英文_Jefferies_实时零售综述_家居（KGF-BME-WIX）_AO_GAW_15页_2mb

Summary:

• Weather Impact: UK retailers' April sales were boosted by favorable weather, especially noticeable in the home sector (B&M, Kingfisher, Wickes). However, May sales suggest this lift was transient, with trading conditions remaining cautious.

• AO Performance: AO reported positive progress, with its Retail Trends Barometer reaching -3% in May (an improvement from April). Its core B2C operations are growing at double digits, and the company anticipates double-digit core revenue growth in FY26.

• Games Workshop Growth: Core revenue for Games Workshop set a new record in FY25, boosted by foot traffic and revenue driven by the 'Space Marine 2' game, though licenses are not expected to repeat this performance.

• Recent Earnings and News:

  • Premier Foods beat earnings expectations, driven by Sweet Treats.
  • Cranswick reported strong profit and announced an acquisition.
  • Greggs posted luxury goods growth and reaffirmed PBT guidance.
  • B&M's CEO was appointed, and its preliminary FY25 EBITDA hit the upper end of expectations.
  • Kingsfisher saw UK performance improve, though cautious on future growth.

• Valuation Updates:

  • Jefferies ratings: Several firms (e.g., AO, B&M, Games Workshop, Pets at Home) are rated "Buy," while Premier Foods, Cranswick, and Greggs are also recommended.

• Market Risk: Analyst downgrades or market-wide trends might be influenced by sector-wide hurdles like currency or macroeconomic factors.