凯度市场份额：4月份市场增长加速，玛莎百货（M&S）尤为强劲（注意-在此期间网络事件干扰不到一周）。希音（Shein）总体增长明显加快，但全价增长放缓。

Restricted - External European General RetailNEUTRALUK Mid & Small Cap Leisure/ConsumerRichard Taylor+44 (0)20 3555 2650richard.e.taylor@barclays.comBarclays, UKEuropean Consumer StaplesWarren Ackerman+44 (0)20 3134 1903warren.ackerman@barclays.comBarclays, UK FIGURE 1. Total and full price sales growth for six largest listed retailers (8-week, 1Y view)Note: JD Sports is covered by Richard Taylor (UK Mid & Small Cap; Industry view: Neutral). ABF is covered by Warren Ackerman (Consumer Staples; Industry view: Neutral).Source: Kantar, Barclays ResearchFIGURE 2. Shein - Growth and market share trends on value and volume basisCategory8w/e toShein (total sales)Sales growth (%)Volume growth (%)Changes in price per pack (%)Shein (full price sales)Sales growth (%)Volume growth (%)Changes in price per pack (%)Shein (discounted sales)Sales growth (%)Volume growth (%)Changes in price per pack (%)12w basis. Shein is Not Covered, Temu is part of PDD Holdings, covered by Jiong Shao (China Technology; Industry view: Positive).Source: Kantar, Barclays ResearchFIGURE 3. Temu - Growth and market share trends on value and volume basisCategory8w/e toTemu (total sales)Sales growth (%)Volume growth (%)Changes in price per pack (%)Temu (full price sales)Sales growth (%)Volume growth (%)Changes in price per pack (%)Temu (discounted sales)Sales growth (%)Volume growth (%)Changes in price per pack (%)12w basis. Shein is Not Covered, Temu is part of PDD Holdings, covered by Jiong Shao.Source: Kantar, Barclays ResearchShein and Temu dataWe have started purchasing Shein and Temu data from Kantar - we now have data up to themost current period. (Shein is Not Covered, Temu is part of PDD Holdings, covered by JiongShao.)27 May 2025 02-Feb-2502-Mar-2530-Mar-2527-Apr-2519.516.114.134.022.115.9(14.5)(6.0)(1.8)13.025.425.524.030.537.6(11.0)(5.0)(12.0)(17.1)25.36.51.142.014.3(3.9)(16.6)(7.8)5.002-Feb-2502-Mar-2530-Mar-2527-Apr-2531.622.014.811.417.821.920.14.2(7.0)58.537.623.828.833.937.129.73.6(13.3)6.38.36.3(11.7)(3.2)5.710.3(11.8)9.52.6(4.0) Headline market trends (12-week basis):Kantar has released UK Fashion Retail market share data for the 12 weeks to 27 April 2025.FIGURE 4. UK fashion market – Growth measures (12-week basis, 1Y view)Source: Kantar, Barclays Research FIGURE 5. UK fashion market – Growth measures (eight-week basis, 1Y view)Source: Barclays Research calculations based on Kantar dataBarclays' calculation (eight-week basis)Kantar does not publish any sales data for periods shorter than 12 weeks due to the relativelylow yearly purchase frequency in the fashion market, which leads to the potential for increasedvolatility in the data. However, we (Barclays) do believe that sales data covering the most recenteight-week periodispotentially of interest to investors – partly because it is more current andpartly because it can be analysed in such a way as to align better with retailers’ quarterlyreporting periods. 4 27 May 2025 FIGURE 6. M&S - Growth measures (8w basis, 1Y view)Source: Barclays Research calculations based on Kantar dataFIGURE 7. NEXT - Growth measures (8w basis, 1Y view)8w/e to02-Feb-2502-Mar-25Sales growth (%)7.2Volume growth (%)(4.3)Changes in price per pack (%)11.6Sales growth (%)10.7Volume growth (%)(2.0)Changes in price per pack (%)12.7Sales growth (%)1.0Volume growth (%)(7.3)Changes in price per pack (%)8.3Sales growth (%)17.5Volume growth (%)(1.0)Changes in price per pack (%)18.4Sales growth (%)(5.8)Volume growth (%)(8.5)Changes in price per pack (%)2.7Source: Barclays Research calculations based on Kantar dataTrends by retailer (eight-week basis)Using Kantar data, Barclays cancalculatethe eight-week sales trends by retailer (1Y view). 30-Mar-2527-Apr-256.10.44.3(0.8)1.81.2(2.4)(3.4)(8.3)(3.7)6.00.331.311.331.55.2(0.3)6.011.44.19.79.41.7(5.3)(2.5)(4.9)(3.8)(12.5)1.37.5 Source: Barclays Research calculations based on Kantar dataFIGURE 12. UK fashion market – Growth measures by retailer (eight-week basis, 1Y view)8 weeks to05Jan2502Feb2502Mar25Marks & Spencer8.27.49.4NEXT7.26.10.4Primark2.6-0.90.1George (ASDA)-3.5-0.52.6Amazon15.44.512.8SportsDirect0.76.65.9F&F (Tesco)-11.3-4.7-2.1New Look-5.9-9.9-10.4Matalan6.37.28.4Sainsbury9.715.412.2H & M4.4-6.96.7Shop Direct1.6-5.4-12.2ASOS2.33.716.6JD Sports15.39.2-8.9Shein19.516.114.1Zara9.00.010.8Temu31.622.014.8Boohoo-27.7-40.6-28.1PrettyLittleThing-36.2-28.4-24.6Zalando130.3-5.4-49.9Market0.30.11.3Growth (%)Source: Barclays Research calculations based on Kantar data27 May 2025 Analyst(s) Certification(s):We, Richard Taylor, James Anstead, Warren Ackerman and Matthew Clements, hereby certify (1) that the views expressed in this research reportaccurately reflect our personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of ourcompensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Re