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John Lewis Partnership

John Lewis Partnership (JLP), founded in 1920, is an employee-owned private company which has the best franchise in our UK retail coverage. JLP's two main business lines are its department store John Lewis and its food chain Waitrose although it also provides financial and insurance services through its John Lewis brand. The credit company is owned by HSBC and John Lewis is an appointed representative of AEGAS, RSA and AXA insurance companies. The group's store department business now has 50 shops around the country (36 department stores, 12 John Lewis at home and shops at St Pancras International and Heathrow Terminal 2) as well as an on-line operation that together accounted for 38% of the group's FY2018 revenues in total. JLP's food chain Waitrose has a larger store portfolio, with around 353 supermarkets (at 28 Jan 2018), including convenience stores and shops at motorway service locations. (30 Oct 2018)

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UK Retail: Christmas Cards from the High Street

Sector Analysis: 18 Dec 2018, 10:38 PM ET - In the wake of a plethora of negative headlines on the UK retail sector, we summarise recent industry data and examine the fortunes of six names under our coverage in the run up to the final weekend of trading before Christmas.
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IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 
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IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.

Marks & Spencer plc: F1H19 – Food to Go?

Earnings Note: 07 Nov 2018, 11:24 AM ET - Marks & Spencer announced F1H19 results which demonstrated that the road to recovery is long. 
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John Lewis Partnership: Time for a Change

Worth Watching: 07 Nov 2018, 9:01 AM ET - John Lewis Partnership (JOHLEW: not rated), where we hold a Market perform opinion relative to our investment grade/fallen angel UK retail sterling-issuing coverage, announced that the partnership would be seeking to appoint a new executive Chai ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
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John Lewis and Wm Morrison F1H19: Brexit Effects

Earnings Note: 13 Sep 2018, 9:45 PM ET - John Lewis Partnership and Wm Morrison delivered F1H19 results that underscored, if that was needed, that grocers are coping better than department stores in the run up to Brexit.      
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IG/Fallen Angel UK Retail: Second Half

Sector Outlook: 23 Jul 2018, 10:48 PM ET - Wm Morrison is our pick and Marks & Spencer our pan for 2H18 amongst the IG/Fallen Angel UK retailers. 

IG/Fallen Angels European Retail: Second Half

Sector Outlook: 12 Jul 2018, 9:48 PM ET - We have downgraded our opinion on Carrefour to Underperform and initiated on Richemont with an Outperform as a result of our IG/Fallen Angels European Retail 2H18 outlook. 
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John Lewis Partnership: Bashing M&S

IG Note: 27 Jun 2018, 9:24 PM ET - John Lewis expects lower profits this year but the next phase of its strategy should worry M&S.      

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.

French Grocers: Property Off B/S Financing

Worth Watching: 24 Jun 2018, 10:33 PM ET - French Grocers have taken different approaches to financing their property book. The role of property in retail is worth watching. In the light of Casino's proposed sale and leaseback of part of its store portfolio, we thought it worth revisitin ..

Euro HY Conference 2018: HY Retail Transcript

Transcript: 19 Jun 2018, 10:53 PM ET - In this article, we transcribe our HY Retail presentation for CreditSights' 2018 Euro High Yield Conference in which took a closer look at some of the drivers of valuation in the space.

UK Retail Strategy: Brexit + Beast From The East

Strategy Analysis: 10 May 2018, 5:50 AM ET - An increase in the cost of imported goods triggered by the Brexit vote, the squeeze on consumer wages and the ‘Beast from the East’ have combined to dent the fortunes of UK retail.
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John Lewis: FY2018 A/cs - Tough Even for the Best

Worth Watching: 24 Apr 2018, 12:19 PM ET - John Lewis (JOHLEW: not agency rated but with a CreditSights Rating of BBB2), where we have a Market perform opinion relative to our IG/fallen angel European retail coverage, released its audited accounts for the 52 weeks ended 27 Jan 2018 (FY2 ..

IG European Retail: The Fin Services Opportunity

Sector Analysis: 09 Apr 2018, 10:48 PM ET - We examine the place of consumer finance services in our IG/fallen angel European retail coverage.  
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John Lewis: FY18 Prelims – One Team

Worth Watching: 08 Mar 2018, 2:47 PM ET - John Lewis (JOHLEW: not agency rated, CSR rating of BBB2), where we have a Market perform opinion relative to our sterling IG/fallen retailer coverage, reported summary un-audited preliminary revenue and income data for the 52 weeks ended 27 Ja ..

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.
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IG/Fallen Angel UK Retail: Incomparable Christmas

Sector Analysis: 11 Jan 2018, 9:59 PM ET - Tesco, M&S, and John Lewis all reported 'Christmas' sales, each covering a different trading period.  

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