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1、EuropeanNon-FoodRetailDeutscheBankMarketsResearchEuropeIndustryDateEuropeanNon-Food31January2018RetailRetail-NonFoodRetailIndustryUpdateWhatwasinstoreWarwickOkinesRevisitingthedbAccess20thannualStoreTourandtheOutlookforretailResearchAnalystOnemonthonfro
2、mourOutlookreport"What'sinstoreandonlinefor2018",andafteravolatileearningsseason,werevisitourinvestmenttheses.Our20thannual+44-20-754-58546dbAccessRetailStoreTourcontrastedtheconfidentonlineandvalueretailersCharlieMuir-Sands,CFAwiththegenerallycautioustr
3、aditionalstore-basedretailers.ThevaluationgapsResearchAnalysthavewidenedinthepastmonth,however,andthereforeinthisreportweupgrade+44-20-754-75749H&M(fromSelltoHold)anddowngradeASOS(fromBuytoHold).WereiterateourtoppicksABFoods,B&M(witharaisedtargetprice)a
4、ndBoohoo.JainaMistryResearchAnalystThedifferenceamonthhasmade:anothermonthofpolarisation+44-20-754-71337Therehasbeenawidespreadofperformanceofnon-foodretailstockssofarin2018(Figure2),justlikein2017.Asmanystockshaverisenbymorethan5%KeyChangesasthosethatha
5、vefallen.Generally,though,two-thirdsofretailerssawearningsCompanyTargetPriceRatingdowngradesthismonth.Ourfourtake-awaysfromtheStoreTourwerethat:[1]ASOS.L-BuytoHoldinvestorpositioningremainsunderweight;[2]retailersareexpectingthemacroinBMEB.L450.00to-201
6、8tobesimilarto2017;[3]fewifanyretailersassumethatcurrencytailwinds465.00INCH.L920.00to-canbedroppedtothebottomline;[4]thereisabigfocusonsweatingthestore900.00estateharder,back-fillingover-spacedstoreswithfootfall-drivingconcessionsHMb.ST150.00toSelltoHol
7、dandinvestingintechnologytodriveavailabilityandomnichannel.135.00NXT.L4,500.00to-Reiteratingourtoppicks:BuyABFoods,B&M,andBoohoo4,700.00Withinadiverse,stock-pickingsectorwereiteratethefiveinvestmentthemesHFD.L340.00to-365.00weidentifiedinourOutlookreport:
8、[1]Buythevalueretailers,astheconsumerSRPG.PA7.50to10.00-continuestoseekoutvalue;[2]Watchthevaluetrapsinmid-marketapparelSource:DeutscheBankretail;[3]Backtheonlinebrandsovertheplatforms;[4]RemaincautiousaboutToppickstransformation
