The UK Top 20 Retailers - Company Benchmarking Analysis

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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



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


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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


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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


The UK Top 20 Retailers                                                                                                                                    Published January 2010


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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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Description: World Market Intelligence’s Company Benchmarking: The UK top 20 Retailers report compares the financial and operational strengths of the UK top 20 retail companies. The benchmarking is based on key parameters and ratios that explain where a particular company stands against its peers.
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