The shares have fallen 25% YTD due to a combination of disruptions/ weak trading earlier in FY17, mistrust/ poor understanding of the opportunity presented by the WorldStores (WS) acquisition, and in reaction to the recent profit warning from DFS. In this context, today’s +3.8% LFL sales update is very encouraging particularly given the drag from heatwave/election, as it confirms an acceleration online (now 20% of sales) courtesy of early WS integration benefits. However, lower margin means fore ....
