The UK Top 20 Retailers - Company Benchmarking Analysis by WMIntelligence

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									       The UK Top 20 Retailers
       Company Benchmarking Analysis Report



       Reference code: WMRT0105BR
       Published: January 2010




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TABLE OF CONTENTS

1     Executive Summary............................................................................................................... 20

2     About this report.................................................................................................................... 22

2.1     Report summary ................................................................................................................................................ 22

2.2     Definitions........................................................................................................................................................... 22

2.3     Summary Methodology ..................................................................................................................................... 24

    2.3.1     Basic Research Methodology ....................................................................................................................... 24

    2.3.2     Scorecard and Heat Chart Methodology ...................................................................................................... 24


3     Leading Retailer Benchmarks .............................................................................................. 26

3.1     Peer Lists ............................................................................................................................................................ 26

3.2     Company Benchmarking ................................................................................................................................... 27

    3.2.1     Top Five UK Retail Companies, By Revenue, 2008 .................................................................................... 27

    3.2.2     Top Five UK Retail Companies, By Revenue Growth, 2008 ........................................................................ 28

    3.2.3     Top Five UK Retail Companies, By Operating Expenses, 2008 .................................................................. 29
    3.2.4     Top Five UK Retail Companies, By Labor Productivity, 2008 ...................................................................... 30

    3.2.5     Top Five UK Retail Companies, By Capital Productivity, 2008 .................................................................... 31

    3.2.6     Top Five UK Retail Companies, By Outlet Productivity, 2008...................................................................... 32

    3.2.7     Top Five UK Retail Companies, By Area Productivity, 2008 ........................................................................ 33

    3.2.8     Top Five UK Retail Companies, By EBIT, 2008 ........................................................................................... 34

    3.2.9     Top Five UK Retail Companies, By EBITDA, 2008 ...................................................................................... 35

    3.2.10    Top Five UK Retail Companies, By Net Income, 2008 ................................................................................ 36

    3.2.11    Top Five UK Retail Companies, By Profit Margin, 2008 .............................................................................. 37

    3.2.12    Top Five UK Retail Companies, By ROCE, 2008 ........................................................................................ 38

    3.2.13    Top Five UK Retail Companies, By Capital Expenditure, 2008 ................................................................... 39

    3.2.14    Top Five UK Retail Companies, By Total Assets, 2008 ............................................................................... 40

    3.2.15    Top Five UK Retail Companies, By Total Asset Growth, 2008 .................................................................... 41

    3.2.16    Top Five UK Retail Companies, By Quick Ratio, 2008 ................................................................................ 42

    3.2.17    Top Five UK Retail Companies, By Working Capital, 2008 ......................................................................... 43


The UK Top 20 Retailers                                                                                                                           Published January 2010


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    3.2.18    Top Five UK Retail Companies, By Return on Assets, 2008 ....................................................................... 44

    3.2.19    Top Five UK Retail Companies, By Total Debt, 2008 .................................................................................. 45

    3.2.20    Top Five UK Retail Companies, By Debtor Days, 2008 ............................................................................... 46

    3.2.21    Top Five UK Retail Companies, By Debt Ratio, 2008 .................................................................................. 47

    3.2.22    Top Five UK Retail Companies, By Debt to Equity, 2008 ............................................................................ 48

    3.2.23    Top Five UK Retail Companies, By Shareholders‟ Funds, 2008 ................................................................. 49

    3.2.24    Top Five UK Retail Companies, By Market Cap, 2008 ................................................................................ 50

    3.2.25    Top Five UK Retail Companies, By P/E Ratio, 2008 .................................................................................... 51

    3.2.26    Top 20 UK Retail companies, Revenue metrics, 2008 ................................................................................. 52

    3.2.27    Top 20 UK Retail companies, Productivity metrics, 2008 ............................................................................ 53

    3.2.28    Top 20 UK Retail companies, Profit metrics, 2008 ....................................................................................... 54

    3.2.29    Top 20 UK Retail companies, Balance sheet metrics, 2008 ........................................................................ 55

    3.2.30    Top 20 UK Retail companies, Shareholder metrics, 2008 ........................................................................... 57

3.3     ‘Big Five’ focus .................................................................................................................................................. 58

    3.3.1     Revenue Vs Operating Expense Growth ...................................................................................................... 58

    3.3.2     Revenue Vs EBITDA Margin ........................................................................................................................ 59
    3.3.3     Revenue Vs Capex Growth .......................................................................................................................... 60

    3.3.4     Total Asset Vs Debt Growth ......................................................................................................................... 61

3.4     Summary on Heat Chart .................................................................................................................................... 62

3.5     Top 20 Retail Heat Chart ................................................................................................................................... 63


4     Company Benchmark: Tesco PLC ....................................................................................... 64

4.1     Tesco PLC Scorecard ........................................................................................................................................ 64

4.2     Tesco PLC Company Overview ........................................................................................................................ 65

    4.2.1     Tesco PLC Business Description ................................................................................................................. 66

    4.2.2     Tesco PLC Major Products & Services ........................................................................................................ 67

    4.2.3     Tesco PLC History ........................................................................................................................................ 68

4.3     Tesco PLC Key Financials ................................................................................................................................ 69

4.4     Tesco PLC SWOT Analysis ............................................................................................................................... 71

    4.4.1     Tesco PLC Strengths .................................................................................................................................... 72

The UK Top 20 Retailers                                                                                                                        Published January 2010


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    4.4.2     Tesco PLC Weaknesses .............................................................................................................................. 72

    4.4.3     Tesco PLC Opportunities.............................................................................................................................. 73

    4.4.4     Tesco PLC Threats ....................................................................................................................................... 74


5     Company Benchmarking: J Sainsbury plc .......................................................................... 75

5.1     J Sainsbury plc Scorecard:............................................................................................................................... 75

5.2     J Sainsbury plc Company Overview ................................................................................................................ 76

    5.2.1     J Sainsbury plc Business Description ........................................................................................................... 77

    5.2.2     J Sainsbury plc Major Products & Services .................................................................................................. 78

    5.2.3     J Sainsbury plc History ................................................................................................................................. 79

5.3     J Sainsbury plc Key Financials ........................................................................................................................ 80

5.4     J Sainsbury plc SWOT Analysis ....................................................................................................................... 82

    5.4.1     J Sainsbury plc Strengths ............................................................................................................................. 82

    5.4.2     J Sainsbury plc Weaknesses ........................................................................................................................ 83

    5.4.3     J Sainsbury plc Opportunities ....................................................................................................................... 83
    5.4.4     J Sainsbury plc Threats ................................................................................................................................ 84


6     Company Benchmarking: Wm Morrison Supermarkets PLC............................................. 86

6.1     Wm Morrison Supermarkets PLC Scorecard: ................................................................................................. 86

6.2     Wm Morrison Supermarkets PLC Company Overview .................................................................................. 87

    6.2.1     Wm Morrison Supermarkets PLC Business Description .............................................................................. 88

    6.2.2     Wm Morrison Supermarkets PLC Major Products & Services ..................................................................... 89

    6.2.3     Wm Morrison Supermarkets PLC History..................................................................................................... 90

6.3     Wm Morrison Supermarkets PLC Key Financials .......................................................................................... 91

6.4     Wm Morrison Supermarkets PLC SWOT Analysis ......................................................................................... 93

    6.4.1     Wm Morrison Supermarkets PLC Strengths ................................................................................................ 94

    6.4.2     Wm Morrison Supermarkets PLC Weaknesses ........................................................................................... 95

    6.4.3     Wm Morrison Supermarkets PLC Opportunities .......................................................................................... 95

    6.4.4     Wm Morrison Supermarkets PLC Threats.................................................................................................... 96



The UK Top 20 Retailers                                                                                                                    Published January 2010


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7     Company Benchmarking: Kingfisher Plc ............................................................................ 98

7.1     Kingfisher Plc Scorecard: ................................................................................................................................. 98

7.2     Kingfisher Plc Company Overview .................................................................................................................. 99

    7.2.1     Kingfisher Plc Business Description ........................................................................................................... 100

    7.2.2     Kingfisher Plc Major Products & Services .................................................................................................. 101

    7.2.3     Kingfisher Plc History.................................................................................................................................. 102

7.3     Kingfisher Plc Key Financials......................................................................................................................... 104

7.4     Kingfisher Plc SWOT Analysis ....................................................................................................................... 106

    7.4.1     Kingfisher Plc Strengths ............................................................................................................................. 106

    7.4.2     Kingfisher Plc Weaknesses ........................................................................................................................ 107

    7.4.3     Kingfisher Plc Opportunities ....................................................................................................................... 107

    7.4.4     Kingfisher Plc Threats................................................................................................................................. 108


8     Company Benchmarking: Marks and Spencer Group plc ................................................ 109

8.1     Marks and Spencer Group plc Scorecard: .................................................................................................... 109

8.2     Marks and Spencer Group plc Company Overview ..................................................................................... 110

    8.2.1     Marks and Spencer Group plc Business Description ................................................................................. 111
    8.2.2     Marks and Spencer Group plc Major Products & Services ........................................................................ 112

    8.2.3     Marks and Spencer Group plc History........................................................................................................ 113

8.3     Marks and Spencer Group plc Key Financials .............................................................................................. 114

8.4     Marks and Spencer Group plc SWOT Analysis ............................................................................................ 116

    8.4.1     Marks and Spencer Group plc Strengths ................................................................................................... 116

    8.4.2     Marks and Spencer Group plc Weaknesses .............................................................................................. 117

    8.4.3     Marks and Spencer Group plc Opportunities ............................................................................................. 117

    8.4.4     Marks and Spencer Group plc Threats ....................................................................................................... 118


9     Company Benchmarking: DSG International plc .............................................................. 120

9.1     DSG International plc Scorecard: .................................................................................................................. 120

9.2     DSG International plc Company Overview .................................................................................................... 121


The UK Top 20 Retailers                                                                                                                    Published January 2010


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  9.2.1       DSG International plc Business Description ............................................................................................... 122

  9.2.2       DSG International plc Major Products & Services ...................................................................................... 124

  9.2.3       DSG International plc History ..................................................................................................................... 125

9.3     DSG International plc Key Financials ............................................................................................................ 129

9.4     DSG International plc SWOT Analysis ........................................................................................................... 131

  9.4.1       DSG International plc Strengths ................................................................................................................. 131

  9.4.2       DSG International plc Weaknesses ............................................................................................................ 132

  9.4.3       DSG International plc Opportunities ........................................................................................................... 132

  9.4.4       DSG International plc Threats .................................................................................................................... 133


10 Company Benchmarking: Associated British Foods plc ................................................. 134

10.1    Associated British Foods plc Scorecard: ..................................................................................................... 134

10.2    Associated British Foods plc Company Overview ....................................................................................... 135

  10.2.1      Associated British Foods plc Business Description .................................................................................... 136

  10.2.2      Associated British Foods plc Major Products & Services ........................................................................... 137
  10.2.3      Associated British Foods plc History .......................................................................................................... 138

10.3    Associated British Foods plc Key Financials ............................................................................................... 139

10.4    Associated British Foods plc SWOT Analysis.............................................................................................. 141

  10.4.1      Associated British Foods plc Strengths ...................................................................................................... 141

  10.4.2      Associated British Foods plc Weaknesses ................................................................................................. 142

  10.4.3      Associated British Foods plc Opportunities ................................................................................................ 143

  10.4.4      Associated British Foods plc Threats ......................................................................................................... 144


11 Company Benchmarking: Inchcape plc ............................................................................. 146

11.1    Inchcape plc Scorecard: ................................................................................................................................. 146

11.2    Inchcape plc Company Overview ................................................................................................................... 147

  11.2.1      Inchcape plc Business Description ............................................................................................................. 148

  11.2.2      Inchcape plc Major Products & Services .................................................................................................... 149

  11.2.3      Inchcape plc History ................................................................................................................................... 150



The UK Top 20 Retailers                                                                                                                    Published January 2010


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11.3    Inchcape plc Key Financials ........................................................................................................................... 151

11.4    Inchcape plc SWOT Analysis.......................................................................................................................... 153

  11.4.1      Inchcape plc Strengths ............................................................................................................................... 153

  11.4.2      Inchcape plc Weaknesses .......................................................................................................................... 154

  11.4.3      Inchcape plc Opportunities ......................................................................................................................... 154

  11.4.4      Inchcape plc Threats .................................................................................................................................. 155


12 Company Benchmarking: Home Retail Group Plc............................................................ 156

12.1    Home Retail Group Plc Scorecard: ................................................................................................................ 156

12.2    Home Retail Group Plc Company Overview ................................................................................................. 157

  12.2.1      Home Retail Group Plc Business Description ............................................................................................ 158

  12.2.2      Home Retail Group Plc Major Products & Services ................................................................................... 159

  12.2.3      Home Retail Group Plc History ................................................................................................................... 160

12.3    Home Retail Group Plc Key Financials .......................................................................................................... 161

12.4    Home Retail Group Plc SWOT Analysis ........................................................................................................ 163

  12.4.1      Home Retail Group Plc Strengths .............................................................................................................. 163
  12.4.2      Home Retail Group Plc Weaknesses ......................................................................................................... 164

  12.4.3      Home Retail Group Plc Opportunities ........................................................................................................ 165

  12.4.4      Home Retail Group Plc Threats .................................................................................................................. 165


13 Company Benchmarking: KESA ELECTRICALS PLC. ..................................................... 167

13.1    KESA ELECTRICALS PLC. Scorecard: .......................................................................................................... 167

13.2    KESA ELECTRICALS PLC. Company Overview ........................................................................................... 168

  13.2.1      KESA ELECTRICALS PLC. Business Description ..................................................................................... 169

  13.2.2      KESA ELECTRICALS PLC. Major Products & Services ............................................................................ 170

  13.2.3      KESA ELECTRICALS PLC. History ........................................................................................................... 170

13.3    KESA ELECTRICALS PLC. Key Financials ................................................................................................... 171

13.4    KESA ELECTRICALS PLC. SWOT Analysis .................................................................................................. 173

  13.4.1      KESA ELECTRICALS PLC. Strengths ....................................................................................................... 173



The UK Top 20 Retailers                                                                                                                    Published January 2010


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  13.4.2      KESA ELECTRICALS PLC. Weaknesses .................................................................................................. 174

  13.4.3      KESA ELECTRICALS PLC. Opportunities ................................................................................................. 174

  13.4.4      KESA ELECTRICALS PLC. Threats .......................................................................................................... 175


14 Company Benchmarking: NEXT Group plc ....................................................................... 177

14.1    NEXT Group plc Scorecard:............................................................................................................................ 177

14.2    NEXT Group plc Company Overview ............................................................................................................. 178

  14.2.1      NEXT Group plc Business Description ....................................................................................................... 179

  14.2.2      NEXT Group plc Major Products & Services .............................................................................................. 180

  14.2.3      NEXT Group plc History ............................................................................................................................. 181

14.3    NEXT Group plc Key Financials ..................................................................................................................... 182

14.4    NEXT Group plc SWOT Analysis .................................................................................................................... 185

  14.4.1      NEXT Group plc Strengths ......................................................................................................................... 185

  14.4.2      NEXT Group plc Weakness ........................................................................................................................ 186

  14.4.3      NEXT Group plc Opportunities ................................................................................................................... 186
  14.4.4      NEXT Group plc Threats ............................................................................................................................ 187


15 Company Benchmarking: Travis Perkins plc .................................................................... 188

15.1    Travis Perkins plc Scorecard: ........................................................................................................................ 188

15.2    Travis Perkins plc Company Overview .......................................................................................................... 189

  15.2.1      Travis Perkins plc Business Description ..................................................................................................... 190

  15.2.2      Travis Perkins plc Major Products & Services ............................................................................................ 191

  15.2.3      Travis Perkins plc History ........................................................................................................................... 191

15.3    Travis Perkins plc Key Financials .................................................................................................................. 192

15.4    Travis Perkins plc SWOT Analysis ................................................................................................................ 195

  15.4.1      Travis Perkins plc Strengths ....................................................................................................................... 195

  15.4.2      Travis Perkins plc Weaknesses .................................................................................................................. 196

  15.4.3      Travis Perkins plc Opportunities ................................................................................................................. 197

  15.4.4      Travis Perkins plc Threats .......................................................................................................................... 197



The UK Top 20 Retailers                                                                                                                   Published January 2010


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16 Company Benchmarking: The GAME Group plc .............................................................. 199

16.1    The GAME Group plc Scorecard: ................................................................................................................... 199

16.2    The GAME Group plc Company Overview .................................................................................................... 200

  16.2.1      The GAME Group plc Business Description............................................................................................... 201

  16.2.2      The GAME Group plc Major Products & Services ...................................................................................... 202

  16.2.3      The GAME Group plc History ..................................................................................................................... 203

16.3    The GAME Group plc Key Financials ............................................................................................................ 204

16.4    The GAME Group plc SWOT Analysis ........................................................................................................... 206

  16.4.1      The GAME Group plc Strengths ................................................................................................................. 206

  16.4.2      The GAME Group plc Weaknesses ............................................................................................................ 207

  16.4.3      The GAME Group plc Opportunities ........................................................................................................... 208

  16.4.4      The GAME Group plc Threats .................................................................................................................... 208


17 Company Benchmarking: HMV Group plc ........................................................................ 210

17.1    HMV Group plc Scorecard: ............................................................................................................................. 210

17.2    HMV Group plc Company Overview .............................................................................................................. 211

  17.2.1      HMV Group plc Business Description ........................................................................................................ 212
  17.2.2      HMV Group plc Major Products, Services & Brands .................................................................................. 213

  17.2.3      HMV Group plc History ............................................................................................................................... 213

17.3    HMV Group plc Key Financials ....................................................................................................................... 214

17.4    HMV Group plc SWOT Analysis ..................................................................................................................... 216

  17.4.1      HMV Group plc Strengths ........................................................................................................................... 216

  17.4.2      HMV Group plc Weaknesses ..................................................................................................................... 217

  17.4.3      HMV Group plc Opportunities ..................................................................................................................... 217

  17.4.4      HMV Group plc Threats .............................................................................................................................. 218


18 Company Benchmarking: Debenhams plc ........................................................................ 219

18.1    Debenhams plc Scorecard:............................................................................................................................. 219

18.2    Debenhams plc Company Overview .............................................................................................................. 220


The UK Top 20 Retailers                                                                                                                  Published January 2010


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  18.2.1      Debenhams plc Business Description ........................................................................................................ 221

  18.2.2      Debenhams plc Major Products, Services & Brands .................................................................................. 222

  18.2.3      Debenhams plc History............................................................................................................................... 223

18.3    Debenhams plc Key Financials ...................................................................................................................... 224

18.4    Debenhams plc SWOT Analysis ..................................................................................................................... 226

  18.4.1      Debenhams plc Strengths .......................................................................................................................... 226

  18.4.2      Debenhams plc Weaknesses ..................................................................................................................... 227

  18.4.3      Debenhams plc Opportunities .................................................................................................................... 228

  18.4.4      Debenhams plc Threats.............................................................................................................................. 228


19 Company Benchmarking: The Carphone Warehouse Group PLC .................................. 230

19.1    The Carphone Warehouse Group PLC Scorecard: ...................................................................................... 230

19.2    The Carphone Warehouse Group PLC Company Overview ........................................................................ 231

  19.2.1      The Carphone Warehouse Group PLC Business Description ................................................................... 232

  19.2.2      The Carphone Warehouse Group PLC Major Products, Services & Brands ............................................. 233
  19.2.3      The Carphone Warehouse Group PLC History .......................................................................................... 234

19.3    The Carphone Warehouse Group PLC Key Financials ................................................................................ 236

19.4    The Carphone Warehouse Group PLC SWOT Analysis .............................................................................. 238

  19.4.1      The Carphone Warehouse Group PLC Strengths ...................................................................................... 238

  19.4.2      The Carphone Warehouse Group PLC Weaknesses ................................................................................ 239

  19.4.3      The Carphone Warehouse Group PLC Opportunities ................................................................................ 239

  19.4.4      The Carphone Warehouse Group PLC Threats ......................................................................................... 240


20 Company Benchmarking: WH Smith PLC ......................................................................... 242

20.1    WH Smith PLC Scorecard: .............................................................................................................................. 242

20.2    WH Smith PLC Company Overview ............................................................................................................... 243

  20.2.1      WH Smith PLC Business Description ......................................................................................................... 244

  20.2.2      WH Smith PLC Major Products .................................................................................................................. 245

  20.2.3      WH Smith PLC History ............................................................................................................................... 245



The UK Top 20 Retailers                                                                                                                 Published January 2010


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20.3    WH Smith PLC Key Financials........................................................................................................................ 247

20.4    WH Smith PLC SWOT Analysis ...................................................................................................................... 249

  20.4.1      WH Smith PLC Strengths ........................................................................................................................... 250

  20.4.2      WH Smith PLC Weaknesses ...................................................................................................................... 251

  20.4.3      WH Smith PLC Opportunities ..................................................................................................................... 251

  20.4.4      WH Smith PLC Threats .............................................................................................................................. 252


21 Company Benchmarking: Sports Direct International Plc ............................................... 253

21.1    Sports Direct International Plc Scorecard: ................................................................................................... 253

21.2    Sports Direct International Plc Company Overview ..................................................................................... 254

  21.2.1      Sports Direct International Plc Business Description ................................................................................. 255

  21.2.2      Sports Direct International Plc Major Products, Services & Brands ........................................................... 256

  21.2.3      Sports Direct International Plc History ........................................................................................................ 257

21.3    Sports Direct International Plc Key Financials ............................................................................................. 258

21.4    Sports Direct International Plc SWOT Analysis ............................................................................................ 260

  21.4.1      Sports Direct International Plc Strengths.................................................................................................... 261
  21.4.2      Sports Direct International Plc Weaknesses .............................................................................................. 261

  21.4.3      Sports Direct International Plc Opportunities ............................................................................................. 262

  21.4.4      Sports Direct International Plc Threats ....................................................................................................... 263


22 Company Benchmarking: Galiform plc ............................................................................. 264

22.1    Galiform plc Scorecard: .................................................................................................................................. 264

22.2    Galiform plc Company Overview.................................................................................................................... 265

  22.2.1      Galiform plc Business Description .............................................................................................................. 266

  22.2.2      Galiform plc Major Products & Services ..................................................................................................... 267

  22.2.3      Galiform plc History .................................................................................................................................... 267

22.3    Galiform plc Key Financials ............................................................................................................................ 268

22.4    Galiform plc SWOT Analysis .......................................................................................................................... 270

  22.4.1      Galiform plc Strengths ................................................................................................................................ 270



The UK Top 20 Retailers                                                                                                                     Published January 2010


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  22.4.2      Galiform plc Weaknesses ........................................................................................................................... 271

  22.4.3      Galiform plc Opportunities .......................................................................................................................... 272

  22.4.4      Galiform plc Threats ................................................................................................................................... 272


23 Company Benchmarking: Halfords Group plc .................................................................. 274

23.1    Company Scorecard: Halfords Group plc ..................................................................................................... 274

23.2    Halfords Group plc Company Overview ........................................................................................................ 275

  23.2.1      Halfords Group plc Business Description ................................................................................................... 276

  23.2.2      Halfords Group plc Major Products, Services & Brands ............................................................................. 277

  23.2.3      Halfords Group plc History.......................................................................................................................... 278

23.3    Halfords Group plc Key Financials ................................................................................................................ 279

23.4    Halfords Group plc SWOT Analysis ............................................................................................................... 281

  23.4.1      Halfords Group plc Strengths ..................................................................................................................... 281

  23.4.2      Halfords Group plc Weaknesses ................................................................................................................ 282

  23.4.3      Halfords Group plc Opportunities ............................................................................................................... 282
  23.4.4      Halfords Group plc Threats......................................................................................................................... 283


24 Appendix .............................................................................................................................. 285

24.1    About World Market Intelligence .................................................................................................................... 285




The UK Top 20 Retailers                                                                                                                    Published January 2010


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LIST OF TABLES
Table 1:      List of Top 20 UK Retail Companies - 2008 .................................................................................................................. 26
Table 2:      Top Five UK Retail Companies, By Revenue - US$ Million, 2004-08 ........................................................................... 27
Table 3:      Top Five UK Retail Companies, By Revenue Growth - %, 2005-08.............................................................................. 28
Table 4:      Top Five UK Retail Companies, By Operating Expenses - US$ Million, 2004-08 ......................................................... 29
Table 5:      Top Five UK Retail Companies, By Labor Productivity, 2004-08 .................................................................................. 30
Table 6:      Top Five UK Retail Companies, By Capital Productivity, 2004-08 ................................................................................ 31
Table 7:      Top Five UK Retail Companies, By Outlet Productivity, 2004-08 .................................................................................. 32
Table 8:      Top Five UK Retail Companies, By Area Productivity%, 2004-08................................................................................. 33
Table 9:      Top Five UK Retail Companies, By EBIT - US$ Million, 2004-08.................................................................................. 34
Table 10:     Top Five UK Retail Companies, By EBITDA - US$ Million, 2004-08............................................................................. 35
Table 11:     Top Five UK Retail Companies, By Net Income - US$ Million, 2004-08 ....................................................................... 36
Table 12:     Top Five UK Retail Companies, By Profit Margin - %, 2004-08 .................................................................................... 37
Table 13:     Top Five UK Retail Companies, By ROCE - %, 2004-08 .............................................................................................. 38
Table 14:     Top Five UK Retail Companies, By Capital Expenditure - US$ Million, 2004-08 .......................................................... 39
Table 15:     Top Five UK Retail Companies, By Total Assets - US$ Million, 2004-08 ...................................................................... 40
Table 16:     Top Five UK Retail Companies, By Total Asset Growth - %, 2005-08 .......................................................................... 41
Table 17:     Top Five UK Retail Companies, By Quick Ratio - 2004-08 ........................................................................................... 42
Table 18:     Top Five UK Retail Companies, By Working Capital - US$ Million, 2004-2008 ............................................................ 43
Table 19:     Top Five UK Retail Companies, By Return on Assets - %, 2004-08 ............................................................................. 44
Table 20:     Top Five UK Retail Companies, By Total Debt - US$ Million, 2004-08 ......................................................................... 45
Table 21:     Top Five UK Retail Companies, By Debtor Days - Days, 2004-08................................................................................ 46
Table 22:     Top Five UK Retail Companies, By Debt Ratio - 2004-08 ............................................................................................. 47
Table 23:     Top Five UK Retail Companies, By Debt to Equity - 2004-08 ....................................................................................... 48
Table 24:     Top Five UK Retail Companies, By Shareholders‟ Funds - US$ Million, 2004-08......................................................... 49
Table 25:     Top Five UK Retail Companies, By Market Cap - US$ Million, 2004-08 ....................................................................... 50
Table 26:     Top Five UK Retail Companies, By P/E Ratio - 2004-08 .............................................................................................. 51
Table 27:     Revenue Metrics of Top 20 UK Retail Companies - 2008 ............................................................................................. 52
Table 28:     Productivity Metrics of Top 20 UK Retail Companies - 2008 ......................................................................................... 53
Table 29:     Profit Metrics of Top 20 UK Retail Companies - 2008 ................................................................................................... 54
Table 30:     Balance Sheet Metrics of Top 20 UK Retail Companies - 2008 .................................................................................... 56
Table 31:     Shareholder Metrics of Top 20 UK Retail Companies - 2008 ........................................................................................ 57
Table 32:     Top Five UK Retail Companies by Revenue & Opex Growth, 2008 .............................................................................. 58
Table 33:     Top Five UK Retail Companies by Revenue & EBITDA Margin, 2008 .......................................................................... 59
Table 34:     Top Five UK Retail Companies by Revenue & Capex Growth, 2008 ........................................................................... 60
Table 35:     Top Five UK Retail Companies by Total Asset & Debt Growth, 2008 .......................................................................... 61
Table 36:     Financial Scorecard of Tesco PLC – 2004-08 ............................................................................................................... 64
Table 37:     Tesco PLC Key Facts ................................................................................................................................................... 65
Table 38:     Tesco PLC Major Products, Services & Brands ........................................................................................................... 67


The UK Top 20 Retailers                                                                                                                                Published January 2010


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Table 39:     Tesco PLC History ........................................................................................................................................................ 68
Table 40:     Tesco PLC Capital Market Ratios (based on current share price) ................................................................................ 69
Table 41:     Tesco PLC Key Annual Ratios ...................................................................................................................................... 69
Table 42:     Tesco PLC Interim Ratios ............................................................................................................................................. 71
Table 43:     Tesco PLC SWOT Analysis .......................................................................................................................................... 71
Table 44:     Financial Scorecard of J Sainsbury plc – 2004-08 ........................................................................................................ 75
Table 45:     J Sainsbury plc Key Facts ............................................................................................................................................. 76
Table 46:     J Sainsbury plc Major Products and Services ............................................................................................................... 78
Table 47:     J Sainsbury plc History .................................................................................................................................................. 79
Table 48:     J Sainsbury plc Capital Market Ratios (based on current share price) .......................................................................... 80
Table 49:     J Sainsbury plc Key Annual Ratios ............................................................................................................................... 80
Table 50:     J Sainsbury plc Interim Ratios ....................................................................................................................................... 81
Table 51:     J Sainsbury plc SWOT Analysis .................................................................................................................................... 82
Table 52:     Financial Scorecard of Wm Morrison Supermarkets PLC – 2004-08 ............................................................................ 86
Table 53:     Wm Morrison Supermarkets PLC Key Facts ................................................................................................................. 87
Table 54:     Wm Morrison Supermarkets PLC Major Products, Services & Brands ........................................................................ 89
Table 55:     Wm Morrison Supermarkets PLC History...................................................................................................................... 90
Table 56:     Wm Morrison Supermarkets PLC Capital Market Ratios (based on current share price) .............................................. 91
Table 57:     Wm Morrison Supermarkets PLC Key Annual Ratios ................................................................................................... 91
Table 58:     Wm Morrison Supermarkets PLC Interim Ratios ........................................................................................................... 92
Table 59:     Wm Morrison Supermarkets PLC SWOT Analysis ........................................................................................................ 93
Table 60:     Financial Scorecard of Kingfisher Plc – 2004-08........................................................................................................... 98
Table 61:     Kingfisher Plc Key Facts ............................................................................................................................................... 99
Table 62:     Kingfisher Plc Major Products, Services & Brands ..................................................................................................... 101
Table 63:     Kingfisher Plc History .................................................................................................................................................. 102
Table 64:     Kingfisher Plc Capital Market Ratios (based on current share price) .......................................................................... 104
Table 65:     Kingfisher Plc Key Annual Ratios ................................................................................................................................ 104
Table 66:     Kingfisher Plc Interim Ratios ....................................................................................................................................... 105
Table 67:     Kingfisher Plc SWOT Analysis .................................................................................................................................... 106
Table 68:     Financial Scorecard of Marks and Spencer Group plc – 2004-08 ............................................................................... 109
Table 69:     Marks and Spencer Group plc Key Facts .................................................................................................................... 110
Table 70:     Marks and Spencer Group plc Major Products, Services & Brands ............................................................................ 112
Table 71:     Marks and Spencer Group plc History ........................................................................................................................ 113
Table 72:     Marks and Spencer Group plc Capital Market Ratios (based on current share price) ................................................. 114
Table 73:     Marks and Spencer Group plc Key Annual Ratios ...................................................................................................... 114
Table 74:     Marks and Spencer Group plc Interim Ratios.............................................................................................................. 115
Table 75:     Marks and Spencer Group plc SWOT Analysis........................................................................................................... 116
Table 76:     Financial Scorecard of DSG International plc – 2004-08 ............................................................................................ 120
Table 77:     DSG International plc Key Facts ................................................................................................................................. 121


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Table 78:       DSG International plc Major Products, Services & Brands ......................................................................................... 124
Table 79:       DSG International plc History ...................................................................................................................................... 125
Table 80:       DSG International plc Capital Market Ratios (based on current share price) .............................................................. 129
Table 81:       DSG International plc Key Annual Ratios .................................................................................................................... 129
Table 82:       DSG International plc Interim Ratios ........................................................................................................................... 130
Table 83:       DSG International plc SWOT Analysis ........................................................................................................................ 131
Table 84:       Financial Scorecard of Associated British Foods plc.– 2004-08.................................................................................. 134
Table 85:       Associated British Foods plc Key Facts ...................................................................................................................... 135
Table 86:       Associated British Foods plc Major Products, Services & Brands ............................................................................... 137
Table 87:       Associated British Foods plc History ........................................................................................................................... 138
Table 88:       Associated British Foods plc Capital Market Ratios (based on current share price) ................................................... 139
Table 89:       Associated British Foods plc Key Annual Ratios ......................................................................................................... 139
Table 90:       Associated British Foods plc Interim Ratios ................................................................................................................ 140
Table 91:       Associated British Foods plc SWOT Analysis ............................................................................................................. 141
Table 92:       Financial Scorecard of Inchcape plc –2004-08 ........................................................................................................... 146
Table 93:       Inchcape plc Key Facts ............................................................................................................................................... 147
Table 94:       Inchcape plc Major Brands ......................................................................................................................................... 149
Table 95:       Inchcape plc History .................................................................................................................................................... 150
Table 96:       Inchcape plc Capital Market Ratios (based on current share price) ............................................................................ 151
Table 97:       Inchcape plc Key Annual Ratios.................................................................................................................................. 151
Table 98:       Inchcape plc Interim Ratios ......................................................................................................................................... 152
Table 99:       Inchcape plc SWOT Analysis ...................................................................................................................................... 153
Table 100: Financial Scorecard of Home Retail Group Plc – 2004-08 .......................................................................................... 156
Table 101: Home Retail Group Plc Key Facts............................................................................................................................... 157
Table 102: Home Retail Group Plc Major Products and Services ................................................................................................. 159
Table 103: Home Retail Group Plc History ................................................................................................................................... 160
Table 104: Home Retail Group Plc Capital Market Ratios (based on current share price)............................................................ 161
Table 105: Home Retail Group Plc Key Annual Ratios ................................................................................................................. 161
Table 106: Home Retail Group Plc Interim Ratios ........................................................................................................................ 162
Table 107: Home Retail Group Plc SWOT Analysis ..................................................................................................................... 163
Table 108: Financial Scorecard of KESA ELECTRICALS PLC. – 2004-08................................................................................... 167
Table 109: KESA ELECTRICALS PLC. Key Facts ....................................................................................................................... 168
Table 110: KESA ELECTRICALS PLC. Major Products ............................................................................................................... 170
Table 111: KESA ELECTRICALS PLC. History ............................................................................................................................ 170
Table 112: KESA ELECTRICALS PLC. Capital Market Ratios (based on current share price) .................................................... 171
Table 113: KESA ELECTRICALS PLC. Key Annual Ratios .......................................................................................................... 171
Table 114: KESA ELECTRICALS PLC. Interim Ratios ................................................................................................................. 172
Table 115: KESA ELECTRICALS PLC. SWOT Analysis .............................................................................................................. 173
Table 116: Financial Scorecard of NEXT Group plc – 2004-08 .................................................................................................... 177


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Table 117: NEXT Group plc Key Facts ......................................................................................................................................... 178
Table 118: NEXT Group plc Major Products, Services & Brands .................................................................................................. 180
Table 119: NEXT Group plc History .............................................................................................................................................. 181
Table 120: NEXT Group plc Capital Market Ratios (based on current share price) ...................................................................... 182
Table 121: NEXT Group plc Key Annual Ratios ............................................................................................................................ 183
Table 122: NEXT Group plc Interim Ratios ................................................................................................................................... 184
Table 123: NEXT Group plc SWOT Analysis ................................................................................................................................ 185
Table 124: Financial Scorecard of Travis Perkins plc – 2004-08 .................................................................................................. 188
Table 125: Travis Perkins plc Key Facts ....................................................................................................................................... 189
Table 126: Travis Perkins plc Major Products, Services & Brands ............................................................................................... 191
Table 127: Travis Perkins plc History ............................................................................................................................................ 191
Table 128: Travis Perkins plc Capital Market Ratios (based on current share price) .................................................................... 192
Table 129: Travis Perkins plc Key Annual Ratios ......................................................................................................................... 193
Table 130: Travis Perkins plc Interim Ratios ................................................................................................................................. 194
Table 131: Travis Perkins plc SWOT Analysis .............................................................................................................................. 195
Table 132: Financial Scorecard of The GAME Group plc – 2004-08 ............................................................................................ 199
Table 133: The GAME Group plc Key Facts ................................................................................................................................. 200
Table 134: The GAME Group plc Major Products and Brands ...................................................................................................... 202
Table 135: The GAME Group plc History ...................................................................................................................................... 203
Table 136: The GAME Group plc Capital Market Ratios (based on current share price) .............................................................. 204
Table 137: The GAME Group plc Key Annual Ratios ................................................................................................................... 204
Table 138: The GAME Group plc Interim Ratios ........................................................................................................................... 205
Table 139: The GAME Group plc SWOT Analysis ........................................................................................................................ 206
Table 140: Financial Scorecard of HMV Group plc – 2004-08 ...................................................................................................... 210
Table 141: HMV Group plc Key Facts ........................................................................................................................................... 211
Table 142: HMV Group plc Major Products, Services & Brands ................................................................................................... 213
Table 143: HMV Group plc History ............................................................................................................................................... 213
Table 144: HMV Group plc Capital Market Ratios (based on current share price) ........................................................................ 214
Table 145: HMV Group plc Key Annual Ratios ............................................................................................................................. 214
Table 146: HMV Group plc Interim Ratios..................................................................................................................................... 215
Table 147: HMV Group plc. SWOT Analysis................................................................................................................................. 216
Table 148: Financial Scorecard of Debenhams plc – 2004-08...................................................................................................... 219
Table 149: Debenhams plc Key Facts .......................................................................................................................................... 220
Table 150: Debenhams plc Major Products and Services............................................................................................................. 222
Table 151: Debenhams plc History ............................................................................................................................................... 223
Table 152: Debenhams plc Capital Market Ratios (based on current share price) ....................................................................... 224
Table 153: Debenhams plc Key Annual Ratios ............................................................................................................................. 224
Table 154: Debenhams plc Interim Ratios .................................................................................................................................... 225
Table 155: Debenhams plc SWOT Analysis ................................................................................................................................. 226


The UK Top 20 Retailers                                                                                                                               Published January 2010


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Table 156: Financial Scorecard of The Carphone Warehouse Group PLC – 2004-08 ................................................................. 230
Table 157: The Carphone Warehouse Group PLC Key Facts ...................................................................................................... 231
Table 158: The Carphone Warehouse Group PLC Major Products, Services & Brands ............................................................... 233
Table 159: The Carphone Warehouse Group PLC History ........................................................................................................... 234
Table 160: The Carphone Warehouse Group PLC Capital Market Ratios (based on current share price) ................................... 236
Table 161: The Carphone Warehouse Group PLC Key Annual Ratios ......................................................................................... 236
Table 162: The Carphone Warehouse Group PLC Interim Ratios ................................................................................................ 237
Table 163: The Carphone Warehouse Group PLC SWOT Analysis ............................................................................................. 238
Table 164: Financial Scorecard of WH Smith PLC – 2004-08 ...................................................................................................... 242
Table 165: WH Smith PLC Key Facts ........................................................................................................................................... 243
Table 166: WH Smith PLC Major Products ................................................................................................................................... 245
Table 167: WH Smith PLC History ................................................................................................................................................ 245
Table 168: WH Smith PLC Capital Market Ratios (based on current share price) ........................................................................ 247
Table 169: WH Smith PLC Key Annual Ratios .............................................................................................................................. 247
Table 170: WH Smith PLC Interim Ratios ..................................................................................................................................... 249
Table 171: WH Smith PLC SWOT Analysis .................................................................................................................................. 249
Table 172: Financial Scorecard of Sports Direct International Plc – 2004-08 ............................................................................... 253
Table 173: Sports Direct International Plc Key Facts .................................................................................................................... 254
Table 174: Sports Direct International Plc Major Products, Services & Brands ............................................................................ 256
Table 175: Sports Direct International Plc History......................................................................................................................... 257
Table 176: Sports Direct International Plc Capital Market Ratios (based on current share price) ................................................. 258
Table 177: Sports Direct International Plc Key Annual Ratios ...................................................................................................... 258
Table 178: Sports Direct International Plc Interim Ratios .............................................................................................................. 260
Table 179: Sports Direct International Plc SWOT Analysis ........................................................................................................... 260
Table 180: Financial Scorecard of Galiform plc – 2004-08 ........................................................................................................... 264
Table 181: Galiform plc Key Facts ................................................................................................................................................ 265
Table 182: Galiform plc Major Products ........................................................................................................................................ 267
Table 183: Galiform plc History ..................................................................................................................................................... 267
Table 184: Galiform plc Capital Market Ratios (based on current share price) ............................................................................. 268
Table 185: Galiform plc Key Annual Ratios................................................................................................................................... 268
Table 186: Galiform plc Interim Ratios .......................................................................................................................................... 269
Table 187: Galiform plc SWOT Analysis ....................................................................................................................................... 270
Table 188: Financial Scorecard of Halfords Group plc – 2004-08................................................................................................. 274
Table 189: Halfords Group plc Key Facts .................................................................................................................................... 275
Table 190: Halfords Group plc Major Products, Services & Brands .............................................................................................. 277
Table 191: Halfords Group plc History ......................................................................................................................................... 278
Table 192: Halfords Group plc Capital Market Ratios (based on current share price) ................................................................. 279
Table 193: Halfords Group plc Key Annual Ratios ....................................................................................................................... 279
Table 194: Halfords Group plc Interim Ratios .............................................................................................................................. 280


The UK Top 20 Retailers                                                                                                                                 Published January 2010


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Table 195: Halfords Group plc SWOT Analysis ........................................................................................................................... 281




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LIST OF FIGURES
Figure 1: Top Five UK Retail Companies, By Revenue - US$ Million, 2004-08 ................................................................................ 27
Figure 2: Top Five UK Retail Companies, By Revenue Growth - %, 2005-08 .................................................................................. 28
Figure 3: Top Five UK Retail Companies, By Operating Expenses - US$ Million, 2004-08 .............................................................. 29
Figure 4: Top Five UK Retail Companies, By Labor Productivity, 2004-08 ....................................................................................... 30
Figure 5: Top Five UK Retail Companies, By Capital Productivity, 2004-08 ..................................................................................... 31
Figure 6: Top Five UK Retail Companies, By Outlet Productivity, 2004-08....................................................................................... 32
Figure 7: Top Five UK Retail Companies, By Area Productivity, 2004-08......................................................................................... 33
Figure 8: Top Five UK Retail Companies, By EBIT - US$ Million, 2004-08 ...................................................................................... 34
Figure 9: Top Five UK Retail Companies, By EBITDA - US$ Million, 2004-08 ................................................................................. 35
Figure 10: Top Five UK Retail Companies, By Net Income - US$ Million, 2004-08 .......................................................................... 36
Figure 11: Top 
								
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