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1、EuropeanNon-FoodRetailDeutscheBankMarketsResearchEuropeIndustryDateEuropeanNon-Food7December2017RetailRetail-NonFoodRetailPeriodicalChristmasturkeysandcrackersWarwickOkinesPreviewingthesector'sfestiveresultsseasonResearchAnalystThegeneralretailsectorisad
2、iversecollectionofcompanieswithdifferentgeographicandproductcategoryexposures.Forthoseprimarilyexposedtothe+44-20-754-58546UK,orprimarilyexposedtotheapparelcategoryinEurope,Autumn/WinterhasCharlieMuir-Sands,CFAsofarbeenchallenging.AnunseasonallywarmOctobe
3、rprobablyencouragedResearchAnalystslightlymoreinventoryintoBlackFridaypromotions,andthebouncebackin+44-20-754-75749Novemberwasfairlymuted.WeshowthemostrecentUKconsumerdatainaseriesofcharts,andthesedemonstratethechallengingenvironment.OnaJainaMistrybottom
4、-upbasiswebelievethisbackdropisreflectedinourforecasts,whichforResearchAnalystthemainpartareunchanged.OurtoppicksremainABFoods,B&M,andBoohoo.+44-20-754-71337Nolie-inforretailanalystsKeyChangesThisreportsetsoutourexpectationsforthetradingperformanceofEurop
5、eanCompanyTargetPriceRatinggeneralretailersoverpeakChristmasseason.ThenewreportingseasonisduetoDEB.L45.00to42.00-beginwhenNextissuesitstradingstatementon3January2018andstretchesDNLM.L640.00to-untilthe20thAnnualdbAccessRetailStoreTourattheendofJanuary.The
6、reis685.00HFD.L295.00to-stillthecurrentreportingseasontoseeoffbeforethen,withahandfulofretailers340.00stillduetomakescheduledupdatesinDecember.INCH.L925.00to-910.00VolatiletradingforsalesandsharepricesNXT.L4,400.00to-ThisreportreviewstheUKdatawehavesofarf
7、romabroadsetofsources.In4,500.00generalthesepointtodifficultconditions,particularlyinOctober,andthishasSMWH.L1,950.00to-2,025.00alreadyputpressureonapparelretailers.IntheUKmid-market,M&SfacesitsSRPG.PA14.00to10.00-toughestUKcompin22quarterswhilstDebenhamsm
8、akesc.90%ofannualSource:DeutscheBankprofitsinthishalf.In2018,weexpecttheyeartoplayoutinasimilarwayto2017though,togeneralise,fewerretailersfacecurrencyheadwinds.Thismeanspolarisedperformanceamongretailers,withsomegrowingrapi
