2025年5月20日每日零售与电子商务新闻：翠丰集团评级下调至减持，玛莎百货网络诉讼，德国纺织品销售

Restricted - External European InternetPOSITIVEEuropean Food RetailJames Anstead+44 (0)20 3134 6166james.anstead@barclays.comBarclays, UKMatthew Clements+44 (0)20 7773 6018matthew.clements@barclays.comBarclays, UKImogen Doyle+44 (0)20 7773 2605imogen.doyle@barclays.comBarclays, UKEuropean General RetailJames Anstead+44 (0)20 3134 6166james.anstead@barclays.comBarclays, UKMatthew Clements+44 (0)20 7773 6018matthew.clements@barclays.comBarclays, UKImogen Doyle+44 (0)20 7773 2605imogen.doyle@barclays.comBarclays, UK Today's full stories**BARCLAYS RESEARCH: Kingfisher - Overheated - downgrade to UW (incl. 1Q salespreview)**Kingfisher reports 1Q25/26 sales on Wednesday, 28 May. We forecast group LFLsales to fall by -0.4% (or to rise by +0.4% exc calendar). This would be the first quarter in quitesome time for Kingfisher to register underlying LFL improvement. Having said this, we doubtthat Kingfisher will be minded to change its FY25/26 guidance for PBT (£480-540m) or FCF(£420-480m) at this early stage in the year. Despite expecting better sales trends from Kingfisher,we downgrade our stock rating from Equal Weight to Underweight. (Albeit our modest, FX-driven estimate changes drive a small price target increase, from 275p to 280p). The key reasonsfor the change are: i) Expected better sales growth at B&Q in 1Q is likely to be largely weather-driven; ii) French business expected to be in clear LFL sales decline in 1Q, with little cause forencouragement on industry dynamics; iii) Screwfix not expected to have benefited greatly fromthe weather in 1Q - given its specialist customer base; iv) Close to its target of >1,000 stores inthe UK/Ireland, we are expecting Screwfix's sales trends to moderate (CAGR of <4% over nextthree years, vs >12% over last decade); v) Too early to have confidence in the outlook forScrewfix France - we have been underwhelmed by the pace of store openings. With a TSR of>25% YTD (vs FTSE100 +5.9%), Kingfisher is the second strongest performing stock in ourGeneral Retail coverage. (NEXT has generated a TSR of >30% but has upgraded its guidancetwice already, amid strong sales growth.) Kingfisher is now trading on a 25/26 PE of 14.6x and itsone -year forward multiple is as high as it has been in the last five years. Its current year FCFyield of c8% is arguably still attractive, but is well below where it has stood at times in therecent past. Looking at our General Retail coverage, we see better value opportunities at B&M(OW, PT 400p) and M&S (OW, PT 430p), while we see NEXT (EW, PT 11,950p) and Inditex (EW, PT€46) asofferingmore reliable growth opportunities.*M&S faces multimillion-pound lawsuit over cyberattack data leak.M&S has reportedly beenhit with a multimillion pound lawsuit following the loss of shopper data during its cyberattack,as reported by Retail Gazette yesterday. Thompsons Solicitors is launching a class action claimagainst M&S for exposing shoppers to scams and data loss by not protecting their data.^German textile sales.Textile sales in Germany decreased by -5% last week (vs -3% in April as awhole), according toTextilWirtschaft.Mono-label low price (includes H&M) down -8% (vs +1% inApril). Mono-label mid-to-high price (includes Zara) down -4% (vs -4% in April). As a reminder,Germany accounts for c. 15% of H&M’s sales and c. 3% of Inditex’s sales.*Morrison adds 'partner points' to loyalty scheme.Morrison is expanding its More Card loyaltyscheme with a rollout of "more partner points" with over 300 participating brands, as reportedby Retail Gazette yesterday. In order to earn points, customers must log into their MorrisonsMore app or the More website to click through to a partner retailer and carry out theirpurchases. The new partner points feature is digital-only.^M&S Food boss praises UK-EU SPS agreement.M&S Food managing director Alex Freudmannposted on LinkedIn yesterday saying the announcement on trade from the EU-UK Summit is a"major step forward" and "we're really pleased to see this sort of pragmatic and positive movefrom the Government". Freudmann said an SPS agreement removes the "pointlessbureaucracy" that M&S face in moving products across Great Britain, Northern Ireland, and theRepublic of Ireland.^ASDA food VP steps downafterless than six months.ASDA vice president for ambient, AdeMckeon, is stepping down from the business less than six monthsafterrejoining, according toRetail Gazette yesterday. A spokesperson confirmed to The Grocer that it is now seeking asuccessor to McKeon.^ 2 Poundland sale puts up to 200 stores at risk of closure.Up to 200 Poundland stores could beshut and thousands of jobs put at risk as final bids for the business are expected early this weekahead of an update from its parent company Pepco Group, reported Nam News yesterday.According to The Sunday Times, Gordon Brothers, the former owner of Laura Ashley, is one ofthe frontrunners for taking over the business.*H&M Home announces new collaboration with Caribbean luxury hotel.H&M Homeannou