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United States Of America : Top Europe Fashion Chains Face Tough 2003 Says City |
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2003-7-3 8:29:00
Many of Europe's top fashion retailers face a difficult future with
many unlikely to match last year's same-store sales growth amid lower consumer spending, US analysts said on Tuesday.
Morgan Stanley warned fierce competition as well as persistent price pressure and periods of deflation will make it increasingly hard for firms to generate like-for-like sales growth.
The investment bank stuck an "underweight" tag on Marks & Spencer and placed UK rival Next on the "overweight" shelf.
It also rated Swedish fashion giant Hennes & Mauritz and Spanish fashion group Inditex, owner of the famous Zara brand, at "equal-weight". It also placed Benetton at "equal-weight".
"With the exception of Next, all of our price targets are below current share prices, reflecting our cautious view on the stocks in our universe," it explained in a note.
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