Upgrades look extremely likely today, as hoped, driven by a vastly improved Q1 trading performance. While soft comps and seasonal clearance formed part of the 9.3% LFL growth, underlying growth looks to be c3% with certain initiatives still building e.g. online range extension from WS. This Q1 has already banked >2% to the FY LFL number, so these dynamics suggest consensus of +1.5% LFL could be woefully pessimistic. We also highlight the scope for cost ratios to be enhanced as a function of scal ....
