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Industry Report Card: European Retail May 05 Product Image

Industry Report Card: European Retail May 05

  • ID: 1710534
  • May 2005
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • Alliance Boots Ltd.
  • Corporate Express N.V.
  • Focus DIY (Finance) PLC
  • J Sainsbury PLC
  • Koninklijke Ahold N.V.
  • Next PLC
  • MORE

Abstract
(Editor's Note: In the original version of this report card, published on May 11, 2005, the rating on Debenhams Finance Holdings PLC was misstated in Table 4 in the "Issuer Review" section. A corrected version follows.) Competition remains intense in most European retail markets due to soft demand and deflationary trends, notably in the food sector. Amid this climate, price-focused operators, such as Tesco PLC (A+/Stable/A-1) in the U.K. and Leclerc (unrated) in France, gained market shares in 2004. Players with a high or blurred price image lost ground during the same period but have since adopted more aggressive pricing. For example, Carrefour S.A. (A+/Stable/A-1) managed to reverse its downtrend, reporting a slight increase in like-for-like sales in first-quarter 2005....

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

Note: Product cover images may vary from those shown

- Alliance Boots Ltd.
- Marks & Spencer PLC
- J Sainsbury PLC
- Kingfisher PLC
- Signet Jewelers Ltd.
- Casino Guichard - Perrachon & Cie S.A.
- Koninklijke Ahold N.V.
- Migros Genossenschaftsbund
- Kering S.A.
- TM Group Holdings PLC
- Carrefour S.A.
- Experian Finance PLC
- Corporate Express N.V.
- Tesco PLC
- Metro AG
- Groupe Auchan S.A.
- Next PLC
- Brake Bros Finance PLC
- Debenhams PLC
- Hornbach-Baumarkt-AG
- A.T.U. Auto-Teile-Unger Holding GmbH
- Victoria Acquisition III B.V.
- Focus DIY (Finance) PLC

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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