Today's better-than-expected FY15 pre-close trading statement prompts us to raise our FY15 PBT estimate by 5%, split: +3% underlying operating profit beat and +2% for the 53rd week. The underlying +3% profit beat was driven by a combination of (1) good trading at Christmas, and (2) strong overall operating performance. We reiterate our Buy rating and increase our Target Price to 625p (from 570p) giving 12% upside potential from current share price levels.
