Grant Thornton Retail Excellence Irish Retail Industry … · 17 Lingerie Sales –Q1 2018 18...

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Grant Thornton Retail Excellence Irish Retail Industry Productivity Review Q1 2018

Transcript of Grant Thornton Retail Excellence Irish Retail Industry … · 17 Lingerie Sales –Q1 2018 18...

Page 1: Grant Thornton Retail Excellence Irish Retail Industry … · 17 Lingerie Sales –Q1 2018 18 Consumer Electronics (Brown Goods) Sales –Q1 2018 vs Q1 2017 19 Major Appliances -

Grant Thornton Retail Excellence Irish Retail

Industry Productivity Review Q1 2018

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TABLE OF CONTENTS Q1 2018

INTRODUCTION:The Grant Thornton Retail Excellence Retail Productivity Review

provides the most in-depth retail industry and sectoral analysis

available today. The Review monitors overall industry performance

and sectoral performance. The Review aggregates and analyses data

from over 4,500 retail stores in Ireland. Retail Excellence collated

data through on-line survey. GfK collated data through “plug-in” to

retailer Epos.

COPYRIGHT:It is an offence to distribute this report to third party organisations orindividuals without the express agreement of Retail Excellence. Thisinformation is compiled exclusively for use by members of RetailExcellence, and cannot be reproduced without the prior writtenpermission of Retail Excellence. GfK data remains the property ofGfK.

DISCLAIMER:Although every effort has been made to ensure the accuracy of thematerial contained in this document, complete accuracy cannot beguaranteed. Neither Retail Excellence Ireland nor the author(s) acceptany responsibility whatsoever for loss or damage occasioned orclaimed to have been occasioned, in part or in full, as a consequenceof any person acting or refraining from acting, as a result of a mattercontained in this document.

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3 Like for Like Industry Sales – Q1 2018 vs Q1 2017

4 Footwear Sales – Q1 2018 vs Q1 2017

5 Furniture & Flooring Sales – Q1 2018 vs Q1 2017

6 Garden Centre Sales - Q1 2018 vs Q1 2017

7 Gift & Homeware Sales – Q1 2018 vs Q1 2017

8 Grocery Sales – Q1 2018 vs Q1 2017

9 Hot Beverage Sales – Q1 2018 vs Q1 2017

10 Jewellery Sales – Q1 2018 vs Q1 2017

11 Ladies Fashion Sales – Q1 2018 vs Q1 2017

12 Menswear Sales – Q1 2018 vs Q1 2017

13 Pharmacy Sales – Q1 2018 vs Q1 2017

14 Childrenswear Sales – Q1 2018 vs Q1 2017

15 Agri Retail Sales – Q1 2018 vs Q1 2017

16 Health Store Sales – Q1 2018 vs Q1 2017

17 Lingerie Sales – Q1 2018

18 Consumer Electronics (Brown Goods) Sales – Q1 2018 vs Q1 2017

19 Major Appliances - Q1 2018 vs Q1 2017

20 IT | Computing Sales – Q1 2018 vs Q1 2017

21 Home Appliances (Small Appliances) Sales – Q1 2018 vs Q1 2017

22 Digital Cameras – Q1 2018 vs Q1 2017

23 About Retail Excellence, Grant Thornton & GfK

Grant Thornton Retail Excellence Irish Retail Industry Sales Review Q1 2018

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Retail Industry Like for Like Sales Q1 2018

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Retail Excellence CEO David Fitzsimons comments: Quarter 1 2018 proved a challenging one for the Irish retail industry. While a prolonged period of

inclement weather impacted negatively on most retail sectors, the Beast From The East eroded sales significantly in early March. From a macro perspective

most retail sectors are now experiencing negative growth, and those that are growing and demonstrating declining rates of growth. Whilst the Grocery

sector experienced a reasonable trading period spurred on by Easter falling in Quarter 1, most sectors reliant on discretionary consumer spend suffered

declines over the period. What is very clear is that the Irish Retail Industry is in a state of significant flux.

Like for Like Sales Q1 2018 vs Q1 2017 (Industry Average)

LIKE FOR

LIKE SALES Q1 2018(INDUSTRY AVERAGE)

January

+0.17%

February

+0.42%

March

-1.22%

Q1

-0.21%

LIKE FOR LIKE SALES Q1 2018 vs Q1 2017

Industry Average -0.21%Footwear -1.74%Furniture & Flooring +3.57%Garden Centres -15.80%Gift & Homeware -0.44%Grocery +1.12%Hot Beverage +1.13%Jewellery -4.73%Ladies Fashion -2.01%Menswear -1.70%Pharmacy 1.38%Childrenswear +1.07%Agri Retail +2.18%Health Stores +4.02%Lingerie -7.61%Consumer Electronics (Brown Goods) +4.00%Home Appliances (Small) +6.00%IT | Computing -17.00%Digital Camera +1.00%Home Appliances (Major) +4.80%

Grant Thornton Retail Excellence Irish Retail Industry Sales Review Q1 2018

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Footwear Sales – Q1 2018Comparable with Retail Industry Average

2018FOOTWEAR

SALES

LIKE FOR

LIKE SALES

Q1 2018(INDUSTRY

AVERAGE)

Jan +1.59% +0.17%

Feb +2.64% +0.42%

Mar -7.66% -1.22%

Q1 -1.74% -0.21%

Like For Like Sales Q1 2018 (Industry Average)

Footwear Sales

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Furniture & Flooring Sales – Q1 2018Comparable with Retail Industry Average

2018FURNITURE &

FLOORING

SALES

LIKE FOR

LIKE SALES

Q1 2018(INDUSTRY

AVERAGE)

Jan +2.72% +0.17%

Feb +4.00% +0.42%

Mar +3.83% -1.22%

Q1 +3.57% -0.21%

Like For Like Sales Q1 2018 (Industry Average)

Furniture & Flooring Sales

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Garden Centre Sales – Q1 2018Comparable with Retail Industry Average

2018GARDEN

CENTRE

SALES

LIKE FOR

LIKE SALES

Q1 2018(INDUSTRY

AVERAGE)

Jan -10.12% +0.17%

Feb +1.47% +0.42%

Mar -23.34% -1.22%

Q1 -15.80% -0.21%

Like For Like Sales Q1 2018 (Industry Average)

Garden Centre Sales

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Gift & Homeware Sales – Q1 2018Comparable with Retail Industry Average

2018GIFT &

HOMEWARE

SALES

LIKE FOR

LIKE SALES

Q1 2018(INDUSTRY

AVERAGE)

Jan -0.22% +0.17%

Feb +0.38% +0.42%

Mar -2.05% -1.22%

Q1 -0.44% -0.21%

Like For Like Sales Q1 2018 (Industry Average)

Gift & Homeware Sales

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Grocery Sales – Q1 2018Comparable with Retail Industry Average

2018GROCERY

SALES

LIKE FOR

LIKE SALES

Q1 2018(INDUSTRY

AVERAGE)

Jan +0.08% +0.17%

Feb +1.22% +0.42%

Mar +1.89% -1.22%

Q1 +1.12% -0.21%

Like For Like Sales Q1 2018 (Industry Average)

Grocery Sales

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Hot Beverage Sales – Q1 2018Comparable with Retail Industry Average

2018HOT

BEVERAGE

SALES

LIKE FOR

LIKE SALES

Q1 2018(INDUSTRY

AVERAGE)

Jan +1.43% +0.17%

Feb +0.56% +0.42%

Mar +1.17% -1.22%

Q1 +1.13% -0.21%

Like For Like Sales Q1 2018 (Industry Average)

Hot Beverage Sales

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Jewellery Sales – Q1 2018Comparable with Retail Industry Average

2018JEWELLERY

SALES

LIKE FOR

LIKE SALES

Q1 2018(INDUSTRY

AVERAGE)

Jan -2.58% +0.17%

Feb -2.51% +0.42%

Mar -6.41% -1.22%

Q1 -4.73% -0.21%

Like For Like Sales Q1 2018 (Industry Average)

Jewellery Sales

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Ladies Fashion Sales – Q1 2018Comparable with Retail Industry Average

2018LADIES

FASHION

SALES

LIKE FOR

LIKE SALES

Q1 2018(INDUSTRY

AVERAGE)

Jan -0.96% +0.17%

Feb -1.02% +0.42%

Mar -3.21% -1.22%

Q1 -2.01% -0.21%

Like For Like Sales Q1 2018 (Industry Average)

Ladies Fashion Sales

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Menswear Sales – Q1 2018Comparable with Retail Industry Average

2018MENSWEAR

SALES

LIKE FOR

LIKE SALES

Q1 2018(INDUSTRY

AVERAGE)

Jan -0.71% +0.17%

Feb -3.01% +0.42%

Mar -0.35% -1.22%

Q1 -1.70% -0.21%

Like For Like Sales Q1 2018 (Industry Average)

Menswear Sales

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Pharmacy Sales – Q1 2018Comparable with Retail Industry Average

2018PHARMACY

SALES

LIKE FOR

LIKE SALES

Q1 2018(INDUSTRY

AVERAGE)

Jan +3.75% +0.17%

Feb +2.35% +0.42%

Mar -1.65% -1.22%

Q1 +1.38% -0.21%

Like For Like Sales Q1 2018 (Industry Average)

Pharmacy Sales

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Childrenswear Sales – Q1 2018Comparable with Retail Industry Average

2018CHILDRENSWEAR

SALES

LIKE FOR

LIKE SALES

Q1 2018(INDUSTRY

AVERAGE)

Jan -4.75% +0.17%

Feb +1.05% +0.42%

Mar +5.47% -1.22%

Q1 +1.07% -0.21%

Like For Like Sales Q1 2018 (Industry Average)

Childrenswear Sales

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Agri Retail Sales – Q1 2018Comparable with Retail Industry Average

2018AGRI RETAIL

SALES

LIKE FOR

LIKE SALES

Q1 2018(INDUSTRY

AVERAGE)

Jan +3.24% +0.17%

Feb +3.64% +0.42%

Mar -2.10% -1.22%

Q1 +2.18% -0.21%

Like For Like Sales Q1 2018 (Industry Average)

Agri RetailSales

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Health Store Sales – Q1 2018Comparable with Retail Industry Average

2018HEALTH STORE

SALES

LIKE FOR

LIKE SALES

Q1 2018(INDUSTRY

AVERAGE)

Jan +5.23% +0.17%

Feb +4.44% +0.42%

Mar +3.78% -1.22%

Q1 +4.02% -0.21%

Like For Like Sales Q1 2018 (Industry Average)

Health Store Sales

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Lingerie Sales – Q1 2018Comparable with Retail Industry Average

Like For Like Sales Q1 2018 (Industry Average)

Lingerie Sales

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2018LINGERIE

SALES

LIKE FOR

LIKE SALES

Q1 2018(INDUSTRY

AVERAGE)

Jan -8.02% +0.17%

Feb -4.94% +0.42%

Mar -9.84% -1.22%

Q1 -7.61% -0.21%

Grant Thornton Retail Excellence Irish Retail Industry Sales Review Q1 2018

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Commentary from Nick Simon, CE Insight Director, GfK:

Consumer Electronics (Brown Goods) Sales – Q1 2018Value and Volume performance Year on Year - Figures include: Audio Systems, DVD Players, Portable Media Players

(MP3/4),Flat TV & Radio Devices (Table Top), Headphones, Docking Speakers, Loudspeakers

2018Value

Performance (Vs.

2017)

Volume

Performance (Vs.

2017)

Jan +4.00% -3.00%

Feb -8.00% -14.00%

Mar +19.00% +12.00%

Q1 +4.00% -2.00%

Volume Growth %

Value Growth %

Grant Thornton Retail Excellence Irish Retail Industry Sales Review Q1 2018

After a positive end to 2017, Q1 2018 saw an overall value growth of 4%. This is the cumulative effect of a yoyo three months, with bad weather in

February tempering a reasonable January and a very strong March. Bear in mind though, Easter fell in April last year, so this would partially explain the

strong growth in March this year. The dominant TV market contributed to this, with OLED increasing its share of the still developing 4K segment.

Soundbar sales were not dissimilar from the previous year, but the decline of the other vision categories continued. Overall Audio products’ growth was

attributed to premium wireless speakers and headphones.

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Value and Volume performance Year on Year (includes washing machines, tumble dryers, dishwashers, cooling,

freezers, cooking, hobs, hoods and microwaves)

Home Appliances (Major Appliances) Sales – Q1 2018

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Q1 2018 showed growth over Q1 2017, but the fact that Easter fell in Q1 this year and Q2 last year needs to be borne in mind when making this comparison.

Tumble dryers was the biggest growth category, up 25% in value, led by premium condenser dryers. These have been the stand out performers in major

appliances during recent months and were one of the only areas not to see a fall during February when total value and volume declined by 5%. Cooking,

hobs and hoods experienced dampened performance recently with growth during March not recovering as much as other categories. This is due to a

combination of lower than average volume sales as well as a large fall in average selling prices (ASP). The drop in ASP was seen across major appliances

and meant that volume outperformed against value in March linked in part to price promotions but also consumers shifting activity towards entry price point

models.

2018Value

Performance (Vs.

2017)

Volume

Performance

(Vs. 2017)

Jan +8.60% +8.10%

Feb -5.20% -5.10%

Mar +9.50% +11.60%

Q1 +4.80% +5.20%

Commentary from Bethan Fleming-Locock, Client Insight Director, GfK:

Volume Growth %

Value Growth %

Grant Thornton Retail Excellence Irish Retail Industry Sales Review Q1 2018

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Information Technology (IT) Sales – Q1 2018Value and Volume performance Year on Year. Figures include Mobile Computing, Desk Computing, and Tablets

Commentary from Kate Hills, Office Account Manager, GfK:

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2018Value

Performance (Vs.

2017)

Volume

Performance (Vs.

2017)

Jan -20.70% -11.70%

Feb -25.20% -20.40%

Mar -0.70% -0.10%

Q1 -17.00% -11.20%

Volume Growth %

Value Growth %

Grant Thornton Retail Excellence Irish Retail Industry Sales Review Q1 2018

Q1 2018 saw a deep decline for both volume and value at a total level. For Q1 as a whole it is Desktop PCs, Computing Tablets, and Mobile PCs that

are driving the declines, with volume declining at 24.5%, 46.9%, and 10.9% respectively. Value is also a bleak picture, as Desktops displayed a 22.1%

decline, Computing tablets a 33.4% decline and Mobile PCs a 15.6% decline. Media Tablets and Mediabooks (Chromebooks) have also dropped off in

Q1 with a 17.6% and 10.7% respective value decline. January and February were very poor (Feb also impacted by the poor weather), particularly for

value, suggesting price drops and preference towards more entry level products. March was reasonable, but Easter fell in March this year, compared to

April last year, so this is likely a short term gain.

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Home Appliances (Small Appliances) Sales – Q1 2018Value and Volume performance Year on Year (includes irons, kettles, toasters, food preparation, shavers , hair

dryers and hair stylers, hot beverage makers and vacuum cleaners)

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Growth in the small appliances market was boosted by the Easter weekend falling in March this year compared to April last year, helping to drive growth

for the total quarter. Value again outgrew volume as consumers continued to shift their spending towards higher-priced categories such as vacuum

cleaners and coffee machines, and more premium appliances in general. The toaster category was the best performer over the quarter, growing almost

16% in value and aided by an increased average selling price of €35, a rise of 10% on Q1 2017. Elsewhere handstick vacuum cleaners and espresso full

automatic coffee machines continued their strong 2017 performances into the new year. Conversely, food preparation appliances, irons and hair stylers

suffered ongoing declines, suggesting that consumers are willing to stick with their older models for longer or are being tempted away to spend money on

other categories.

2018Value

Performance (Vs.

2017)

Volume

Performance

(Vs. 2017)

Jan +1.50% -7.60%

Feb +0.40% -6.90%

Mar +19.10% +9.80%

Q1 +6.00% -2.60%

Commentary from Alex Hall, Client Insight Manager, GfK:

Volume Growth %

Value Growth %

Grant Thornton Retail Excellence Irish Retail Industry Sales Review Q1 2018

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2018Value

Performance

(Vs. 2017)

Volume

Performance (Vs.

2017)

Jan +15.00% -5.00%

Feb -6.00% -19.00%

Mar -9.00% -25.00%

Q1 +1.00% -16.00%

Digital Camera Sales – Q1 2018Value and Volume performance Year on Year - Figures include: Fixed Lens, Bridge, CSC and SLR

Commentary from Emily Vallis, Photo, GfK:

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Volume Growth %

Value Growth %

Grant Thornton Retail Excellence Irish Retail Industry Sales Review Q1 2018

Overall, the digital cameras market has grown by 1% in value during Q1 year on year (YOY) while volume has fallen by 16%. So while consumers are

buying less cameras, they are spending more when they do buy. The strongest value growth continues to come from compact system cameras, up 39%

YOY. This segment of the market has seen a shift towards more premium cameras, the value growth came with 5% volume decline. Another segment

with a strong start to 2018 is Bridge Cameras. Both value and volume are in growth YOY, up 19% and 10% respectively. Bridge cameras are the only

segment in digital cameras to grow in both volume and value in Q1.

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About Retail Excellence, Grant Thornton & GfK

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ABOUT Retail Excellence

Retail Excellence is the largest retail industry

trade body in Ireland. Retail Excellence aim to

enhance the consumer's retail experience by

developing top class retail standards and skills,

and promoting a vibrant and competitive world

class retail industry in Ireland.

Retail Excellence involves over 1,750 leading

retail companies who operate over 13,000

stores in the Irish market.

Retail Excellence is a not for profit organisation

which invests in inFebative and exciting

learning, market intelligence, HRM supports,

Government representation and member

networking initiatives.

Retail Excellence collected this data via on-line

survey response.

ABOUT GfK

GfK is one of the world’s largest research

companies. 11,500 GfK experts are working to

discover new insights about the way people live,

think and shop, in over 100 markets, every day.

GfK is constantly inFebating to use the latest

technologies and the smartest methodologies to

give its clients the clearest understanding of the

most important people in the world: their

customers. That knowledge empowers GfK’s

clients to make the right Marisions, and position

their businesses for the future.

How do GfK gather this data?

•Data is collected via EPOS systems so minimal

time commitment is involved in supplying data

•Sales data is gathered confidentially and no

individual retailer’s data is ever disclosed

•Exclusive lines/models are suppressed

•Reports are provided to participating retailers

free of charge

ABOUT GRANT THORNTON

Grant Thornton are leading Irish retail industry

advisors and exclusive financial and accounting

partners of Retail Excellence Ireland.

Grant Thornton is the fastest growing professional

services firm in Ireland comprising over 1000

people operating from offices in Dublin, Belfast,

Cork, Galway, Kildare, Limerick and Longford.

The firm’s Retail team has the expertise and

knowledge to provide specific solutions to their

retail clients. By identifying the key drivers of

value creation crucial to the success of any retail

business Grant Thornton can work with clients to

maximise their business potential. Services

include annual audits, regular business reviews,

quarterly management accounts, bank financing

applications, independent business reviews,

franchise/supplier agreement negotiations,

benchmarking and projections.

Grant Thornton Retail Excellence Irish Retail Industry Sales Review Q1 2018