriceinflation.M&Sbreaksanear4-yearrunofmarketsharelossesMarks&Spencersawitssharelossof30bpslastmonthswingtoa2bpgaininthelatestperiod.Whilsthardlyspectacular,itisthefirstincreaseseenfromthemarketleadersinceS
6、eptember2013.Fullpricesharedeterioratedthough,falling60bpsyearonyear-surprisinggiventhecompanylauncheditssummerSaleon11July,aweeklaterthanin2016.ForNext,despitethepositivesurprisegeneratedbyitsQ2tradingupdateon3August,itsrelativeperformanceremainedweak.Nextlost35bpsofshare(vs-28bpsinthepriorperiod),
7、significantlyweakerthanPrimark(+43bps)andDebenhams(-7bps).OnafullpricebasisNextalsocontinuestoloseshare,thoughataslowingpace.NexthasbenefittedfromareasoutsidethescopeofKantar'ssurvey,ingrowthaswellcurre
