FREDDIE GEORGE | SEYMOUR PIERCE
Although trading improved over Christmas against very easy comparatives, management, in our view, is running out of time to turn this business around.
It needs to find a clear niche and a format, differentiated from its competitors.
PHILIP DORGAN | PANMURE GORDON
This trading statement probably exceeds market expectations. That said, despite the fact that we are only marginally changing our forecasts, the deteriorating consumer environment suggests that the recovery will be slower.
JAMES DILKS-HOPPER | NUMIS
While the performance to date through the second half is marginally ahead of our expectations, we maintain our profit before tax forecast ahead of the January sales and remain neutral.