Industries
Retail
Toutes les analyses de Retail — 30 analyses.
40/100
78Buffett
Sprouts Farmers Market: A 38.7% Gross Margin and USD 3.8m Boxes Against -1.0% Comps, With USD 73.46 at 13.7x Normalized 2026 Earnings
Sprouts Farmers Market is a U.S. small-box specialty grocer built on fresh produce and attribute-driven natural and organic assortment, running 490 stores at a 38.7% Q2 2026 gross margin roughly nine points above Natural Grocers and sixteen above Kroger. Q2 sales rose about 5% to USD 2.33bn while comparable sales fell 1.0%, a headline that management's disclosed 100-150 basis points of new-store cannibalization may account for almost entirely, and the shares have fallen roughly 60% from their June 2025 peak of USD 182. Rating Cautious Buy: at USD 73.46, about 13.7 times the midpoint of normalized 52-week 2026 EPS guidance, the market prices Sprouts as an ordinary supermarket while USD 3.8m new boxes still target low-to-mid-30% year-five cash returns, with the ideal buy zone at USD 50-57.
42/100
81Buffett
Revolve Group: 162 of Q2's 250 Basis Points of Gross-Margin Gain Were a Tariff Refund, and Five Years of Cash Converted Only 0.73x Net Income
Revolve Group is a digitally native premium-fashion retailer whose REVOLVE segment sells third-party labels alongside a growing owned-brand portfolio, while the smaller FWRD platform serves the designer-luxury customer. Q2 2026 sales rose 12% to USD 347.4 million and active customers 11% to 3.04 million, but 162 of the 250 basis points of gross-margin expansion came from a one-off IEEPA tariff refund, inventory grew 25% year on year and free cash flow was negative USD 10.9 million. Rating Watch: at USD 21.13 the stock already sits inside its own conservative intrinsic-value range of USD 20–22, so the margin of safety is effectively zero until owner earnings prove they can follow revenue.
42/100
85Buffett
Inditex: A Productivity Compounder Meets Its Valuation Test
Inditex is the Zara-centred global fashion retailer that runs design, sourcing, stores and online inventory as a single operating system, and FY2025 sales were €39.864bn. Growth now comes from productivity rather than store count: the estate shrank to 5,460 stores from 5,563 a year earlier, yet sales still rose 3.2% as reported and 7.0% in constant currencies, EBIT margin reached 20.1%, and the group closed the year with €10.958bn of net financial cash and a 40% ROCE. Rating Hold: at €57.56 the shares trade near 28.5 times trailing earnings on a 2.6% FY2025 free-cash-flow yield against a Spanish 10-year yield around 3.8%, sitting inside the €52 to €58 base intrinsic range but above the €44 to €48 conservative case, so the ideal buy range is €35 to €38.
27/100
J Sainsbury plc: The Value of the Post-Argos Food Retailer
J Sainsbury is the UK's number-two grocer, and the agreed sale of Argos to Swift Partners leaves a food retailer with Nectar loyalty and Nectar360 retail-media economics attached. The simplification removes £4.125bn of FY2025/26 Argos sales that carried only £9m of underlying operating profit, while the retained business earned £1.025bn of Retail underlying operating profit on £33.551bn of Retail sales, a 3.06% margin at which 10 basis points are worth roughly £33.6m. Rating Hold: grocery spend share reached 15.2% with food volume share at a ten-year high and Retail free cash flow was £574m, but at £3.415 the shares sit only about 9% below the £3.72 base intrinsic value and above the roughly £3.01 conservative case, so the ideal buy range is £2.30-£2.40.
36/100
Associated British Foods plc: Primark, FoodCo and the Value of the Split
Associated British Foods is a family-controlled consumer group pairing Primark value-fashion retail with grocery, sugar, agriculture and ingredients, and Primark produced £1.126bn, or 64.9%, of the £1.734bn FY2025 group adjusted operating profit. The April 2026 decision to demerge Primark from FoodCo converts the conglomerate discount into an execution question, but the FY2026 downgrade cycle runs wider than the July Sugar warning: continental European like-for-like sales were down 3.6% in Q3, Primark’s margin guide has slipped from an underlying FY2025 level of roughly 12% to about 10%, and Sugar has moved from an expected small profit to a £25m-£60m loss. Rating Hold: at £20.72 the shares sit inside the £20.40-27.60 acceptable-hold band but above the roughly £18 conservative SOTP value, so margin-of-safety sufficiency is none and the ideal buy range is £13.50-14.40.
38/100
53Buffett
Tesco PLC: A Decade-High Market Share, Bought With Margin, and a 53-Week Year That Flatters Statutory Profit
Tesco is the UK's largest grocer, combining national food retail, Clubcard-led customer data, Booker wholesale and a smaller Central European arm, and in FY2025/26 it held 28.5% of the UK grocery market, its highest share in more than a decade. That share was bought rather than given: on the 52-week adjusted basis, sales excluding fuel rose 4.3% at constant rates to GBP 66.588bn while adjusted operating profit rose just 0.6% to GBP 3.152bn, and the far healthier statutory operating-profit growth of 10.1% comes from a 53-week reporting year plus a GBP 233m reduction in impairment charges rather than from any operating improvement. Rating Hold: the cash generation, the share gains and the GBP 750m buyback are all real, but at GBP 4.715 a mid-teens earnings multiple already discounts most of the post-2020 repair, and the ideal buy range is GBP 3.20 to 3.40.
39/100
68Buffett
AutoNation: 78.3% of Q2 Gross Profit Comes From After-Sales and F&I, but $201.25 Offers No Margin of Safety
AutoNation is a U.S. franchised auto retailer whose economics increasingly come from after-sales, dealership F&I and a rapidly scaling captive lender rather than low-margin vehicle sales. Q2 2026 adjusted net income fell 10% while adjusted EPS rose 2% because diluted shares declined 12%; meanwhile, the ANF portfolio reached $2.67 billion and corporate leverage rose to 2.77× as buybacks and acquisitions outspent adjusted free cash flow. Rating Hold: the $201.25 share price sits inside the $195–265 acceptable-hold band but well above the $130–140 ideal-buy zone, leaving no conservative margin of safety.
42/100
78Buffett
Jerónimo Martins: EBITDA Up 7.6%, Net Profit Down 3.5%, and No Conservative Margin of Safety
Jerónimo Martins is a Portuguese-listed food retailer whose economics are overwhelmingly Polish: the Biedronka discount chain generates roughly 70% of group sales and 80% of EBITDA, alongside Pingo Doce and Recheio in Portugal and the Ara chain in Colombia. H1 2026 EBITDA rose 7.6% while attributable net profit fell 3.5%, a gap that traces to IFRS 16 lease accounting and a 22.7% jump in net financial costs rather than to store economics, even as Polish food deflation held Biedronka like-for-like sales to +0.2% against roughly 5% volume growth. Rating Hold: the volume-led margin resilience is real, but EUR 17.97 sits above the EUR 16.75 conservative value and leaves no margin of safety.
44/100
73Buffett
DICK'S Sporting Goods: A 12.6% Core Margin, a Loss-Making Foot Locker, and 11.8 Times Earnings
DICK'S Sporting Goods is the leading U.S. full-line sporting-goods retailer, and since September 2025 it also owns Foot Locker, a global athletic-footwear network with very different economics. The split is the investment case: in Q2 FY2026 the DICK'S Business earned a 12.6% segment margin on $3.85 billion of sales while Foot Locker lost $31.9 million on $1.74 billion, and cumulative cleanup charges of $515.8 million already equal about 20.6% of the $2.5 billion purchase consideration. After the 30.68% August 25 selloff the shares trade at 11.8 times the guided GAAP midpoint. Rating Watch: the core franchise is intact, but Foot Locker's negative returns and rising all-in investment leave no margin of safety at $135.09.
43/100
78Buffett
NEXT plc: 23.9% International Growth, a £16.9 Million Platform, and 19.2 Times Earnings
NEXT plc is a UK omnichannel fashion and home retailer whose profit now runs through four engines: UK online, which earned £524 million of statutory pre-tax profit in the year to 2026-01-31 against £226 million from stores; international online, up 23.9% in the 26 weeks to 2026-08-01; NEXT Finance, contributing £195 million; and a portfolio of distressed brands bought cheaply. Management raised guidance for the year to January 2027 to £1.243 billion, though £10 million of the £25 million upgrade came from investments rather than retail, and Total Platform services earned only £16.9 million. Rating Hold: the international re-rating is real, but £155.75 is 19.2 times guided earnings and a 3.8% owner-cash yield against a 5.15% gilt, leaving no margin of safety above the £100–105 ideal buy range.
32/100
68Buffett
H&M: The Margin Repair Is Real, the Growth Engine Is Not, and 23.8x Leaves No Cushion
H&M is a global mass-market fashion retailer that owns no factories, selling through 4,038 stores and an online channel above 30% of group sales. The operational repair is real and the growth is not: operating margin has climbed from 3.2% in FY2022 to 8.1% in FY2025 and roughly 8.5% rolling at May 2026, and H1 FY2026 adjusted EBIT rose 14% to SEK 8.104bn while inventory fell 10%, yet local-currency sales still fell 1% and the large sourcing tailwind enters the prior-year comparison base from Q3 FY2026. Rating Hold: at SEK 182.65, or 23.8x trailing EPS of SEK 7.68, the price sits about 26% above the SEK 145 conservative value and offers no margin of safety until roughly SEK 105 to 116.
46/100
92Buffett
Lululemon Athletica Deep Value Investment Research
Lululemon is a premium athletic apparel brand with high gross margins, high ROIC, direct omnichannel control, and a net-cash balance sheet. The business quality is sound, but North American growth is cracking, brand heat is under pressure, and management is entering a transition period, while the current price of about USD 131 leaves an insufficient margin of safety. Research rating Watch: a high-quality compounder worth following, but the ideal entry range is USD 105 to 120.
42/100
74Buffett
Tractor Supply Deep Value Investment Research
The largest rural lifestyle retail chain in the United States, Tractor Supply is driven by frequent, essential demand across feed, pets, hardware, and related categories. Its operating moat is solid and its returns on capital are excellent, but the current share price of about 31.53 dollars is closer to fair value than an obvious bargain. Research rating Watch: a high-quality business worth tracking, with an ideal buy range of 25-29 dollars.
47/100
82Buffett
Deckers In-Depth Value Investment Research
Deckers is a global footwear and apparel brand owner built around HOKA and UGG, with an asset-light outsourced model and disciplined channel management that generate high-return cash flow. The core thesis is that its business quality is above the industry, its balance sheet has net cash and no debt, and the current price of about $113.85 at 15.8x earnings is no longer expensive, although the margin of safety is not thick. Research rating Cautious Buy: a high-quality compounder with an ideal buy range of $95-115.
41/100
73Buffett
Ulta Beauty: A Long-Term Value Investing Study
America's largest integrated beauty retailer, running a high-quality, cash-generative business with a real but not impenetrable moat. But at roughly $520 the stock sits near the upper bound of its optimistic valuation range, leaving an insufficient margin of safety. Rated Watch: a good company worth tracking for the long term rather than a cheap one to buy today.
44/100
56Buffett
Ralph Lauren: An Investment Study from the Perspective of a Long-Term Business Owner
A premium lifestyle brand whose operations have clearly improved but whose valuation has run ahead of itself; at $370.77 the stock trades at more than 25x earnings, with an ideal buy range of $190–240, rated Watch.
43/100
87Buffett
Williams-Sonoma: In-Depth Value Research Report
A high-quality home retailer with exceptionally strong cash flow and capital returns. But at $205.6 a high-quality premium is already priced in and the margin of safety is thin, pulling the ideal buy back to $150–175. Rating Watch: an excellent business at a fair price rather than an obviously cheap one.
44/100
53Buffett
Tapestry: A Deep-Dive Investment Study
A Coach-driven brand group whose cash flow has improved markedly and whose capital allocation is turning rational, but at $139 the stock already sits at the upper-middle of fair value with no obvious margin of safety; rated Watch, with an ideal buy range of $95-115.
39/100
70Buffett
Kroger Deep Value Investment Research
Leading U.S. food retailer with normalized Owner Earnings of about $2.9 billion ($4.70/share); at the current price of $66.44 the stock trades at roughly 14x P/OE. Rating Watch: the moat is moderate, governance needs rebuilding after the failed Albertsons merger, and the margin of safety is not thick.
43/100
92Buffett
NIKE In-Depth Value Investing Analysis
A great brand in a turnaround phase: FY2025 revenue fell 10% and EBIT fell 42%, and at roughly $44.65 today the stock sits between the upper end of the base-case fair value and the lower end of the optimistic case. The ideal buy range is $26-32. Rating Watch, because at the current price NIKE looks more like a high-quality watchlist candidate than a cheap stock already carrying an adequate margin of safety.
45/100
78Buffett
The Home Depot: A Value Investing Deep Dive
North America's largest home improvement retailer, operating 2,359 stores plus the SRS professional distribution network; the business is understandable, with durable demand and excellent cash-flow quality. At the current price of $313.07 the stock sits at the upper edge of its fair-value range (21.4x PE), and the margin of safety is not obvious. Rating Watch: an excellent, high-quality cash-flow company, but priced merely fairly to slightly rich rather than as a clearly undervalued value stock.
41/100
80Buffett
Lowe's: A Long-Term Owner's Perspective
The number-two U.S. home-improvement retailer, with FY2025 revenue of $86.29 billion, free cash flow of $7.65 billion, and ROIC of 26.1%. At the current price of $215.03, about 15.7x FCF, the stock sits within its fair-value band, but negative equity plus M&A that is reshaping the business boundary leaves the margin of safety unclear. Rating Watch: a good, understandable, cash-generative franchise, not a clearly undervalued bargain.
43/100
67Buffett
TJX: A Long-Term Owner's Perspective
The world's largest off-price discount retailer, with scale-driven sourcing and a negative cash conversion cycle. But at $158 its FCF yield is only 2.8%, and the margin of safety is clearly insufficient. Rating Watch: a good company whose current price already prices in its excellence.
42/100
66Buffett
Casey's General Stores In-Depth Value Investing Analysis
The champion of rural, small-town convenience stores. Store density, in-house distribution, and food capability are real structural advantages, yet at $825.02 the stock already trades at 39x Owner Earnings / 46x FCF, a premium that has pre-paid years of excellent execution. Rating Watch: ideal buy-in $350-450.
44/100
85Buffett
AutoZone: Deep Research on Auto Aftermarket Retail
AutoZone is North America's auto aftermarket retail/distribution leader, with a triple moat of store density, inventory availability, and commercial delivery, backed by high ROIC, negative working capital, and continuous buybacks. At the current $3,406.50 and a 23.9x PE, the stock sits within its fair-value range—a quality premium rather than a margin of safety. Rating: Watch, respect the business but wait for a better price.
46/100
69Buffett
Walmart Research from a Long-Term Owner's Perspective
Walmart is a high-quality global retailer with FY26 revenue of $713.2 billion, operating profit of $29.8 billion, and Q1 FY27 growth of +37% in advertising and +26% in e-commerce. The core thesis is that the business is strong, but a 42x P/E and 65x P/FCF already price in years of improvement, while the model's revised intrinsic value ceiling is $100 and the current price of $120.27 sits above the bull-case range. Research rating Watch: a durable compounder whose future returns are being pulled forward by valuation.
43/100
72Buffett
Ross Stores: A Long-Term Owner's Perspective
The leading U.S. brick-and-mortar off-price retailer, with 2,267 stores, $3.08 billion in net cash, and a 10-year average ROE of 39%; at a 36.7x P/E and 22.6x EV/EBITDA, the price already prices in a high-quality, steady-growth premium, with an ideal buy range of $130-160.
34/100
80Buffett
Best Buy: An Investment Analysis Through the Lens of a Long-Term Business Owner
A mature consumer-electronics retailer with FY26 free cash flow of about 1.258 billion dollars and a forward P/E near 9.6x, so the stock is not expensive. But Amazon has already overtaken it on share and the moat is narrow, with an ideal buy zone of 50-58 dollars and an insufficient margin of safety. Rating Watch: a cheap, mature cash cow rather than a high-quality compounder, not yet cheap enough to justify a position at today's price.
48/100
88Buffett
O'Reilly Automotive: A Long-Term Business Owner's Research Report
O'Reilly Automotive is a high-quality auto aftermarket leader with a durable moat and strong cash generation. The core issue is valuation: at $92.34, the stock is already close to an optimistic case, with fair intrinsic value around $75 to $95 and an ideal entry range of $65 to $75. Rating Watch: a durable compounder, but the margin of safety is not yet compelling.
45/100
87Buffett
Costco: A Deep-Dive Value Investing Analysis
A top-tier membership warehouse retailer with outstanding renewal rates and cash flow; but at roughly $1,074 the stock trades at about 56x earnings and 52x owner earnings, far above its optimistic range and with too thin a margin of safety. Rating Watch: an excellent company at a poor price, with an ideal buy range of $500-650.