A profit warning from Goals this morning with double-digit downgrades anticipated for the next 2 years. For various reasons trading over the critical autumn months has failed to pick up, and whilst the position in Novembers is relatively better, we feel this partially reflects a softer LFL comp. Today’s warning also put’s pressure on the balance-sheet from a covenant perspective. Fundamentally we are increasingly coming to the view that the UK business is ex-growth and stay at Sell with a revise ....
