Fieldwork Projects A live database of investment-grade primary research projects, fully scoped and ready to commission. Each entry gives you the company, why it's interesting, the exact respondent profiles, and the call questionnaire — ready to run. Available to professional investors by invitation only.
Context
ABF's H1 FY2026 split Primark in two. UK like-for-like grew; Continental Europe fell 5.6%; and the group "significantly increased markdowns" to clear stock. Adjusted operating margin dropped about 200bps to roughly 10%, and ABF guided the full year to around that level. Sell ratings on ABF are at a decade high, and the demerger from FoodCo is confirmed.
The Street is broadly pricing ~10% as the new normal — not yet discounting a structural decline or a recovery. The desks disagree because the deciding facts aren't in the filings.
Fieldwork Goals
Is the European weakness cyclical or structural? A 5.6% LFL decline reads differently if it's soft consumer confidence that mean-reverts, versus Shein and Temu permanently taking the 16–34 customer. The evidence is whether footfall and conversion are turning in France, Germany, Spain and Italy right now.
Are markdowns normalising or escalating? The margin bridge from 12.1% to 10.1% was markdown-driven. Whether it reverses depends on full-price sell-through and clearance depth today — the share of the floor on clearance, the discount rails, whether mid-season markdowns are appearing early. Staff see this daily; the market sees it twice a year.
Is Shein taking the core basket or just the edges? One read is Primark relegated to basics while trend-led womenswear bleeds to mobile apps. The other is Primark holding the impulse and bulk basket. The signal is whether customers browse in-store and buy on Shein at shelf level.
What's Included
A downloadable questionnaire and brief document, ready to edit, send, share, or commission live with Woozle in under 15 minutes.
This includes:
- Compliance-ready language — the S0 participation statement and confidentiality framing, written for MNPI safety
- Screening questions — full qualify/terminate logic that guarantees anyone who passes can answer the guide
- KPI-focused sections — 23 questions across the metrics that decide the equity, with time allocations and analyst call-team notes
- The exact respondent profiles and audience spec — who to put on the calls, and how to source them
🔒 By invitation only, for professional investors.
