Interims were in line with expectations, and the underlying picture behind the £2m loss is far better than the optics suggest. Sales growth has accelerated to 28% in the 1st 8 weeks of Q3, which includes Black Friday and early peak trading. Confidence in FY expectations and medium-term targets is therefore high. As we wrote after visiting one of its new format stores, certain assumptions behind these targets could prove overly prudent. Value creation is well underway.