European Consumer Sector Specialist Commentary

Daily European consumer sector update focusing on Compass's guidance raise, the M&S/Asos distribution center deal, and continued bullishness on IAG.

Key Takeaways

• 1.Compass Group reported H1 results slightly ahead of expectations and raised its FY underlying operating profit growth guidance to above 11%.
• 2.Asos is selling its Lichfield distribution center to M&S for £66m, a move seen as highly positive for Asos's liquidity and M&S's e-commerce automation.
• 3.IAG remains a top pick (Overweight/Analyst Focus List) with approximately 30% upside expected despite higher fuel costs.

Table of Contents

• Main Highlights for Today
• In details
• Compass. H1 slightly ahead; FY guide upped
• Weekly wrap-ups from the team
• Newsflow
• Investor Access
• Calendar Ahead
• J.P. Morgan Global Consumer Research
• J.P. Morgan Macro & Strategy Research
• J.P. Morgan Consumer Contacts
• Disclaimers

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