Apart from the setback in spring, the trends in order book growth have been positive and this is certainly true in the first 9 weeks of the new year (+13.3% LFL) albeit comps remain fairly tough for the rest of H1. Trading in the new HoF concessions and carpet departments appears to be gaining momentum, as does online performance. With data suggesting ScS did not lose share during the dip, the setback appears to be no more than a temporary setback. This therefore creates a potentially interesting window of opportunity for new investors given the valuation and yield.