Summary
Company Benchmarking: The UK top 20 Retailers report compares the financial and operational strengths of the UK top 20 retail companies. The benchmarking is based on key parameters and ratios that explain where a particular company stands against its peers.

Table of Contents 
Executive Summary
1 Executive Summary . 20 
2 About this report  22
2.1 Report summary . 22
2.2 Definitions 22
2.3 Summary Methodology  24
2.3.1 Basic Research Methodology . 24
2.3.2 Scorecard and Heat Chart Methodology  24
3 Leading Retailer Benchmarks  26
3.1 Peer Lists . 26
3.2 Company Benchmarking  27
3.2.1 Top Five UK Retail Companies, By Revenue, 2008  27
3.2.2 Top Five UK Retail Companies, By Revenue Growth, 2008  28
3.2.3 Top Five UK Retail Companies, By Operating Expenses, 2008  29
3.2.4 Top Five UK Retail Companies, By Labor Productivity, 2008  30
3.2.5 Top Five UK Retail Companies, By Capital Productivity, 2008  31
3.2.6 Top Five UK Retail Companies, By Outlet Productivity, 2008 32
3.2.7 Top Five UK Retail Companies, By Area Productivity, 2008  33
3.2.8 Top Five UK Retail Companies, By EBIT, 2008 . 34
3.2.9 Top Five UK Retail Companies, By EBITDA, 2008  35
3.2.10 Top Five UK Retail Companies, By Net Income, 2008  36
3.2.11 Top Five UK Retail Companies, By Profit Margin, 2008  37
3.2.12 Top Five UK Retail Companies, By ROCE, 2008  38
3.2.13 Top Five UK Retail Companies, By Capital Expenditure, 2008 . 39
3.2.14 Top Five UK Retail Companies, By Total Assets, 2008 . 40
3.2.15 Top Five UK Retail Companies, By Total Asset Growth, 2008  41
3.2.16 Top Five UK Retail Companies, By Quick Ratio, 2008  42
3.2.17 Top Five UK Retail Companies, By Working Capital, 2008 . 43
3.2.18 Top Five UK Retail Companies, By Return on Assets, 2008 . 44
3.2.19 Top Five UK Retail Companies, By Total Debt, 2008  45
3.2.20 Top Five UK Retail Companies, By Debtor Days, 2008 . 46
3.2.21 Top Five UK Retail Companies, By Debt Ratio, 2008  47
3.2.22 Top Five UK Retail Companies, By Debt to Equity, 2008  48
3.2.23 Top Five UK Retail Companies, By Shareholders' Funds, 2008 . 49
3.2.24 Top Five UK Retail Companies, By Market Cap, 2008  50
3.2.25 Top Five UK Retail Companies, By P/E Ratio, 2008  51
3.2.26 Top 20 UK Retail companies, Revenue metrics, 2008 . 52
3.2.27 Top 20 UK Retail companies, Productivity metrics, 2008  53
3.2.28 Top 20 UK Retail companies, Profit metrics, 2008 . 54
3.2.29 Top 20 UK Retail companies, Balance sheet metrics, 2008  55
3.2.30 Top 20 UK Retail companies, Shareholder metrics, 2008 . 57
3.3 ¡®Big Five¡¯ focus . 58
3.3.1 Revenue Vs Operating Expense Growth  58
3.3.2 Revenue Vs EBITDA Margin  59
3.3.3 Revenue Vs Capex Growth  60
3.3.4 Total Asset Vs Debt Growth . 61
3.4 Summary on Heat Chart . 62
3.5 Top 20 Retail Heat Chart  63
4 Company Benchmark: Tesco PLC . 64
4.1 Tesco PLC Scorecard . 64
4.2 Tesco PLC Company Overview  65
4.2.1 Tesco PLC Business Description . 66
4.2.2 Tesco PLC Major Products & Services  67
4.2.3 Tesco PLC History . 68
4.3 Tesco PLC Key Financials . 69
4.4 Tesco PLC SWOT Analysis . 71
4.4.1 Tesco PLC Strengths . 72
4.4.2 Tesco PLC Weaknesses  72
4.4.3 Tesco PLC Opportunities. 73
4.4.4 Tesco PLC Threats  74
5 Company Benchmarking: J Sainsbury plc  75
5.1 J Sainsbury plc Scorecard: 75
5.2 J Sainsbury plc Company Overview  76
5.2.1 J Sainsbury plc Business Description . 77
5.2.2 J Sainsbury plc Major Products & Services  78
5.2.3 J Sainsbury plc History  79
5.3 J Sainsbury plc Key Financials  80
5.4 J Sainsbury plc SWOT Analysis . 82
5.4.1 J Sainsbury plc Strengths . 82
5.4.2 J Sainsbury plc Weaknesses  83
5.4.3 J Sainsbury plc Opportunities . 83
5.4.4 J Sainsbury plc Threats . 84
6 Company Benchmarking: Wm Morrison Supermarkets PLC. 86
6.1 Wm Morrison Supermarkets PLC Scorecard: . 86
6.2 Wm Morrison Supermarkets PLC Company Overview  87
6.2.1 Wm Morrison Supermarkets PLC Business Description  88
6.2.2 Wm Morrison Supermarkets PLC Major Products & Services . 89
6.2.3 Wm Morrison Supermarkets PLC History . 90
6.3 Wm Morrison Supermarkets PLC Key Financials  91
6.4 Wm Morrison Supermarkets PLC SWOT Analysis . 93
6.4.1 Wm Morrison Supermarkets PLC Strengths  94
6.4.2 Wm Morrison Supermarkets PLC Weaknesses . 95
6.4.3 Wm Morrison Supermarkets PLC Opportunities  95
6.4.4 Wm Morrison Supermarkets PLC Threats 96
7 Company Benchmarking: Kingfisher Plc  98
7.1 Kingfisher Plc Scorecard:  98
7.2 Kingfisher Plc Company Overview  99
7.2.1 Kingfisher Plc Business Description . 100
7.2.2 Kingfisher Plc Major Products & Services  101
7.2.3 Kingfisher Plc History . 102
7.3 Kingfisher Plc Key Financials 104
7.4 Kingfisher Plc SWOT Analysis . 106
7.4.1 Kingfisher Plc Strengths . 106
7.4.2 Kingfisher Plc Weaknesses  107
7.4.3 Kingfisher Plc Opportunities . 107
7.4.4 Kingfisher Plc Threats  108
8 Company Benchmarking: Marks and Spencer Group plc  109
8.1 Marks and Spencer Group plc Scorecard:  109
8.2 Marks and Spencer Group plc Company Overview . 110
8.2.1 Marks and Spencer Group plc Business Description . 111
8.2.2 Marks and Spencer Group plc Major Products & Services  112
8.2.3 Marks and Spencer Group plc History  113
8.3 Marks and Spencer Group plc Key Financials  114
8.4 Marks and Spencer Group plc SWOT Analysis  116
8.4.1 Marks and Spencer Group plc Strengths . 116
8.4.2 Marks and Spencer Group plc Weaknesses  117
8.4.3 Marks and Spencer Group plc Opportunities . 117
8.4.4 Marks and Spencer Group plc Threats . 118
9 Company Benchmarking: DSG International plc  120
9.1 DSG International plc Scorecard:  120
9.2 DSG International plc Company Overview  121
9.2.1 DSG International plc Business Description . 122
9.2.2 DSG International plc Major Products & Services  124
9.2.3 DSG International plc History . 125
9.3 DSG International plc Key Financials  129
9.4 DSG International plc SWOT Analysis . 131
9.4.1 DSG International plc Strengths . 131
9.4.2 DSG International plc Weaknesses  132
9.4.3 DSG International plc Opportunities . 132
9.4.4 DSG International plc Threats  133
10 Company Benchmarking: Associated British Foods plc . 134
10.1 Associated British Foods plc Scorecard: . 134
10.2 Associated British Foods plc Company Overview . 135
10.2.1 Associated British Foods plc Business Description  136
10.2.2 Associated British Foods plc Major Products & Services . 137
10.2.3 Associated British Foods plc History  138
10.3 Associated British Foods plc Key Financials . 139
10.4 Associated British Foods plc SWOT Analysis 141
10.4.1 Associated British Foods plc Strengths  141
10.4.2 Associated British Foods plc Weaknesses . 142
10.4.3 Associated British Foods plc Opportunities  143
10.4.4 Associated British Foods plc Threats . 144
11 Company Benchmarking: Inchcape plc . 146
11.1 Inchcape plc Scorecard:  146
11.2 Inchcape plc Company Overview . 147
11.2.1 Inchcape plc Business Description . 148
11.2.2 Inchcape plc Major Products & Services  149
11.2.3 Inchcape plc History  150
11.3 Inchcape plc Key Financials . 151
11.4 Inchcape plc SWOT Analysis. 153
11.4.1 Inchcape plc Strengths . 153
11.4.2 Inchcape plc Weaknesses  154
11.4.3 Inchcape plc Opportunities . 154
11.4.4 Inchcape plc Threats . 155
12 Company Benchmarking: Home Retail Group Plc  156
12.1 Home Retail Group Plc Scorecard:  156
12.2 Home Retail Group Plc Company Overview . 157
12.2.1 Home Retail Group Plc Business Description  158
12.2.2 Home Retail Group Plc Major Products & Services . 159
12.2.3 Home Retail Group Plc History . 160
12.3 Home Retail Group Plc Key Financials  161
12.4 Home Retail Group Plc SWOT Analysis  163
12.4.1 Home Retail Group Plc Strengths  163
12.4.2 Home Retail Group Plc Weaknesses . 164
12.4.3 Home Retail Group Plc Opportunities  165
12.4.4 Home Retail Group Plc Threats  165
13 Company Benchmarking: KESA ELECTRICALS PLC. . 167
13.1 KESA ELECTRICALS PLC. Scorecard:  167
13.2 KESA ELECTRICALS PLC. Company Overview . 168
13.2.1 KESA ELECTRICALS PLC. Business Description . 169
13.2.2 KESA ELECTRICALS PLC. Major Products & Services  170
13.2.3 KESA ELECTRICALS PLC. History . 170
13.3 KESA ELECTRICALS PLC. Key Financials . 171
13.4 KESA ELECTRICALS PLC. SWOT Analysis  173
13.4.1 KESA ELECTRICALS PLC. Strengths . 173
13.4.2 KESA ELECTRICALS PLC. Weaknesses  174
13.4.3 KESA ELECTRICALS PLC. Opportunities . 174
13.4.4 KESA ELECTRICALS PLC. Threats  175
14 Company Benchmarking: NEXT Group plc . 177
14.1 NEXT Group plc Scorecard:. 177
14.2 NEXT Group plc Company Overview . 178
14.2.1 NEXT Group plc Business Description . 179
14.2.2 NEXT Group plc Major Products & Services  180
14.2.3 NEXT Group plc History . 181
14.3 NEXT Group plc Key Financials . 182
14.4 NEXT Group plc SWOT Analysis  185
14.4.1 NEXT Group plc Strengths . 185
14.4.2 NEXT Group plc Weakness  186
14.4.3 NEXT Group plc Opportunities . 186
14.4.4 NEXT Group plc Threats  187
15 Company Benchmarking: Travis Perkins plc  188
15.1 Travis Perkins plc Scorecard:  188
15.2 Travis Perkins plc Company Overview  189
15.2.1 Travis Perkins plc Business Description . 190
15.2.2 Travis Perkins plc Major Products & Services  191
15.2.3 Travis Perkins plc History . 191
15.3 Travis Perkins plc Key Financials  192
15.4 Travis Perkins plc SWOT Analysis  195
15.4.1 Travis Perkins plc Strengths . 195
15.4.2 Travis Perkins plc Weaknesses  196
15.4.3 Travis Perkins plc Opportunities . 197
15.4.4 Travis Perkins plc Threats  197
16 Company Benchmarking: The GAME Group plc  199
16.1 The GAME Group plc Scorecard: . 199
16.2 The GAME Group plc Company Overview  200
16.2.1 The GAME Group plc Business Description. 201
16.2.2 The GAME Group plc Major Products & Services  202
16.2.3 The GAME Group plc History . 203
16.3 The GAME Group plc Key Financials  204
16.4 The GAME Group plc SWOT Analysis . 206
16.4.1 The GAME Group plc Strengths . 206
16.4.2 The GAME Group plc Weaknesses  207
16.4.3 The GAME Group plc Opportunities . 208
16.4.4 The GAME Group plc Threats  208
17 Company Benchmarking: HMV Group plc  210
17.1 HMV Group plc Scorecard: . 210
17.2 HMV Group plc Company Overview  211
17.2.1 HMV Group plc Business Description  212
17.2.2 HMV Group plc Major Products, Services & Brands  213
17.2.3 HMV Group plc History . 213
17.3 HMV Group plc Key Financials . 214
17.4 HMV Group plc SWOT Analysis . 216
17.4.1 HMV Group plc Strengths . 216
17.4.2 HMV Group plc Weaknesses . 217
17.4.3 HMV Group plc Opportunities . 217
17.4.4 HMV Group plc Threats  218
18 Company Benchmarking: Debenhams plc  219
18.1 Debenhams plc Scorecard: 219
18.2 Debenhams plc Company Overview  220
18.2.1 Debenhams plc Business Description  221
18.2.2 Debenhams plc Major Products, Services & Brands  222
18.2.3 Debenhams plc History 223
18.3 Debenhams plc Key Financials  224
18.4 Debenhams plc SWOT Analysis . 226
18.4.1 Debenhams plc Strengths  226
18.4.2 Debenhams plc Weaknesses . 227
18.4.3 Debenhams plc Opportunities  228
18.4.4 Debenhams plc Threats. 228
19 Company Benchmarking: The Carphone Warehouse Group PLC  230
19.1 The Carphone Warehouse Group PLC Scorecard:  230
19.2 The Carphone Warehouse Group PLC Company Overview  231
19.2.1 The Carphone Warehouse Group PLC Business Description . 232
19.2.2 The Carphone Warehouse Group PLC Major Products, Services & Brands . 233
19.2.3 The Carphone Warehouse Group PLC History  234
19.3 The Carphone Warehouse Group PLC Key Financials  236
19.4 The Carphone Warehouse Group PLC SWOT Analysis  238
19.4.1 The Carphone Warehouse Group PLC Strengths  238
19.4.2 The Carphone Warehouse Group PLC Weaknesses  239
19.4.3 The Carphone Warehouse Group PLC Opportunities  239
19.4.4 The Carphone Warehouse Group PLC Threats . 240
20 Company Benchmarking: WH Smith PLC . 242
20.1 WH Smith PLC Scorecard:  242
20.2 WH Smith PLC Company Overview . 243
20.2.1 WH Smith PLC Business Description . 244
20.2.2 WH Smith PLC Major Products  245
20.2.3 WH Smith PLC History . 245
20.3 WH Smith PLC Key Financials. 247
20.4 WH Smith PLC SWOT Analysis  249
20.4.1 WH Smith PLC Strengths . 250
20.4.2 WH Smith PLC Weaknesses  251
20.4.3 WH Smith PLC Opportunities . 251
20.4.4 WH Smith PLC Threats  252
21 Company Benchmarking: Sports Direct International Plc . 253
21.1 Sports Direct International Plc Scorecard: . 253