Retail

Rated A-Z

AEONJapanB-
Ahold DelhaizeNetherlandsB+
AuchanFranceB
AxfoodSwedenA
CarrefourFranceB
CasinoFranceB+
ICASwedenA-
J SainsburyUKB+
KeskoFinlandB+
LoblawCanadaB
MetroGermanyB
MorrisonsUKB+
TescoUKB-
TokmanniFinlandB+
WalmartU.S.B
WesfarmersAustraliaB+
WoolworthsAustraliaB

Ranked

Screenshot of Axfood's annual report 2016

AxfoodSwedenA
ICASwedenA-
KeskoFinlandB+
TokmanniFinlandB+
J SainsburyUKB+
MorrisonsUKB+
Ahold DelhaizeNetherlandsB+
CasinoFranceB+
WesfarmersAustraliaB+
MetroGermanyB
WalmartU.S.B
AuchanFranceB
CarrefourFranceB
WoolworthsAustraliaB
LoblawCanadaB
TescoUKB-
AEONJapanB-

COMPARED

NOTICED

AEON

The Review isn’t up to demanding investor expectations but the Sustainability Report is really substantial and doesn’t lack measures.

Ahold Delhaize

Despite a short narrative, the first post-merger annuals do their job fairly -with inevitable pro forma data: risks and their mitigation are clearly stated; a rather elaborate auditor’s report is worthy of attention, yet accounting policies aren’t easy to go through and reportable segments may be argued. Sustainable performance is more partially reported and lacking a path towards targets.

Auchan

The Holding company now brings together three independent ones. As a result, it takes six documents -including a smartly built A-Z one for the retail business- to connect the dots. Financial reporting is lacking in analysis.

Kesko

It may take time to navigate through the (user-friendly) HTML version or to flip through a 335-page (interactive) PDF but the way responsibility and sustainability issues and practices are reported -and integrated- is well worth spending it.

Metro

Clarity makes a catchy slogan but its implementation sounds a bit far-fetched to report about a pre-demerging situation.

Morrisons

Supplementary information encapsulates useful percentage and operational measures.

Tesco

A mixed bag, to say the least. Online videos aren’t much inspired. Design is pedestrian. Big KPIs are basic –all meanings. No real business review is provided. Governance is up to best UK practice.

Tokmanni

The recently listed Finnish discount retailer goes for a matter-of-fact and multi-book format. The Corporate Brochure and the Corporate Responsibility Report are concise yet substantiated.

Walmart

The recipe is quite simple, both online and in print, but it delivers, with an upbeat tone of voice and an Analysis of Financial Condition and Results that performs much better than the conventional MD&A. Still, more substance than speed wouldn’t have harmed.

Woolworths

A good introduction (e.g. in the way 2016 at a glance is displayed) and a decent review of businesses but a deficit in other reporting ingredients.

Best Annual Report 2017 badge

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