Safestyle saw trading performance accelerate in H2 and the dilutive effects of credit in the mix were much less significant than anticipated. Whilst the gross profit beat was mostly reinvested in marketing and brand repositioning in FY’15, this is unlikely to be ongoing in the new financial year. With strong momentum so far in Q1, the prospect of markets returning to growth helped by the Living Wage, and national competition struggling to make the credit transition, we see risk to the upside. De ....
