RAMONA TIPNIS | SHORE CAPITAL
This is a good set of results, which are in line with our forecasts and we are not changing our full year estimate. Revenue growth has reflected trends seen across the sector with the younger customer spending more – the under 45 customer saw revenue growth of 14 per cent. Buy.
MARK PHOTIADES| SINGER CAPITAL MARKETS
Although competition is increasing, as other retailers expand their size ranges, a variety of strategic initiatives both in the UK and overseas should still see the group deliver steady single digit earnings growth. Any weakness should present a good buying opportunity.
ANDREW KASSOULIS | CREDIT SUISSE
Management has demonstrated its ability at managing bad debts within the business whilst also making progress internationally. Overall these investments should benefit growth going into 2012/13 when management expect some beneficial factors such as the annualisation of VAT.