Overall there is nothing to get too excited about in today’s Q1 update. If anything the figures are a smidge disappointing. However, the building blocks and underlying trends (including customers up 4% in power brands) bode well for a much improved trajectory from Q3 (especially vs. soft comps). The weighting towards H2 means the shares are unlikely to do much near term, perhaps even weakening on the drag LFL figure today, but we believe it is worth dusting down previous sensitivities and analysis of A/W14 weather effects. We would even go as far as recommending taking advantage of any weakness should it transpire as the company approaches a critical inflection point.