The Cannabist Company Valuation Multiples

Home Depot is the world's largest home improvement specialty retailer, operating 2,359 warehouse-format stores offering more than 30,000 products in store and 1 million products online in the US, Canada, and Mexico. Its stores offer building materials, home improvement products, lawn and garden products, and decor products and provide various services, including home improvement installation services and tool and equipment rentals. The acquisition of Interline Brands in 2015 allowed Home Depot to enter the MRO business, which has been expanded through the tie-up with HD Supply (2020). The 2024 tie-up with SRS will help grow professional demand in roofing, pool, and landscaping projects, while the 2025 purchase of GMS will lift building product sales through 1,250 distribution locations.

Founded in 1987, TJX Companies is the world’s largest off-price apparel and home fashions retailer, operating more than 5,000 stores across nine countries. In fiscal 2025, the company generated roughly $56 billion in sales. TJX operates through four segments: Marmaxx (61% of sales), HomeGoods (17%), TJX Canada (9%), and TJX international (13%). Its off-price model emphasizes branded merchandise at meaningful discounts, driving high traffic and rapid inventory turnover.

Fast Retailing is Japan's largest apparel company. It operates casualwear retail chain Uniqlo, known for its high-quality functional apparel at reasonable prices. Fast Retailing is in charge of product design and sales and outsources almost all of its production to factories in places including China, Vietnam, Bangladesh, Indonesia, and India. It is ranked the second-largest apparel company by sales globally in 2024 per Euromonitor, thanks to the expansion of Uniqlo International. As of February 2025, it ran 3,616 stores globally. Other brands in its portfolio include GU and acquired brands like Theory, Comptoir des Cotonniers, and Princesse tam.tam. The Yanai family owned a 40.86% stake in the firm as of July 2025.

Altria comprises Philip Morris USA, US Smokeless Tobacco, John Middleton, Horizon Innovations, and Helix Innovations. Through its tobacco subsidiaries, Altria maintains the leading position in cigarettes and smokeless tobacco in the United States and the number-two spot in machine-made cigars. The company's Marlboro brand is the leading cigarette brand in the US with 42% annual share in 2024. Beyond its core business, it holds an 8% interest in the world's largest brewer, Anheuser-Busch InBev and a 41% stake in cannabis manufacturer Cronos. It also acquired vaping company Njoy Holdings in 2023 and operates a joint venture with Japan Tobacco in the heated tobacco category for the US.

Lowe's is the second-largest home improvement retailer globally, with more than 1,750 stores in the US, after the 2023 divestiture of its Canadian locations (RONA, Lowe's Canada, Réno-Dépôt, and Dick's Lumber). The firm's stores offer products and services for home decorating, maintenance, repair, and remodeling, with maintenance and repair accounting for two-thirds of products sold. Lowe's primarily targets retail do-it-yourself (around 70% of sales) and do-it-for-me customers, but has expanded its professional business clients to 30% from less than 20% in the past six years (set ot expand further with the acquisition of FBM). We estimate Lowe's captures a high-single-digit share of the domestic home improvement market, based on US Census data and management's market size estimates.

Ross Stores, founded in 1982, is a US-focused off-price apparel and home fashion retailer operating more than 2,100 stores across 43 states, primarily under the Ross Dress for Less banner, with a smaller footprint through DD’s Discounts. In fiscal 2024, the company generated over $21 billion in sales. Ross offers branded apparel, footwear, accessories, and home goods at a 20%-60% discount to department and specialty store prices, sourcing closeouts and excess inventory from vendors worldwide.

Wesfarmers is Australia's largest conglomerate. Its retail operations include the Bunnings hardware chain (number one in market share), discount department stores Kmart and Target (number one and three), and Officeworks in office supplies (number one). These activities account for the vast majority of group earnings before taxes. Other operations include chemicals and fertilizers, lithium mining, industrial and safety supplies, and health. Management is focused on generating cash and creating shareholder wealth in the long term.

O’Reilly is an aftermarket automotive parts retailer in the United States and Mexico with more than $16 billion in annual sales. The company operates over 6,000 domestic stores and serves both the do-it-yourself (about 50% of sales) and professional (47% of sales) end markets. O’Reilly differentiates itself by providing quality service to its customers throughout the entirety of the vehicle diagnosis and purchasing process. Furthermore, the firm boasts an impressive hub-and-spoke distribution network designed to provide its localized store base with ample aftermarket part availability across a variety of vehicle makes and models.

Alimentation Couche-Tard Inc operates a network of convenience stores across North America, Europe, and Asia. The company generates income through the sale of tobacco products, groceries, beverages, fresh food, quick service restaurants, car wash services, other retail products and services, road transportation fuel, stationary energy, marine fuel, and chemicals. In addition, the company operates stores under the Circle K banner in other countries such as Indonesia, Egypt, Macau, and others. Its operation is geographically divided into the U.S., Europe and other regions, and Canada. Revenue from external customers falls mainly into three categories: merchandise and services, road transportation fuel, and others. The company generates the majority of its revenue from the United States.

AutoZone operates as a leading retailer of aftermarket automotive parts in the United States. The firm operates 6,666 stores domestically, serving the do-it-yourself and commercial (do-it-for-me) end markets. Through its vast store footprint and distribution network, AutoZone manages a wide array of stock-keeping units applicable to numerous vehicle makes and models, providing its consumers with ample product availability. The firm drives traffic by providing superior and convenient customer service as AutoZone's team of knowledgeable staff assists consumers with diagnosing a vehicle's problem, selecting the necessary part for replacement, and occasionally, installation. The company also operates internationally, with 895 stores in Mexico and 149 in Brazil.

Casey's General Stores Inc serves as convenience store chain with its 2,900 locations, positioned in the Midwest United States. About half of Casey’s stores are located in rural towns with populations under 5,000. While fueling stations serve as a key traffic driver, about two-thirds of the company’s gross profit stems from in-store sales of grocery items, prepared meals, and general merchandise. Casey’s owns more than 90% of its stores and operates the majority of its warehousing and distribution processes internally.

With a retail and direct-to-consumer presence, Williams-Sonoma is a player in the $300 billion domestic home category and $450 billion international home market, focused on expanding its exposure in the B2B ($80 billion total addressable market), marketplace, and franchise areas. Namesake Williams-Sonoma (153 stores) offers high-end cooking essentials, while Pottery Barn (183) provides casual home accessories. West Elm (119) is an emerging concept for young professionals, and Rejuvenation (13) offers lighting and house parts. Brand extensions include Pottery Barn Kids and Pottery Barn Teen (45) as well as Mark & Graham and GreenRow. Williams-Sonoma also has a business-to-business team that supports projects that range from residential to large-scale commercial.

Asian Paints Ltd manufactures and sells a variety of paint and home improvement products. The firm operates itself as a Paints and Home Decor company which sells interior and exterior paints, metal finish, and wood finish. The home improvement product offerings include kitchen and bathroom products. Asian Paints sells its products to distributors and directly to the home improvement industry through the company's network of retail stores. The majority of revenue comes from India.

Aristocrat Leisure is an electronic gaming machine manufacturer that sells machines to pubs, clubs, and casinos. The firm is licensed in all Australian states and territories, North American jurisdictions, and essentially every major country. Aristocrat is one of the top three largest players in the space along with International Game Technology and Light & Wonder. Through acquisitions of Plarium and more recently Big Fish, Aristocrat now derives a significant proportion of earnings from the faster growing mobile gaming business.

Constellation Brands is the largest provider of alcoholic beverages across the beer, wine, and spirits categories in the US, generating 84% of revenue from Mexican beer imports under top-selling brands such as Modelo and Corona. The rest of the business includes some remaining wine and spirits brands, categories where the company has pruned assets in recent years. With its exclusive rights tied to the Mexican beer brands, effective only in the US, the firm has limited revenue exposure to international markets. Constellation owns a 10% stake in Canopy Growth, a medicinal and recreational cannabis producer in Canada, and has a 50/50 joint venture with glass manufacturer Owens-Illinois in Mexico.

Burlington Stores Inc is off-price retailer offering an extensive selection of in-season, fashion-focused merchandise including: women’s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats. Company sell a broad selection of desirable, first-quality, current-brand, labeled merchandise acquired directly from nationally recognized manufacturers and other suppliers. Company sell product in category such as Ladies apparel, Accessories and shoes, Home, Mens apparel, Kids apparel and baby and Outerwear.

Ulta Beauty is the largest specialized beauty retailer in the US with about 1,500 freestanding stores. The firm offers cosmetics (39% of 2024 sales), fragrances (13%), skin care (23%), and hair care products (19%). It also has salon services, including hair, makeup, skin, and brow, that account for about 4% of its revenue and drive traffic. Outside of the US, Ulta acquired premium beauty retailer Space NK and its 83 stores in the UK and Ireland in 2025, is opening franchised stores in Mexico, and has formed a joint venture to expand into the Middle East. In addition, Ulta collects royalties through its Target partnership (set to end in 2026) and credit card revenue. Ulta was founded in 1990 and is based in Bolingbrook, Illinois.

Dick’s Sporting Goods is a retailer that offers sports and outdoor apparel, footwear, and equipment online and in physical stores. The company’s legacy business includes more than 700 stores under its own name, more than 110 Golf Galaxy golf specialty stores, and about 50 outlet stores. In September 2025, Dick’s acquired multinational retailer Foot Locker. With this move, Dick’s added about 2,600 stores under the Foot Locker, Kids Foot Locker, Champs Sports, atmos, and WSS nameplates in North America, the Asia-Pacific, and EMEA—Europe, the Middle East, and Africa. Based in the Pittsburgh area, Dick’s was founded in 1948 by the father of current executive chair and controlling shareholder Edward Stack.

In 2016, Irish company Paddy Power merged with UK firm Betfair to form online gaming operator Flutter Entertainment. Today, Flutter has the top digital revenue share in the US, UK and Ireland, Australia, Italy, and many other countries. Some of its leading brands are FanDuel in the US, Sky Betting & Gaming and Paddy Power in the UK and Ireland, Sportsbet (acquired by Paddy Power beginning in 2009) in Australia, and Sisal in Italy. As of Dec. 31, 2024, the company offered products in over 100 countries and had 13.9 million average monthly users. In 2024, sports betting was 56% of revenue, online gaming 40%, and fantasy sports, horse racing, and other 4%. The company is scheduled to launch a predictive sports betting platform in late 2025.

With over $41 billion in consolidated 2024 sales, Best Buy is the largest pure-play consumer electronics retailer in the US, boasting roughly 8% share of the North American market and around 33% share of offline sales in the region, per our calculations, CTA, and Euromonitor data. The firm generates the bulk of its sales in-store, with mobile phones and tablets, computers, and appliances representing its three largest categories. Recent investments in e-commerce fulfillment, accelerated by the covid pandemic, have seen the US e-commerce channel roughly double from prepandemic levels, with management estimating that it will represent a mid-30% proportion of sales moving forward.

Established in 1984, China Tourism Group Duty Free is China’s largest and the world’s second-largest travel retailer in 2024 with revenue of CNY 56.5 billion. The company primarily operates duty-free stores at airports, border crossings, offshore, downtown, and on flights, cruises and ships, with about 200 stores spanning over 33 provinces in China, as well as overseas. The company also operates a duty-paid business and its 2024 revenue mix comprised 69% duty-free sales and 31% duty-paid sales and others. CTG Duty Free is 50% owned by China Tourism Group, a state-owned enterprise that falls directly under the state-owned Asset Supervision and Administration Commission of the State Council.

Tractor Supply is the largest operator of retail farm and ranch stores in the United States. The company targets recreational farmers and ranchers and has little exposure to commercial and industrial farm operations. Currently, the company operates 2,395 of its namesake banners in 49 states, along with 207 Petsense by Tractor Supply stores. Stores are generally concentrated in rural communities rather than urban and suburban areas. In fiscal 2025, revenue consisted primarily of livestock, equine & agriculture (around 30%), companion animal (25%), and seasonal & recreation (around 25%).

Trent Ltd through its subsidiaries, operates a chain of retail stores. The company offers various brands across women's wear, men's wear, kids' wear, footwear, lingerie, cosmetics, perfumes, handbags, and accessories. It also offers foods, beverages, health and beauty products, vegetables, fruits, dairy products, and others. The company offers these products by operating a portfolio of retail concepts like Westside, Zudio, Samoh, Utsa, Misbu, and others. The company is in the business of retailing/trading predominantly in India.

Chow Tai Fook Jewellery Group Ltd is engaged in the jewelry and watch business located in Mainland China. The company's geographical operating segment includes Mainland China and Hong Kong, Macau, and other markets. It generates maximum revenue from Mainland China. Its product categories include rings, bands, necklaces, pendants, earrings, chains, bracelets, and others. The company derives revenue from Gem-set, Gold products, Platinum/Karat gold products, and Watches.

Evolution AB is a B2B provider of live and slots casino systems. The Company develops, produces, markets, and licenses fully integrated online casino systems to gaming operators. The company provides business-to-business solutions, which it develops and produces for gaming operators. Evolution's primary product, Live Casino, allows a human dealer to run a real-time casino table, which is then streamed to digital devices. Players can then place bets on desktops, smartphones, and tablets and communicate with the dealer through Evolution's software. The company's services are licensed to casino operators. The company generates the vast majority of its revenue from Asia.

Abu Dhabi National Oil Co For Distribution PJSC is engaged in the marketing of petroleum products, natural gas, and ancillary products. It owns retail fuel stations in the United Arab Emirates (UAE), the Arab Republic of Egypt, and the Kingdom of Saudi Arabia. In addition, the group also sells petroleum products to government and commercial customers, and provides aviation fuel and fueling services to its clients. Its reportable segments are Commercial (B2B) and Retail (B2C). Maximum revenue is generated from the Retail (B2C) segment, which is engaged in the sale of gasoline and petroleum products, convenience store sales, car wash and other car care services, oil change services, vehicle inspection services, and property leasing and management through the retail sites.

Penske Automotive Group operates in 19 US states and overseas. It has over 150 US and Puerto Rico light-vehicle stores as well as 210 franchised dealerships overseas, primarily in the United Kingdom but also in Australia, Germany, Italy, and Japan. The company is the third-largest US publicly traded dealership in terms of light-vehicle revenue and sells more than 40 brands, with over 90% of retail automotive revenue coming from luxury and import names. Other segments are service and finance and insurance. The firm's Premier Truck Group owns 45 truck dealerships selling mostly Freightliner and Western Star brands, and Penske owns 16 used-vehicle stores, mostly in the US and UK under the CarShop (US) and Sytner Select (UK) brands. Penske is based in Bloomfield Hills, Michigan.

DraftKings got its start in 2012 as an innovator in daily fantasy sports. Then, following a Supreme Court ruling in 2018 that allowed states to legalize online sports wagering, the company expanded into online sports and casino gambling, where it generally holds the number-two or -three revenue share position across states where it competes. DraftKings is now live with online or retail sports betting in 28 states and i-gaming in 5 states, with both products available to around 40% of Canada's population. In 2024, sports revenue was 61% of total sales, i-gaming 32%, and fantasy and lottery 7%. The company plans to launch a predictive event platform in late 2025 and also operates a non-fungible token commission-based marketplace and develops and licenses online gaming products.

Allwyn AG, formerly known as OPAP Holding SA, is a gambling company that operates lotteries and sports betting, including horse races. The company is the exclusive gambling provider in Greece. The firm is organized into segments based on the type of game: Lotteries, Betting, Online betting, Other online games, Instant and Passives, VLTs, Telecommunication and eMoney services. It generates the majority of its revenue from the Lotteries segment. The gaming services are provided either online or through physical retailers. The company generates the vast majority of its revenue in Greece.

Aritzia Inc is an integrated design house of exclusive fashion brands. It designs apparel and accessories for its collection of exclusive brands and sells them under the Aritzia banner. The category of products offered by the firm is blouses, T-shirts, pants, dresses, sweaters, jackets and coats, skirts, shorts, jumpsuits, and accessories. The company reports as a single segment and includes all sales channels accessed by the company’s clients, including sales through the company’s eCommerce website and sales at the company’s boutiques. Its geographical segments include Canada and the United States. The company generates the majority of its revenue from Retail, followed by e-commerce.

Murphy USA Inc is mainly engaged in the marketing of retail motor fuel products and convenience merchandise through a network of several retail stores in the Southwest, Southeast, Midwest, and Northeast United States. The majority of Murphy USA's stores are located in proximity to Walmart Supercenters, but it also operates standalone stores that market gasoline and other products under the Murphy USA, Murphy Express, and QuickChek brands. In addition, the company also markets fuel to unbranded wholesale customers through a mixture of company-owned and third-party product distribution terminals and pipeline positions. The firm generates maximum revenue through retail sales of petroleum products, and the rest from merchandise sales and wholesale of petroleum products.

Five Below Inc is a specialty value retailer offering merchandise targeted at the tween and teen demographic. The Company’s edited assortment of products includes select brands and licensed merchandise. It derives revenue from sales of the Company’s merchandise to customers.

D'Ieteren Group is a Belgium-based company that imports and distributes automobiles. The group’s reportable operating segments are D’Ieteren Automotive, Belron, Moleskine, TVH and PHE. It generates the majority of its revenue from the Belron segment which performs vehicle glass repair and replacement. The company also distributes Volkswagen, Audi, SEAT, Skoda, Bentley, Lamborghini, Bugatti, Maserati, Cupra, Rimac, and Porsche vehicles, as well as spare parts and accessories; markets of used vehicles; provides maintenance, financing and leasing services.

Chart Industries provides a variety of cryogenic equipment for storage, distribution, and other processes within the industrial gas and liquefied natural gas industries. It also provides natural gas processing solutions for the natural gas industry and specialty products that serve a variety of spaces, including hydrogen, biofuels, cannabis, and water treatment. The firm acquired Howden in a significant deal in early 2023, roughly doubling the size of the company. It plans to merge with Flowserve by the end of 2025.

GameStop Corp is a U.S. multichannel video game, consumer electronics, and services retailer. The company operates across Europe, Canada, Australia, and the United States. The company sells new and second-hand video game hardware, physical and digital video game software, and video game accessories, mainly through GameStop, EB Games, and Micromania stores and international e-commerce sites. The majority of sales are from the United States. The company categorizes its products in three categories: Hardware and accessories, Software, and Collectibles. The company generates the majority of its revenue from the sale of Hardware and accessories products.

Kesko Oyj is a Finland-based retail conglomerate that operates in three divisions: Grocery, Building and Technical, and Car. The Grocery segment provides the customers with K-food retailers running their locally tailored stores, acting in a chain business model. Chains include K-Citymarket, K-Supermarket, K-Market, and Neste K. The Building and Technical Sector produces construction materials, leisure athletic goods, and infrastructure tools and operates out of Scandinavia and Eastern Europe, both in digital and brick-and-mortar stores. The Car division acts as an importer and leaser for various European car brands, including Volkswagen, SEAT, Audi, and Porsche as well as a seller of used cars online and in-store. The Grocery segment in Finland produces the maximum revenue.

Sanrio is a Japanese company best known for creating cute, character-driven brands, most famously Hello Kitty. Founded in 1960 by Shintaro Tsuji, Sanrio specializes in designing and licensing characters that appeal to a wide audience, especially children and young adults. Its portfolio includes beloved characters like My Melody, Cinnamoroll, Kuromi, and Pompompurin. Beyond merchandise, Sanrio's influence extends to animation, fashion, theme parks, and global pop culture, embodying the concept of kawaii (cuteness) as a cultural phenomenon.

The Lottery Corporation is Australia's largest provider of lottery, keno, and instant-scratch products, with long-dated and/or exclusive licenses for the lottery in all Australian states and territories except Western Australia, and in most states and territories for keno. Lottery Corp has a distribution network of more than 3,800 franchised retailers that sell instant-scratch and lottery products through vendors such as newsstands, gas stations, pharmacies, and convenience stores, as well as online sales. Keno is sold in over 3,400 bars and clubs.

Dillard's Inc is an American fashion apparel, cosmetics, and home furnishings retailer. Its stores offer a large variety of merchandise and feature products from both national and exclusive brand sources. The company also operates a general contracting construction company, CDI Contractors. CDI Contractors' business includes constructing and remodelling stores for Dillards. The merchandise selections include exclusive brand merchandise such as Antonio Melani, Gianni Bini, Daniel Cremieux, Roundtree & Yorke, and private-label merchandise, among others. The company operates in two business segments; Retail Operations and Construction. The Retail Operations segment generates maximum revenue for the company.

Avolta is the world’s largest duty-free shop operator and leader in travel retail. Airports make up over 80% of the company's total revenue. Following the acquisition of Autogrill in 2022, Avolta now offers a full range of services across travel hubs, including duty-paid and duty-free retail, convenience, and food and beverage operations. The company’s main markets are Europe and the Americas, while Asia contributed around 4% of total sales in 2024.

Hotai Motor Co Ltd is engaged in assembling, trading, and importing vehicles, automobile air conditioners, and their parts. The segments of the company include the Distributor of Toyota and Hino products segments, Installment trading, Leasing, Property insurance, overseas sales agent, and other segments. It has operations across both Taiwan and mainland China, with the vast majority of revenue derived domestically.

Vibra Energia SA is engaged in the marketing and distribution of fuel and lubricants. The company's operating segments includes Retail; Consumer Market; Aviation Market and Special Market. It generates maximum revenue from the Retail segment. The business activities of the company include distribution, transportation, distribution and trading of all energy forms, chemical products and asphalt, provision of related services, and importing and exporting related items.

CarMax sells, finances, and services used and new cars through a chain of over 250 used retail stores. It was formed in 1993 as a unit of Circuit City and spun off into an independent company in late 2002. Used-vehicle sales were 83% of fiscal 2025 revenue and wholesale about 17%, with the remaining portion composed of extended service plans and repair. In fiscal 2025, the company retailed and wholesaled 789,050 and 544,312 used vehicles, respectively. CarMax is the largest used-vehicle retailer in the US but still estimates that it had only about 3.7% US market share of vehicles 0-10 years old in calendar 2024. It seeks over 5% share. CarMax is based in Richmond, Virginia.

Lithia Motors is a retailer of new and used vehicles and related services. The company offers over 50 brands of vehicles at nearly 500 stores globally across the US, Canada, and UK. The company has expanded largely through the acquisition of dealerships in smaller regional markets but now seeks to grow in any part of the US and we expect more deals over time in the US and, at times, abroad. Annual revenue in 2024 was $36.2 billion and we see over $50 billion possible in a few years. The US was 78% of 2024 revenue and the UK second at 19%, due to the 2024 Pendragon acquisition. In 2024, new vehicle sales were about 49% of total revenue. Lithia was founded in 1946, went public in 1996, and is the largest US auto dealer. It is based in Medford, Oregon.

Super Group (SGHC) Ltd is a holding company that operates online sports betting and gaming businesses. The company's reportable segments are Betway, Spin, and Other. A majority of its revenue is generated from the Betway segment, which is a single-brand online sports betting and casino offering with licenses to operate throughout Europe, the Americas, and Africa. Spin is the company's multi-brand online casino offering, having a diverse portfolio of casino brands such as Jackpot City, Spin Casino, Dream Bingo, Mirror Bingo, etc., designed to be culturally relevant globally while aiming to offer a wide range of casino products. Geographically, the company generates maximum revenue from Africa and Middle East, followed by North America, Europe, Asia-Pacific, and South/Latin America.

Canadian Tire is a leading general merchandise retailer with over 1,400 affiliated stores across Canada. The company operates about 650 stores, with the remaining operated by franchisees or third-party dealers. The retailer boasts a wide array of owned and affiliated banners that include its iconic namesake brand, Mark’s, Sport Chek, Sports Experts, PartSource, and Party City. Its product assortment includes automotive parts, appliances, home improvement items, sporting goods, and apparel. The firm also offers a loyalty program with 12 million members and owns a financial services arm that manages a credit card portfolio for its more than 2 million active users.

AutoNation is the second-largest automotive dealer in the United States, with 2025 revenue of $27.6 billion and over 240 dealerships, plus 52 collision centers. The firm also has 26 AutoNation USA used-vehicle stores, a captive lender, four auction sites, and three parts distributors across 20 states primarily in Sunbelt metropolitan areas. New-vehicle sales account for nearly half of revenue; the company also sells used vehicles, parts, and repair services as well as auto financing. The company (formerly Republic Industries) divested its waste management unit (Republic Services) in 1999 and its car rental businesses (ANC Rental) in 2000. Wayne Huizenga founded the company in the 1990s to bring the rollup acquisition strategy to auto retailing, which has proved to be a smart move.

Kingfisher is a home improvement company with over 1,900 stores in seven countries across Europe under retail banners including B&Q, Castorama, Brico Dépôt, Screwfix, TradePoint, and Koçtas. It is the second-largest do-it-yourself retailer in Europe, with a leading position in the UK and a number-two position in France, which together account for 81% of sales.